You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning: Basic rate taxpayers receive 20% pension tax reliefHigher rate taxpayers can claim 40% pension tax reliefAdditional rate taxpayers can claim 45% pension […]
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There is no present mansion tax or wealth tax in the UK, but there is speculation that the Labour Party may be tempted to introduce either or both as part of Rachel Reeves’ first budget to be announced 30th October 2024. Basically, it would involve taxing individuals or properties based on the value of their […]
Under UK law, the Proceeds of Crime Act 2002 (POCA) sets out the framework for tackling money laundering and the handling of criminal proceeds. Certain business sectors must register with supervisory bodies and comply with anti-money laundering (AML) regulations. These sectors are defined under the UK’s Money Laundering, Terrorist Financing and Transfer of Funds (Information […]
In the UK, business owners are grappling with inflation, labour shortages, access to finance, and supply chain disruptions, all of which are affecting business operations, particularly for small and medium-sized enterprises (SMEs). Inflation: Rising Costs Costs of raw materials, energy, and labour have increased, squeezing margins for businesses, especially in manufacturing, hospitality, and retail. Energy […]
In the UK, bank deposit protections are provided through the Financial Services Compensation Scheme (FSCS). The FSCS offers a safety net for consumers in the event that a bank or financial institution fails. Key points about deposit protection in the UK include: 1. Protection Limit: The FSCS protects up to �85,000 per person, per […]
Parliament has agreed that the Winter Fuel Allowance payable 2024 will be limited to pensioners in receipt of Pensions Credits and certain other means-tested benefits. Pensioners who are eligible to claim Pensions Credits and have not done so need to be entitled to Pension Credits for at least one day in the week September 16th […]
As the October 2024 Budget approaches, several key tax measures are anticipated based on Labour’s manifesto and previous policy announcements. Here’s what we might expect: Capital Gains Tax (CGT): It is likely that the CGT rates may be increased, potentially aligning with income tax rates, which could push them up to 45% for property […]
To comply with the new digital platform regulations effective from 1 January 2024, platform operators must register with HMRC. Here are the key details regarding registration and reporting: Who Needs to Register: Any platform operator facilitating the sale of goods, services, accommodation, or transportation within the scope of the new regulations must register with HMRC […]
1 September 2024 – Due date for corporation tax due for the year ended 30 November 2022. 19 September 2024 – PAYE and NIC deductions due for month ended 5 September 2024. (If you pay your tax electronically the due date is 22 September 2024) 19 September 2024 – Filing deadline for the CIS300 monthly […]
HMRC’s Personal Tax Accounts (PTAs) serve as an online tool that enables taxpayers to view and update their information in real time. The PTA can be used for many routine requests and services and help you bypass the need to call or write to HMRC. Every individual in the UK that pays tax has a […]