In this year’s Autumn Budget, Chancellor Rachel Reeves announced that the majority of unspent pension funds will form part of an estate from April 2027 This move is expected to affect around eight per cent of estates each year. In practice, this means when an individual dies, they will still be able to pass on […]
Recent research by Three Business indicates that tech-enabled SMEs could add an impressive £79 billion to the UK economy over the next year. Technology is clearly a key driver and enabler of growth for businesses. Despite this, their research also revealed a notable 42 per cent of SMEs worry that the complexities of adopting new […]
As we approach the end of the year, one trend has become increasingly concerning for UK businesses – debts are on the rise. According to a recent report, small to medium-sized enterprises (SMEs) have seen the value of bad debt surge by 127 per cent over the past six months. This figure is alarmingly high, […]
In Chancellor Rachel Reeves’ 2024 Autumn Budget, she announced over £40 billion of tax increases, as the Government attempts to fill a £22 billion gap in public finances. The headline measure was a rise in employer National Insurance Contributions (NICs), from 13.8 per cent (where applicable) to 15 per cent. The Chancellor also reduced the […]
Capital Gains Tax (CGT) was a significant target for the Chancellor in the Autumn Budget – with an immediate rise put in place for both the basic and higher rate of CGT. The basic rate paid by basic rate taxpayers rose immediately to 18 per cent – up from 10 per cent. Meanwhile, the higher […]
On 30 October 2024, Chancellor Rachel Reeves presented her first budget to parliament. This was a budget intended to restore stability to our economy and to begin a decade of national renewal. Investment will be funded by revised debt rules to facilitate additional borrowing and a hefty £40 billion of tax rises. Headlines included: Immediate […]
Please note that ‘tax years’ run to 5 April each year and that, for example, 2025/26 signifies the year to 5 April 2026. Your personal allowance Your tax-free personal allowance will remain at £12,570 in 2025/26. The personal allowance is partially withdrawn if your income is over £100,000 and then fully withdrawn if your income […]
As expected, and with immediate effect from the budget date of 30 October 2024, the rates of capital gains tax (CGT) have been increased on some asset types as follows: 2025/26 2024/25 Annual exempt amount £3,000 £3,000 From 30 October 2024 Prior to 30 October 2024 Rate of CGT on assets other than residential […]
Employers must pay their employees at least the NLW, for workers aged 21 and over, or the NMW otherwise. The minimum hourly rates change on 1 April each year and depend on the worker’s age and if they are an apprentice. 1 April 2025 – 31 March 2026 1 April 2024 – 31 March […]
For employees The national insurance contributions (NICs) rates and annual thresholds for employees for 2025/26 are as follows: Employees’ Class 1 NICs 2025/26 2024/25 Lower earnings limit (LEL) £6,500 £6,396 Primary threshold (PT) £12,570 £12,570 Upper earnings limit (UEL) £50,270 £50,270 Earnings between the LEL and the PT 0% 0% Earnings between the PT and […]
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