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 “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”…
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…
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…
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…
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…
State Pension Update – Tuesday 7th March 2023Since this Insight was posted on 23rd February 2023, HMRC has announced an extension to the deadline to pay missing NI years to 31st July 2023.CLICK HERE to visit HMRC’s announcement If you are planning to claim the UK state pension you should…