News
VAT recovery from car leasing payments
The VAT treatment of motor expenses is an important concern for any business that incurs VAT on these costs. Below, we highlight key points to consider regarding the recovery of input tax (VAT) when
Boosting your State Pension
HMRC has issued a new press release reminding individuals of a limited-time opportunity to improve their State Pension by addressing gaps in their National Insurance Contributions (NICs) for tax years between April 2006 and April 2018. Originally set to expire on 5...
Managing business cashflow
Cash Flow Forecasting
Creating a cash flow forecast helps you predict your inflows and outflows, allowing you to anticipate any cash shortages. Update it regularly, be conservative in estimates, and
Recent speculation on forthcoming Budget
There is unlikely to be much to celebrate when Rachel Reeves delivers her first Budget on the 30th of October.
Speculation is rife regarding the likely targets for tax increases. We have listed a few
Deferring Class 1 NIC contributions
Employees with more than one job may be eligible to defer or delay paying Class 1 National Insurance in certain situations. This deferment can be considered if any of the following apply:
You pay
Pension fund withdrawal options
Most personal pensions set a minimum age at which you can start withdrawing money, typically not before age 55. Some pension benefits can be taken tax-free. Generally, you can withdraw 25% of your
Who qualifies for Tax-Free Childcare?
The Tax-Free Childcare (TFC) scheme helps working families manage childcare costs by providing support through a wide network of registered providers, including childminders, breakfast and
Class 4 National Insurance payments
Self-employed individuals are usually required to pay Class 4 National Insurance contributions (NICs) if their annual profits exceed £12,570. For the 2024-25 tax year, Class 4 NIC rates are set at 6%
Payments on account for self-assessment
Self-assessment taxpayers typically need to pay their Income Tax liabilities in three instalments each year. The first two payments on account are due by 31 January during the tax year and by the 31
Boosting your State Pension
HMRC has issued a new press release reminding readers of a limited-time opportunity to enhance their State Pension. Currently, there is an opportunity for affected individuals to address gaps in their