
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…

Reporting 2023-24 taxable benefits - Reminder to deal with any reporting to HMRC before the July deadline
Employers need to report taxable expenses and other benefits that they provide to their employees before the July 2024 filing deadline. They also need to calculate, file, and pay any Class 1A NIC due.
See the notes below for more information.
What…

Why business planning is imperative 2024/25
2024 has seen the advent of continuing inflation, high energy costs, falling profits, and hard-pressed businesses across multiple sectors calling it a day.
And later this year, we will have to deal with the consequences of a possible change…

Company dividends - Tax consequences 2024-25
Directors who run their own limited company will be well versed in the NIC saving strategy of taking their remuneration as a small salary and the majority of their earnings as dividends.
What are dividends?
Dividends are a distribution…

Making Tax Digital – the transition to quarterly tax returns for Self Assessment
Recognising that business owners are under pressure during current economic uncertainties, the dates from which Making Tax Digital (MTD) will be implemented for income tax and corporation tax have been deferred.
MTD is the Government’s…



