There are special rules which allow individuals who have set up private pension scheme(s) to benefit from significant tax reliefs when saving for their retirement. There is no overall limit to the
Tax when you get your pension
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Qualifying for residence nil rate band
The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent such
Entitlement to National Minimum Wage
Employers must ensure they are paying staff the new National Minimum Wage (NMW) and National Living Wage (NLW) rates for the period from 1 April 2022 – 31 March 2023. The NLW is the minimum hourly
Changes at HM Treasury
Last week saw the resignation of the previous Chancellor Rishi Sunak from the Government. The previous Chancellor said he could no longer continue in his role in good conscience.
The Prime Minister
Tax gap remains at 5.1%
The tax gap for the 2020-21 tax year has been published and remains at 5.1%. This is the second lowest recorded percentage and remains unchanged from the previous 2019-20 tax year.
The tax gap is
Old style £20 and £50 notes
The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022. This means that if you have any old £20 or £50 notes you should use them or deposit
Filing and paying company tax returns
If you have recently setup a new limited company or are thinking of doing so then one of the areas that you need to be aware of is the accounts and tax filing regime for companies.
After the end of
Furnished Holiday Lets and VAT
The furnished holiday let (FHL) rules allow holiday lettings of properties that meet certain conditions to be treated as a trade for some specific tax purposes. As an FHL is treated as a business, it
Joining the MTD ITSA pilot
Some businesses and agents are already keeping digital records and providing updates to HMRC as part of a live pilot to test and develop the Making Tax Digital (MTD) for Income Tax Self Assessment
Tax Diary August/September 2022
1 August 2022 – Due date for corporation tax due for the year ended 31 October 2021.
19 August 2022 – PAYE and NIC deductions due for month ended 5 August 2022. (If you pay your tax electronically
Standards for tax agents
HMRC last published guidance on the standard for agents in January 2018 (updating the first set of standards published in February 2016). The standard applies to all tax agents who transact with HMRC
National Insurance for company directors
Directors are classed as employees and pay National Insurance on annual income from salary and bonuses that exceeds the Primary Threshold. The annual threshold is pro-rated this year following the
Pensions triple lock to be reinstated
The triple lock guarantee on pensions that was suspended for the current 2022-23 tax year is to be restored from April 2023. In September 2021, the government announced that its triple lock guarantee
Childcare top-up to cover summer activities
As the school holidays fast approach, many parents face having to organise extra school holiday childcare over the summer months. Working families can use the Tax-Free Childcare (TFC) scheme to help
Tax credits renewal deadline reminder
31 July 2022 is the final day for families and individuals that receive tax credits to tell HMRC about any changes to their circumstances or income and to renew their tax credit. As in previous years,
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