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How many years of NIC'S do I need for a full state pension? | Check your State Pension forecast.

Regularly checking your state pension position can help optimise your entitlement. It would be best to consider what other savings or pensions might be required for a long and comfortable retirement. To receive the full benefits of an entire state pension your National Insurance record must usually contain a minimum number of years. Also be aware the requirements for men and women differ. Menusually need at least 30 qualifying years of NIC payments if born between 1945 and 1951 and 44  if born before 1945. Women usually need at least 30 qualifying years if born between 1950 and 1955 and 39 if born before 1950. If you were born after 1951, you will get the new state pension, which only needs ten qualifying years of NIC Payments to receive a state pension  

5 Sep 2024 Read more
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What are the Changes to HMRC's Payroll Reporting regulations? | Payroll reporting from April 2026

There are changes afoot to payroll reporting, as announced by HMRC these come into effect in April 2026 and could result in employers needing to change their current payroll and HR systems to comply with the new payroll regulation. The changes to payroll processing will allow HMRC to improve the data it can collect from its customers' payroll. These suggested changes to payroll systems are expected to ensure that employers record the hours employees worked and the payments made in their real-time information PAYE Returns.

14 Aug 2024 Read more
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How can a business achieve long-term success? | Strategies for Long-Term Business Success

Running a business can be both exciting and challenging. Business owners constantly juggle responsibilities, from managing operations to ensuring customer satisfaction. With all these ongoing responsibilities, achieving peace of mind might seem like an elusive goal. However, with the right strategies in place, you can create a business environment that generates stability, growth, and, most importantly, peace of mind. Here’s how.  

13 Aug 2024 Read more
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What qualifies for IHT Business Relief | Business relief and inheritance tax

There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief. This can be a significant tax benefit for those with business interests, potentially offering either 50% or 100% relief from IHT on the value of business assets if certain criteria are met.

13 Aug 2024 Read more
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How do you declare beneficial interests in joint property and income? | Making a Form 17 declaration

The usual tax position for couples living with their spouse or civil partners is that property income held in joint names is divided 50:50, regardless of the actual ownership structure. However, where there is unequal ownership and the couple wants the income taxed on that basis, a notification must be sent to HMRC together with proof that the beneficial interests in the property are unequal. This is done using a Form 17 Declaration.  

13 Aug 2024 Read more
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Capital Gains Tax Allowance 2024/25 | What is the Current CGT Rate

Capital Gains Tax (CGT) is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and the gain keeps them within basic rate, they may only be subject to a reduced rate of 10%. Once the total of taxable income and gains exceed the higher rate threshold, the excess will be subject to 20% CGT.  

2 Aug 2024 Read more
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What is the current tax gap in the UK?| Tax gap at 4.8% for 2022-23

What is the tax gap for 2022-23 The tax gap for the 2022-23 tax year has been published and is estimated to be 4.8% of total theoretical tax liabilities.  

15 Jul 2024 Read more
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Is there an annual property tax in the UK? | annual tax on enveloped dwellings

What is ATED?The Annual Tax on Enveloped Dwellings (ATED) is payable by certain Non-Natural Persons (NNPs) that own interests in dwellings valued at more than £500,000. These provisions affect certain companies, partnerships with company members and managers of collective investment schemes described in the legislation as NNPs.

15 Jul 2024 Read more
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Can I look at my State Pension online | check your state pension forecast

How can I check my state pension? The enhanced Check Your State Pension forecast service is now available online. The service can be found on GOV.UK at the following webpage   The new digital service is a joint service by HM Revenue and Customs (HMRC) and the Department for Work and Pensions (DWP). It has been enhanced to include a fully end-to-end digital solution.  

15 Jul 2024 Read more
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How do I claim Business Asset Disposal Relief on my tax return? | CGT Rollover Relief

Business Asset Rollover Relief also known as CGT Rollover Relief allows for deferral of Capital Gains Tax (CGT) on gains made when taxpayers sell or dispose of certain assets and use all or part of the proceeds to buy new business assets. The relief means that the payment of any tax on the gain of the old asset is postponed. The amount of the gain is effectively rolled over into the cost of the new asset and any CGT liability is deferred until the new asset is sold or otherwise disposed of.

12 Jun 2024 Read more
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Do you pay Capital Gains Tax when you divorce? | Tax when transferring assets during divorce

When a couple is separating or is divorced it is unlikely that they are thinking about the tax implications of their actions. However, apart from the emotional stress, there are also tax issues that can have significant implications.

12 Jun 2024 Read more
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What is the deadline for self-assessment tax return 2023/24 | Paying your Tax Due for the 2023/24 Tax Year Early

The 2023-24 tax year ended on 5 April 2024 and the new 2024-25 tax year started on 6 April 2024. Most taxpayers will be happy to leave dealing with their 2023-24 self-assessment tax returns until later this year or even until January 2025.  

12 Jun 2024 Read more
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