Most self-employed people are required to pay Class 4 National Insurance contributions (NICs) if their profits are £12,570 or more a year. Class 4 NIC rates for the tax year 2024-25 are 6% for chargeable profits between £12,570 and £50,270 plus 2% on
If you turned 18 on or after 1 September 2020, there may be cash waiting for you in a dormant Child Trust Fund (CTF). If your children recently turned 18 you should check to see if they have claimed the money, to which they are entitled. Children
Business Asset Disposal Relief (BADR) applies to the sale of a business, shares in a trading company, or an individual’s interest in a trading partnership. When this relief is available, a reduced Capital Gains Tax (CGT) rate of 10% is applied
The UK's new National Wealth Fund (NWF) represents a significant shift in the government's approach to fostering economic growth and addressing climate change. Established by the Labour government, the NWF is designed to catalyse private investment
A 1% reduction in the Bank Rate would reduce the UK government's annual interest charges on the national debt, but the exact amount of the reduction depends on the proportion of the debt that is sensitive to changes in short-term interest
There is an online tool available on GOV.UK that allows taxpayers to check if they need to advise HMRC about additional income they receive. The online tool can be found at
Employees who are working from home may be eligible to claim a tax deduction on certain work-related bills. If their employer does not cover these expenses or allowances, they can claim tax relief directly from HMRC. You can claim tax relief if you
Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced back in 2003 to help keep retired people out of poverty. The Department for Work and Pensions has launched a Pension
There are a significant number of reliefs available to businesses that suffer losses. Certain losses that your company has not used in any other way can be carried forwards against profits in future accounting periods. In general, a company can carry
There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’ medical or dental treatment or insurance if they
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