Is pension advice tax free? Some of your company’s directors are considering retiring in the next few years and each wants advice about funding their pensions. Can the company pay for the advice and treat it as a tax-free benefit in kind? Pensions advice Employers can pay up to £500 per person per tax year ... Read More
Payment of pension arrears could mean tax bill A large number of people have been underpaid their state pension. Payment of what’s owing is underway but if you receive such a payment, it may give rise to an income tax bill. What’s the issue? The state pension arrears identified so far exceed £300 million, mainly ... Read More
Spring Statement 2023 – Introduction Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. Driving business investment The Chancellor announced a £27 billion transformation of capital allowances from April this year, which will include ... Read More
Deadline for voluntary NI contributions extended There’s currently a window of opportunity to fill gaps in your NI contribution history. This was scheduled to close after 5 April 2023, but the government has now extended it. What’s the new deadline? Entitlement to the state retirement pension depends on accruing sufficient qualifying years – those where ... Read More
Year End Tax Planning Guide Read the Full Guide on our Year End Tax Page In all things tax, time is of the essence. Checking that your personal affairs, your family and business affairs, and your plans for the long term are arranged as tax efficiently as possible is always important: and the period before ... Read More
Why consider paying voluntary Class 2 NI via tax returns? Class 2 NI is paid by the self-employed. If your profits were adversely affected by the pandemic in 2021/22, you might be below the small profits threshold. How can you ensure you preserve your entitlement to the state retirement pension if so affected? Self-assessment collects ... Read More
Return filing season likely to be even busier than normal With less than four weeks to go until the self-assessment filing deadline, HMRC has said that nearly 6 million returns are still outstanding. Why might 31 January this year be more urgent than last time round? If the tax return filing deadline is missed, an ... Read More
MTD ITSA delayed for two years The government has announced a further delay to the introduction of Making Tax Digital for Income Tax Self-Assessment (MTD ITSA). Why and what’s the new timeframe? In a statement released on 19 December, the government has finally acknowledged that MTD ITSA is a significant change for all concerned, and ... Read More
Don’t miss key December deadline The deadline for filing your tax return for 2021/22 is 31 January 2023. However, an earlier deadline of 30 December might be relevant to you. January is the busiest month for tax return filings each year – more than half a million returns were filed on 31 January 2022 alone. ... Read More
The Autumn Statement 2022 On 17 November 2022, the government undertook the third fiscal statement in as many months, against a backdrop of rising inflation and economic recession. The Chancellor laid out three core priorities of stability, growth and public services. The government sought a balanced path to support the economy and return to growth, ... Read More
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