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Long-awaited pension dashboard expected next year

Long-awaited pension dashboard expected next year Pension dashboards, which are designed to make it easier for people to decide where their pension is best placed, are expected to be released next year along with league tables for pensions. The aim is to allow pension...

Many businesses use AI, but are they using it well?

Many businesses use AI, but are they using it well? AI is helping to save businesses hours each week, but the question now is not whether they should use it, but whether they are using it safely and ethically? AI can be a genuinely useful tool for small businesses...

The Uncertain Tax Treatment regime could be expanded

The Uncertain Tax Treatment regime could be expanded Fears are growing that HMRC’s proposed extension of the Uncertain Tax Treatment (UTT) regime could mire individual taxpayers and trusts in more complexity in an increasingly demanding tax system. The UTT...

Got an HMRC nudge letter? Here’s why

Got an HMRC nudge letter? Here’s why HMRC has been sending out what are known as ‘nudge’ letters and follow-up texts to taxpayers who may have needed to estimate some of their calculations for the 2024/25 tax return. It has identified taxpayers that...

The Fair Work Agency begins operating

The Fair Work Agency begins operating The Fair Work Agency (FWA), which was created under the Employment Rights Act 2025, is a government body which aims to both strengthen and simplify the way workers’ rights are enforced across the UK. The FWA brings together...

Savers could face an unexpected tax bill

Savers could face an unexpected tax bill Savers making the most of the rise in interest rates could get an unexpected tax bill if they breach the Personal Savings Allowance (PSA). The PSA was introduced in April 2016, and it allows basic rate taxpayers to earn up to...

Renters’ Rights Act comes into force from May 1

Renters’ Rights Act comes into force from May 1 New obligations for landlords and new rights for tenants are coming into force from May 1 as the Renters’ Rights Act is implemented. The changes are designed to give tenants more rights than they have...

Will it still be sensible to take income in dividends?

Will it still be sensible to take income in dividends? Increases in the dividend tax levels from April 6 are set to eat into the income of directors, who will often pay themselves in dividends, but is it still sensible to take payments this way for the coming tax...

Rewards for anyone reporting tax avoidance or evasion

Rewards for anyone reporting tax avoidance or evasion Whistleblowers reporting on serious tax avoidance or evasion are set to get a significant boost to their rewards from April, thanks to a change in the way HMRC pays for intelligence. Under the Strengthened Reward...

Maximise your tax allowances before April

Maximise your tax allowances before April There’s just over a month until the end of the tax year on April 5, and if you have any available tax allowances that you haven’t used up completely, now is the time to start working out how to use as much of them...

Christmas gifts from the taxman for your business

Christmas gifts from the taxman for your business Christmas party season is upon us, and it will extend from early December right the way through to mid-January depending on your company. But no matter when the Christmas party is, it is important to remember that HMRC...

Budget 2025: What it means for you

Budget 2025: What it means for you Chancellor Rachel Reeves delivered her second Budget on November 26, and taxpayers face the highest tax burden on record as a result. Frozen tax thresholds for everything from income tax to inheritance tax, a change in the use of...

Tax on property income, dividends and savings up 2%

Tax on property income, dividends and savings up 2% Tax rates on dividends, property income and savings will be raised by 2% from April 6, 2027. This means those paying tax on rental income, will face a basic rate of 22%, rather than the usual 20%; 42% for higher rate...

Beware of trading when your company is insolvent

Beware of trading when your company is insolvent Continuing to trade while your company is technically insolvent could lead to big problems for the directors, as it could lead to limited liability no longer applying, and leave them on the hook personally for...

Voluntary repayment window for Covid grants opens

Voluntary repayment window for Covid grants opens Individuals and businesses that received Covid payments they weren’t entitled to have until December to pay back any money owed under a voluntary repayment scheme. This period offers the grace of a ‘no...

Proposed contactless changes could help customers

Proposed contactless changes could help customers The Financial Conduct Authority (FCA) is consulting on proposals to give card providers the flexibility to decide what contactless limit would be most suitable for their customers, which could bring greater convenience...

Clock is ticking for parents saving for university fees

Clock is ticking for parents saving for university fees The university year has just started for the latest undergraduates, but parents putting money aside for later cohorts have the pressure of time against them as they save to pay for future university fees. Nearly...

Are you using the best scheme for your VAT?

Are you using the best scheme for your VAT? Value Added Tax (VAT) is something sole traders and companies must charge once their turnover exceeds £90,000 in a rolling 12-month period, or if they will exceed this amount within a three-month period. At this point,...

HMRC aims to help prevent scam emails

HMRC aims to help prevent scam emails HMRC is encouraging people to check that any email purporting to be from the taxman is genuine before you make any effort to respond and potentially fall foul of a phishing or other fraudulent email scam. It has created a page...

Changes to umbrella company payments could reduce wages

Changes to umbrella company payments could reduce wages Umbrella companies are typically used by recruitment agencies to employ workers on temporary contracts, in sectors like IT, healthcare, construction and education. Usually, the contractor or temporary worker will...

MPs call on HMRC to address challenges in tax admin

MPs call on HMRC to address challenges in tax admin HMRC’s challenges in administering the tax system as it has become increasingly complex have been revealed in Parliament’s Public Accounts Committee (PAC) report, with trust in the agency falling, and...

Extra steps needed to calculate Capital Gains Tax

Extra steps needed to calculate Capital Gains Tax Anyone making disposals of assets on or after October 30, 2024, will need to take some extra steps to calculate any Capital Gains Tax (CGT) due. The extra steps, which will affect individuals, trustees and personal...

Companies are being warned to comply with new rules

Companies are being warned to comply with new rules Companies registered at Companies House are being warned to keep on top of their responsibilities, such as filing their confirmation statements on time, otherwise they could face new penalties. Companies House will...

Five years on from Covid – what have we learnt?

Five years on from Covid – what have we learnt? It’s now five years since the UK – and most of the rest of the world – went into Covid lockdown, and various things have changed since that period. One major benefit was a significant acceleration...

Are your employee benefits as good as you think?

Are your employee benefits as good as you think? Many companies offer employee benefits to encourage the best people to join their team, or maximise the chances of encouraging existing employees to stay. But are the benefits you offer as effective as you think they...

Still time to maximise your end of tax year planning

Still time to maximise your end of tax year planning Now is the time to work towards maximising your end-of-year tax planning before the new tax year starts on April 6. If you haven’t used all your allowances and reliefs for this tax year, then in the coming...

Interest rates fall – what does it mean for you?

Interest rates fall – what does it mean for you? February saw another cut in the Bank of England base rate by another 0.25 percentage points to 4.5%, the third cut since August 2024. But while this should provide some relief for mortgage and credit card...

25,000 people filed tax returns on New Year’s Day

25,000 people filed tax returns on New Year’s Day While most of us were ringing in the New Year with a chorus of Auld Lang Syne or nursing a hangover from the revelries, nearly 25,000 people filed their tax return on January 1, 2025, according to HMRC figures....

Mixed-use property with stables pays less SDLT

Mixed-use property with stables pays less SDLT Stamp Duty Land Tax (SDLT) is the tax payable on most property purchases within the UK, and the figures for who needs to pay what are set out very clearly by HMRC. But there are times when specific allowances can be made...

First Labour Budget 2024 – the changes announced

First Labour Budget 2024 – the changes announced Labour Chancellor Rachel Reeves delivered her first Budget at the end of October – which was also the first Budget ever delivered by a female Chancellor of the Exchequer, with Britain’s wealthiest...

IHT thresholds frozen to 2030 and pensions in by 2027

IHT thresholds frozen to 2030 and pensions in by 2027 Inheritance tax is one of the most unpopular taxes in the UK, as many people will pay 40% tax for the first time after they have died. The confirmation in the Budget that the IHT threshold of £325,000 will be...

HMRC’s gifts for the employer’s Christmas party

HMRC’s gifts for the employer’s Christmas party Each year there are a number of items you can claim for when you’re planning the firm’s Christmas party, and looking at this ahead of the festive season can result in savings for your business. To...

Rules on fraudulent payments change from October

Rules on fraudulent payments change from October New protection rules which came in on October 7 mean banks will now refund qualifying Authorised Push Payment (APP) payments where someone has unwittingly paid a fraudster. The rules apply to transactions made between...

Tax relief claims on employee expenses changed

Tax relief claims on employee expenses changed Employees on PAYE who need to make expenses claims can no longer currently make their claims online, and instead will have to use a postal system to deal with HMRC. Anyone who has out-of-pocket expenses for their job is...

New rules on tipping mean staff will get every penny

New rules on tipping mean staff will get every penny Business owners whose staff are given tips by customers must now ensure every penny given goes to the workers and none of it is kept by the business owner. The rule change, which came into effect on October 1, is...

Corporation Tax reminders will no longer be sent

Corporation Tax reminders will no longer be sent Businesses will no longer receive Corporation Tax reminder letters from September, so from now on, you will need to be on top of your Corporation Tax to make sure you pay everything on time and in full without any...

Nearly £57m in overpaid pension tax refunded in Q2

Nearly £57m in overpaid pension tax refunded in Q2 HMRC has had to repay a massive £56.9m in overpaid pension tax between April 1 and June 30 this year, as the problems with the emergency tax rate on flexible pension withdrawals continue to bite. HMRC will...

MTD to expand to income tax in 2026 – get ready!

MTD to expand to income tax in 2026 – get ready! The Making Tax Digital (MTD) regime is set to begin applying to income tax soon, and the first people to be brought into the regime will be the self-employed and landlords. Although April 2026, which is when...

DWP makes slow progress on parents’ pension redress

DWP makes slow progress on parents’ pension redress The Department for Work and Pensions (DWP) is making slow progress on addressing State Pension errors for around 194,000 parents who are being denied a full State Pension because they have not had the correct...

Keep good records to avoid a fine from HMRC

Keep good records to avoid a fine from HMRC Keeping good business records is an essential part of running a business, but it is also a legal requirement when it comes to HMRC. To keep on the right side of the law, businesses and individuals should keep records of...

How to deal with VAT on school fees from January 2025

How to deal with VAT on school fees from January 2025 The new Labour Government will be adding VAT to school fees from January 1 next year, which will increase the bill to parents by 20%, unless schools choose to reduce fees another way to reduce the impact of the...

Changing VAT details must now be done online

Changing VAT details must now be done online Anyone who needs to make changes to their VAT details now needs to do this online through their VAT online account. Prior to August 5, you could use the VAT484 form, or another postal or electronic method. But this is being...

How do 18-year-olds access their Child Trust Fund?

How do 18-year-olds access their Child Trust Fund? Thousands of children have had a pot of money building up for them as they grow thanks to a Government initiative launched near the start of the millennium. The Child Trust Fund (CTF) was launched way back in 2005 and...

Retiring overseas? Then think about your pension

Retiring overseas? Then think about your pension If you are planning to retire overseas, you need to consider what to do with your pension once you leave the UK. There are a few options, including leaving your pension in the same UK pension fund, and just having the...