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 […]

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 […]