HMRC Class 2 National Insurance Error Could Affect Your State Pension Thousands of self-employed individuals across the UK are being urged to check their National Insurance (NI) records after HMRC identified an issue that may have left around 800,000 taxpayers with missing Class 2 National Insurance Contributions (NICs). If you’ve…
Could New Inheritance Tax Rules Put Family Businesses at Risk? For many business owners, succession planning is about more than protecting personal wealth. It’s about safeguarding a family legacy, preserving jobs, and ensuring that a business can be passed smoothly to the next generation. However, upcoming changes to inheritance tax…
Welcome to the July Tax Update. In this issue we take a look at the government targeting unpaid tax, extracting funds from a business, childcare accounts, salary sacrifice, MTD on jointly help property, VAT on private tuition, and dates on the Accounting Horizon. Government Targets ÂŁ7.5 Billion in Unpaid Tax…
As the UK tax year-end approaches on 5 April, itâs an excellent time for you to review your business finances and explore tax planning opportunities, particularly if you are self-employed. Tax planning can help you to reduce tax liabilities, boost your cash flow and put you in a stronger financial…
Check your State Pension Entitlement HMRC has developed a valuable tool to help you plan for your retirement: the State Pension Forecast app. This app allows you to: Determine Your State Pension Age: Understand when you can start receiving your State Pension. Estimate Your State Pension Amount: See how your…
We begin Advent with our December Tax Update. In this edition we take a look at Inheritance Tax on two fronts, State Pension entitlement, paying employees early before Christmas, employee Christmas gifts and parties, fuel rates for company cars and upcoming dates on the accounting horizon. FARMERS CAMPAIGNING FOR AGRICULTURAL…
Welcome to our October Tax Update. In this edition we take a look at the potential changes to Capital Gains Tax and pensions in this month’s Budget, checking your state pension entitlement, a scam letter warning from HMRC and upcoming dates on the accounting horizon. POSSIBLE CAPITAL GAINS TAX CHANGES…
The Prime Minister, Sir Keir Starmer, speaking from Downing Street last Tuesday, has said that the budget in October will be âpainfulâ and the government would be making âbig asksâ of the country. He said that the country would need to be prepared to âaccept short-term pain for long-term goodâ…
New digital service to check your State Pension forecast launched A new digital service has been launched that makes it easier to check if you have any gaps in your National Insurance (NI) record that may affect your State Pension entitlement. The service is called Check Your State Pension forecast…
On 22nd November 2023, Chancellor Jeremy Hunt presented his Autumn Statement to Parliament. Headlines included generous National Insurance Contribution (NIC) cuts for workers and the self-employed and the âbiggest permanent tax cut in modern British history for businessesâ. Below, we summarise the Autumn Statement headlines and other measures announced. Please…