New-business challenges 2024/25
Setting up a new business is not a project for the faint of heart. In this fact sheet, we have set out a few of the roadblocks you are likely to encounter on your journey and a few ideas that will help you stay on track.
What to do before…
Pre-budget planning options - Considering possible tax planning opportunities before the 30th of October budget announcements
It is unusual for a Chancellor to make tax changes in a budget and backdate these to take effect before the budget announcements are made.
When Rachel Reeves steps up to the dispatch box to present her first budget on…
Registering for Pension Credits - The importance of registration winter 2024, searching for the 880,000.
We all have elderly folk in our family or ageing neighbours, and many may or may not be eligible for financial support this coming winter. But recent government announcements have shifted the goalposts, and the welcome Winter Fuel Allowance…
VAT Registration - Do you need to register?
HMRC will take a poor view if you say you are registered for VAT, and charge your customers VAT, but are not registered. Expect the strong arm of the law to descend on you!
This alert sets out the basic options you have regarding…
Tax increases on the way -The Chancellor’s veiled announcement
In her announcement to parliament, when the Chancellor, Rachel Reeves, confirmed the existence of a £22bn deficit in the UK’s finances, she outlined several reductions in public expenditure budgets. She hinted that taxes would need to rise…
Tax relief for pension contributions
Pension contributions provide individuals with a passive income when they retire. At present, tax relief can be claimed on individuals’ contributions at their highest rate of income tax. This means pension contributions remain one of the most…
New government elected - Expected tax changes
We have a new government, elected with a landslide majority, and so we can expect changes as the new broom sweeps away the cobwebs.
What is clear is that with a declared intent to tackle problems in the NHS and other areas under their influence,…
Overpaying student loans - Action to take if you pay back more than you owe
We have set out below reasons that may mean you have paid back more than you owe on your student loan account(s). And how to reclaim the overpayment from the Student Loan Provider. You can ask for a refund if:
You have paid more than the…
Savings Interest and Tax
Savers have recently benefitted from the higher interest rates on cash deposits.
Unfortunately, the freezing of tax allowances and personal allowances means that the previous exemption of interest received from income tax charges may create…
When to incorporate your business
If you are thinking of setting up a business, or if you already operate as a sole trader, you may be considering whether to incorporate your business and if so, when to incorporate.
This decision will affect how you run your business and…