As you may know, everyone must make approximately 35 years of National Insurance contributions to get a full state pension. If your NI record commenced before 6 April 2016, you might need to top up your record. Address National Insurance gaps from the last 17 years Normally you can only top up your NI contributions […]
New HMRC rules mean that you’ll get penalty points if you submit a VAT Return late. We explain how the new system works and how you can avoid a £200 penalty. HMRC has introduced a new penalty system for VAT return periods. The new approach started on 1 January 2023 and applies to payments due […]
On Wednesday March 15 Jeremy Hunt presented the Spring budget 2023. He took a positive tone, leading with the news that the UK will not enter recession this year. Mr Hunt said: “Today the Office for Budget Responsibility forecast that because of changing international factors and the measures I am taking, the UK will not […]
Government U-turns and delays have made it harder than ever to keep up with the changes in tax due this year. Here’s a quick round up of the tax changes in 2023 to help you make sure there are no unwelcome surprises. Extended freeze on income tax thresholds The freeze on income tax thresholds […]
From April 2026, sole traders earning over £50,000 will say goodbye to the traditional self-assessment. People in this bracket will have to then use Making Tax Digital (MTD) for their income tax. The following year, in April 2027, this will apply to any sole trader earning over £30,000. This timetable has changed – the initial […]
If you’re starting to think about your next self-assessment and tax bill, you may be able to reduce the amount you owe by claiming for allowable expenses. What are allowable business expenses? Allowable expenses are essentially the costs of running your business, as defined by HMRC. You can deduct these costs from your business accounts […]
The November 2022 budget is a package of tax rises and public spending cuts as new Chancellor Jeremy Hunt seeks to battle recession and inflation. Here’s a summary of the main announcements. UK now in recession The government has confirmed that the UK has entered recession. The Office for Budget Responsibility (OBR) says higher […]
The government’s Energy Bill Relief Scheme went live on 1 October 2022 and is designed to give you a discount on your energy bills. Here’s how it all works. What is the Energy Bill Relief Scheme? The purpose of this scheme is to reduce energy bills for businesses, as prices soar and costs increase. It […]
The new chancellor, Kwasi Kwarteng, has delivered a mini-Budget 2022 featuring a string of tax cuts. The stated aim is to ‘deliver growth for the economy’. This mini-budget had been billed as new Prime Minister Liz Truss’ response to the ongoing cost of living crisis. Reversing National Insurance increase A 1.25 per cent cut to […]
National Insurance increased in April – but this month the threshold changed. Could this mean you save money? In April, new rates of National Insurance rates came into play, as part of the Government’s changes to Health & Social Care budgeting. We explored this change in this blog last year, which essentially increased most people’s […]