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Category: <span>Pension</span>

Tax Update October 2024

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…

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Are there ‘painful’ times ahead?

The Prime Minister, Sir Keir Starmer, speaking from Downing Street last Tuesday, has said that the budget in October will be “painful” and the government would be making “big asks” of the country. He said that the country would need to be prepared to “accept short-term pain for long-term good”…

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Check your State Pension Entitlement

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…

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Autumn Statement Summary

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 ‘biggest permanent tax cut in modern British history for businesses’. Below, we summarise the Autumn Statement headlines and other measures announced. Please…

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Tax Update September 2023

Welcome to the September 2023 Tax Update. In this edition we take a look Tax-Free Childcare Accounts, Child Benefits, changes to the R&D Relief Scheme, IHT on Pension Funds, and this month’s events on the accounting horizon. If you need any help or advice on any of these topics, please…

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Further extension to voluntary NI contributions deadline

The UK Government is giving people more time to pay National Insurance contributions towards their State Pension. Taxpayers now have until 5th April 2025 to fill gaps in their National Insurance record from April 2006 that may increase their State Pension – an extension of nearly 2 years. Extending the…

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Tax Update May 2023

Welcome to the May 2023 Tax Update. In this issue we look at PAYE forms being submitted online, HMRC phasing out paper tax returns, Pensions and Estate Planning, and possible CIS reforms. 2022/23 P11D FORMS TO BE SUBMITTED ONLINE The deadline for filing the P11D forms to report benefits in…

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Managing Inheritance Tax

Like many other taxes, Inheritance Tax (or IHT) allowances have been frozen. This sounds generous of the Chancellor at a time when the Government is strapped for cash. However, it actually means that we are paying more. Data from HMRC has revealed that Inheritance Tax collected between April 2022 and…

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Your Long-Term Financial Stability with Folkes Worton LLP Charte

Your Long-Term Financial Stability

With the uncertainties surrounding the economy, it’s an ideal time to be thinking about financial stability. So, if we want to provide those we love with security, it’s best to think long-term. The pandemic and the current increase in the costs of living show all too clearly that good health, and…

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Pre-April tax planning reminder from Folkes Worton LLP Chartered

Pre-April Tax Planning Reminder

The new tax year starts on 6th April 2023, so there’s still some time left to consider your options, once we pass this date the majority of the tax planning options for Income Tax and Capital Gains Tax purposes will cease unless actioned before the 6th April. Do you fall…

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