Experts have recently warned that thousands of over-55s are at risk of incurring charges and reducing the available tax relief if they continue to delve into their pension pots whilst benefiting from workplace pension contributions. This article takes a look at some key pensions tax reliefs and allowances. Relief on pension contributions All pension schemes, … Continue reading Are You Making the Most of Pensions Tax Reliefs?
The government recently scrapped its plans to abolish Class 2 national insurance contributions (NICs). They were originally due to be abolished in April 2018, but the plans were delayed for a year until April 2019. The government has now announced that Class 2 NICs will not be abolished during this Parliament. Former Chancellor George Osborne … Continue reading Government Scraps Its Plans to Abolish Class 2 NICs
The government has confirmed its plans to reduce the time limit for filing Stamp Duty Land Tax (SDLT) returns and paying any tax due. First announced in 2015, the measure was due to come into effect in 2017/18, but was subject to a delay. The publication of the draft Finance Bill 2018-19 in the summer … Continue reading Changes to the Stamp Duty Payment Window
The Welsh Assembly has now agreed that income tax rates for Welsh taxpayers will not be changed for 2019/20. From April 2019, Welsh taxpayers will be issued with new tax codes beginning with C for Cymru. The UK government will reduce the 3 bands of income tax by 10% each for Welsh taxpayers, with the … Continue reading No Changes for Welsh Taxpayers
Thousands of bereaved partners may be paying unnecessary tax bills after failing to take advantage of an ISA transfer allowance. According to a Freedom of Information request obtained by financial provider Zurich, just 21,000 people took advantage of the little known saving scheme in 2017/2018. However, the Tax Incentivised Savings Association estimates that up to … Continue reading Thousands Paying Unnecessary Tax on Inherited ISAs
HM Revenue and Customs have published a free online guide to help charities complete Gift Aid donation schedules. The step-by-step guide tells charities how to claim back tax on eligible donations, help in choosing the right software, and advice on completing the schedule and filling in the form. This follows on from research last year, … Continue reading HMRC Launch Free Gift Aid Guide
He’s Gonna See Who’s Naughty or Nice! Whilst you may enjoy letting your hair down with your staff at the annual Christmas Party, it is worth remembering that you are still the employer and, as such, responsible and, perhaps liable, for any bad behaviour. Any incidents of harassment, abuse or discrimination could have repercussions not … Continue reading How to Avoid Legal Issues at Your Company Christmas Party
Let It Snow, Let It Snow, Let It Snow! The particularly brutal weather we saw when the “Beast From the East” paid us a visit earlier in the year highlighted how unprepared many of us are for dealing with adverse weather conditions. And whilst a White Christmas is on many people’s wish-list, the disruption caused … Continue reading How to Prepare Your Business for Adverse Weather Conditions
‘Tis the Season to Be Busy! The festive season often sees an increase in activity for many businesses which may mean you need more hands on deck. Your first thought may be to take on more staff, perhaps on a fixed term or casual basis, but in some cases you can increase productivity by offering … Continue reading How to Deal With Seasonal Work Cover
And a Partridge in a Pear Tree? Christmas is all about giving, so you might like to take the opportunity of giving a gift to your employees or your customers. In many cases, however, gifts are not tax-free. A Christmas Bonus to staff members is treated as additional pay for tax purposes and will attract … Continue reading Can an Employer Give an Employee a Tax Free Gift?