In 2024, small and medium-sized enterprises (SMEs) will face a brand-new set of challenges and opportunities. As the economy continues to react to the events of the last few years, one thing remains important – high-quality business advice. Below, we look at some practical tips for SMEs aiming to scale up and grow their operations […]
As a small business owner, embracing environmentally friendly practices not only supports a sustainable planet but can also unlock significant financial benefits for your business. It is important to explore the tax reliefs and allowances available to your business when you adopt green operations so that you can navigate and mitigate your environmental tax responsibilities […]
In recent years, the ‘Bank of Mum and Dad’ has become an increasingly vital resource for first-time property buyers. Recent research by the Institute of Fiscal Studies (IFS) has revealed that half of first-time buyers now rely on financial support from their parents to secure deposits for property purchases. The average financial assistance provided by […]
The Bank of England’s (BOEs) decision to maintain the base interest rate at 5.25 per cent for the third consecutive time in December, following a series of fourteen increases in less than two years, has significant implications for savers. Since December 2021, interest rates went from a historic low of 0.1 per cent to the […]
The recent surge in pension tax relief, exceeding £50 billion for the first time, marks a significant opportunity for savers to enhance their retirement funds. This £14 billion increase over five years highlights the importance of strategic pension contributions and the effective use of tax reliefs. Boosting contributions In the 2022-23 tax year, taxpayers received […]
Cryptocurrency has gained traction in recent years, however there is still uncertainty and controversy surrounding it due to its often unpredictable and volatile nature. A lack of regulation has also been seen as a serious problem, which is why HM Revenue and Customs (HMRC) is increasing its focus on the taxation of digital currencies. HMRC’s […]
The recent calls by the Association of Consulting Actuaries (ACA) and the Society of Pension Professionals (SPP) to retain the exemption of UK pension schemes from clearing obligation resonate deeply with our philosophy of prudent financial management and risk avoidance. The importance of the exemption Currently, pension schemes are exempt from the obligations to clear […]
At this time of year, we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April. An obvious tax planning point would be to maximise your ISA allowances for the 2023/24 tax year (currently £20,000 each). You might […]
At the top of the New Year to do list for many individuals is to make or update their Will. Many think this is something to leave until later in life, but it is important to get things in place once property is acquired or when children come along. In the absence of a will […]
When considering the wording of your Will, you should note that the inheritance tax (IHT) nil rate band continues to be frozen at £325,000, subject to any announcements in the Spring Budget. There is currently an additional nil rate band of up to £175,000 for passing on the family home to direct descendants on death. […]
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