Overview of private pension contributions
You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23. There is a three year carry forward rule that allows you to carry forward any unused amount of your […]
Class 2 and 4 NIC for the self-employed
There are two types of National Insurance contributions (NICs) payable by most self-employed people. These are known as Class 2 NICs and Class 4 NICs. Class 2 NICs are paid by all self-employed taxpayers unless they earn under the Small Profits Threshold (SPT), currently £6,725, which remove the necessity to pay NICs. Class 2 NICs […]
Corporation Tax Group Payment Arrangements
A Corporation Tax Group Payment Arrangement (GPA) is a special arrangement that allows groups of companies to make joint payments of Corporation Tax. This type of arrangement can reduce the administration and costs associated with making a large number of individual payments. A GPA can also let members of the group mitigate any potential differential […]
Searching for details about property
There are a number of online tools available to help find information about a property in England or Wales, even if you do not own it. The service is available on GOV.UK and allows users to search for property by postcode, map, title number or INSPIRE ID. Once a property has been located, users can […]
Plan ahead to file accounts on time and avoid penalties
If you have a September deadline for filing your accounts, leaving it until the last minute risks being hit with a fine. All limited companies, whether they trade or not, must deliver annual accounts to Companies House each year. Directors are advised to file early, rather than leaving it until the 11th hour, when unforeseen […]
Insolvencies slow down but businesses are not out of the woods
Company insolvencies across England and Wales fell in July and are six per cent lower than the same month last year, official figures show. The headline reduction in insolvencies to 1,727 is down 20 per cent compared to June’s registered total of 2,163. The level of Creditors’ Voluntary Liquidations (CVLs), mainly seen among smaller companies, […]
Do you need to complete a self-assessment tax return this year?
A change in a taxpayer’s circumstances could mean they need to complete their first ever self-assessment tax return. Tax is usually deducted automatically from wages and pensions; however, people and businesses with other income must report it in a tax return. HMRC must be informed by October 5 by those who need to complete a […]
Harnessing the benefits and potential of AI in business
The steady march of Artificial Intelligence (AI) has reshaped the way we work, penetrating almost every aspect of modern business. This seismic shift to AI has offered a plethora of benefits across industries ranging from retail and healthcare to banking and financial services. On the flipside, drawbacks and potential dangers of using this new technology […]
Banks with lowest savings rates to face robust action
The UK’s financial watchdog has warned it will crack down on lenders that fail to justify low savings rates. The Financial Conduct Authority (FCA) said providers who fail to show how their rates represent fair value to customers could face “robust action by the end of 2023”. This could include fines. It is part of […]
HMRC hikes interest rates again on late payments
HMRC interest rates for late payments will increase again this month to their highest level since 2001. Late payment interest is payable on tax bills covering income tax, National Insurance contributions, capital gains tax, corporation tax pay and file, stamp duty land tax, stamp duty and stamp duty reserve tax. The latest rise was triggered […]
