HMRC have developed an app that can help people prepare for their retirement. Individuals can use the app to check their State Pension Forecast, allowing them to: see their State Pension age; view their forecast State Pension amounts based on potential contributions; and view how much their State Pension would currently be worth, based on […]
Some employers need to pay their employees earlier than usual in December. This can be for several reasons, such as businesses closing during the festive period and needing to pay workers earlier than normal. As in earlier years HMRC have announced that they have relaxed the RTI (Real Time Information) reporting obligations. If you do […]
Employers should note that certain gifts to staff at Christmas are tax free if structured correctly. Employers are allowed to provide their directors and employees with certain “trivial” benefits in kind tax free. This exemption applies to small gifts to staff at Christmas where the cost to the employer is no more than £50, this […]
There continues to be no taxable benefit for employees provided that all staff are invited, and the cost to the employer does not exceed £150 a head, inclusive of VAT. If you have already had an summer event, provided the combined cost of the two events is no more than £150 a head, there would […]
The table below sets out the HMRC advisory fuel rates from 1 December 2024. These are the suggested reimbursement rates for employees’ private mileage using their company car. Where the employer does not pay for any fuel for the company car, these are the amounts that can be reimbursed in respect of business journeys without […]
Date What’s Due 1 December Corporation tax for year to 29/02/2024, unless quarterly instalments apply. 19 December PAYE & NIC deductions, and CIS return and tax, for month to 5/12/24 (due 22/12 if you pay electronically). 30 December Deadline for filing 2023/24 tax return online in order to request that HMRC collect outstanding tax […]
With the Government’s announcement of a two per cent rise in Stamp Duty Land Tax (SDLT) on second homes, buyers now face a five per cent surcharge on additional property purchases. For aspiring property investors or those looking to expand their portfolios, it is essential to consider strategies to offset this increased expense. Firstly, you […]
When it comes to investing, most people are aware of the two broad strategies that dominate the field: active and passive investing. Each has its own merits, risks, and considerations, but which is right for you? Active investing is a hands-on approach that involves buying and selling investments frequently in an attempt to outperform the […]
Without having a clear financial plan for when you retire, there is a risk that you will run out of funds or face unexpected financial pressures in your post-work years. A good plan ensures that your retirement is comfortable, stress-free, and allows you to enjoy the things you have worked hard for. We recommend that […]
The Government estimates that new obligations placed on employers under the Employment Rights Bill could result in substantial compliance costs – totalling around £5 billion. The Bill will introduce a ban on many zero-hour contracts and extend day one employment rights across several areas, such as protection from unfair dismissal and parental leave. For employers, […]
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