Getting ready to retire

Getting ready to retire

The changes to the pension rules announced in the Spring Budget were designed to dissuade higher earners from retiring early to avoid pension charges on high contributions but the new rules could have the opposite effect. Individuals can now contribute up to £60,000...
Student loans, property and pensions

Student loans, property and pensions

Student loan repayments (SLR) are normally deducted under PAYE from employment income so many people incorrectly assume that SLR are not due on other ‘unearned income’ such as rent or pensions. SLR will in fact be payable where the unearned income exceeds...
Largest ever NMW rise 

Largest ever NMW rise 

The national minimum wage (NMW) and national living wage (NLW) rates are due to rise significantly for pay periods starting on and after 1 April 2023. These increases – the largest since the NMW began – are being introduced because inflation is running at...
Mind the NIC gap

Mind the NIC gap

Do you know whether your national insurance contributions (NIC) record is complete and correct?  You can check the NIC record over your entire working life on your online personal tax account (www.gov.uk/personal-tax-account). This will also provide an estimate...
Free childcare places increased

Free childcare places increased

News from the Spring 2023 Budget: The Chancellor announced the extension of free childcare places to children under three years old in England to match the 15 or 30 hours of free childcare currently provided to three and four year olds in term time. The extra funding...
MTD for income tax delayed again

MTD for income tax delayed again

Making tax digital for income tax self-assessment (MTD ITSA) was set to take effect from 6 April 2024. This has been postponed until 6 April 2026 The new regime will require sole traders and individual landlords to keep their business records digitally and to send...