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There is an ongoing discussion in Treasury circles, fuelled by lobbying from public sector unions, that the recent public sector pay deal may sideline any possible reduction in higher rate tax relief in the forthcoming budget. The Chancellor’s upcoming Autumn Budget 2024 is expected to address the need for fiscal savings, and the vast costs […]

From 1 October 2024, you can be reasonably sure that when you leave a tip or pay a service charge your largesse will benefit the establishment staff, not the business owners. The following update is reproduced from a news story released by the Department for Business and Trade. “From Tuesday 1st October, millions of hard […]

Key Performance Indicators (KPIs) are widely used across industries in the UK to measure success and performance. Here are some of the top KPIs commonly used in various sectors: 1. Financial KPIs: Revenue Growth: Measures the increase in sales or income over a specific period. Net Profit Margin: Percentage of revenue remaining after all expenses. […]

More than 670,000 18-22 year olds, yet to claim their Child Trust Fund, are reminded to cash in their stash as HM Revenue and Customs (HMRC) reveals the average savings pot is worth £2,212. Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child […]

There are late filing penalties which are designed to encourage companies to file their accounts and reports on time. All companies, private and public, large or small, trading or non-trading must send their accounts to Companies House. A penalty is automatically imposed by Companies House if the accounts are late. The table of penalties for late […]

HMRC together with the Department for Work and Pensions (DWP) have issued a press release urging tens of thousands of people to check if they are eligible to boost their State Pension utilising Home Responsibility Protection (HRP). This HRP scheme has helped protect parents’ and carers’ State Pension. HRP reduces the number of qualifying years a person […]

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 relief Higher rate taxpayers can claim 40% pension tax relief Additional rate taxpayers can claim […]

The American presidential election may have significant effects on the United Kingdom, impacting various aspects of the relationship between the two countries. Here are some key areas where the UK might feel the influence:   1. Trade Relations Post-Brexit Trade Deals: The UK's ability to negotiate a favourable trade deal with the US is closely […]

Interest rates are a powerful lever in our economy. Increase rates and economic activity tends to slow down, and vice versa if interest rates fall. The recent hikes in rates, to control inflation, were reversed recently when the Bank of England (BoE) reduced rates to 5% (from 5.25%). The following notes are a summary of […]

Since Rachel Reeves was appointed Chancellor of the Exchequer in May 2024, she has made several significant announcements aimed at addressing the UK's economic challenges as well as the much publicised tax changes already described in previous posts on our blog.   Her primary focus has been on fiscal responsibility, economic stability, and reforming key […]