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One of the key announcements in the Autumn 2024 Budget was the rise in employer’s National Insurance contributions from 6 April 2025. Since then, the rate of secondary Class 1 National Insurance contributions has increased by 1.2 percentage points, from 13.8% to 15%. In a further blow, the secondary threshold above which employer contributions become […]

Entitlement to the full state pension depends on having sufficient qualifying years. Where a person reaches state pension age on or after 6 April 2016, they need 35 qualifying years for a full state pension. If they have less than 35 qualifying years but at least 10, they will receive a reduced state pension. A

When starting a business, there are a number of ways in which this can be done. Options include operating as a sole trader, forming a partnership or setting up a limited company. Of these, operating as a sole trader is the simplest.   Taxes you must pay If you run an unincorporated business as a

If you pay tax through PAYE, as will be the case if you are an employee or a pensioner, you may need to complete a self-assessment tax return if you have other sources of income, such as income from property or investments or self-employment. If at least 80% of the tax that you owe is

Employers looking to spread some seasonal cheer can do so in a tax-efficient manner by taking advantage of the exemptions for annual parties and functions and trivial benefits.   Christmas parties The tax exemption for annual parties and functions will only apply to a Christmas party if the following conditions are met. Some points are

In personal and family companies, the lines between the company’s finances and the director’s finances may become blurred. A director may withdraw money from the company for personal use or may lend money to the company. The company may pay some of the director’s personal bills, and the director may personally meet some company expenses.

Many parents who fell within the ambit of the High Income Child Benefit Charge (HICBC) opted not to receive child benefit, rather than to receive it and pay it back in full in the form of the charge. However, changes to the HICBC which came into effect from April this year mean that some parents

Scammers are becoming increasingly adept at fooling people and a favoured tactic is a letter, a text or an email purporting to be from HMRC, often promising a tax refund in exchange for personal and financial data. During the summer, many taxpayers received a very convincing scam letter which appeared to be from HMRC, seemingly

There are various reasons why a person may not have told HMRC about the tax that they owe, ranging from a simple oversight to the deliberate evasion of tax. Regardless of the reason, if you have failed to declare income and gains on which tax is due, it is always better to take action to

The holiday season is upon us, and for business owners, this means more than just presents and decorations on the brain. So how can you close the current year on a high note? As trusty accountants, we understand the unique challenges and opportunities business owners face over this period, so we´re unwrapping 12 practical tips