Employers must report pay and deductions correctly to HMRC, but errors can usually be fixed in your next FPS. Employers need to use payroll software or other payroll services to record employees pay, deductions and national insurance contributions
From 6 April 2027, new measures first announced in the Autumn Budget 2024 will come into force. These changes will bring most unused pension funds and death benefits into the scope of Inheritance Tax (IHT) from April 2027. This represents a major
You can claim tax relief on pension contributions up to 100% of earnings, but exceeding the annual allowance may trigger charges. Tax relief is paid on pension contributions at the highest rate of income tax paid. The first 20% of tax relief is
From April 2026, the self-employed and landlords must use MTD for IT, but exemptions may apply in limited cases. If you are self-employed or a landlord with income over £50,000, you will need to prepare for digital record keeping, quarterly updates
Income Tax applies to earnings, pensions, savings, dividends and more, with different bands across the UK nations. Individuals can be liable to Income Tax at any age. There are special rules to stop parents avoiding tax by putting assets into their
Many business owners see their bank overdraft as a flexible safety net. When cash runs short, the temptation is to ask the bank for a higher limit to keep things moving. While this can provide breathing space in the short term, relying on overdrafts
In every market, businesses face competition. Some competitors may be larger, others may have deeper pockets, but gaining a competitive advantage is not always about size or spending power. It is about finding ways to stand out, deliver value, and
Company directors have a legal duty to act responsibly and in the best interests of their business. If a director fails to meet these responsibilities, they can face disqualification from acting as a company director for up to 15
If a call from your bank feels suspicious, just hang up and dial 159 to be connected safely to your bank’s fraud team. The 159 helpline was launched in September 2021. The helpline is designed to help consumers quickly and safely reconnect with
If you cannot pay your tax bill, it’s crucial to contact HMRC as soon as possible. They may offer support through a Time to Pay arrangement, allowing you to repay your debt in instalments based on your financial situation. Ignoring the debt can lead
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