The Delayed Report on Salary Sacrifice for Pensions HMRC recently published a report, "Understanding the attitudes and behaviours of employers towards salary sacrifice for pensions," which, rather unusually, was based on data collected in summer 2023 and dated January...
Understanding HMRC's Simple Assessment From June 2025, HMRC will begin issuing "simple assessment" letters, a new form of communication that is expected to catch many recipients by surprise. These letters are part of HMRC's effort to streamline tax collection for...
Your Pension: Who's Really Making the Investment Decisions? The UK Government is increasingly taking an active interest in the investment strategies, or lack thereof, of pension funds across the country. Government's Tightening Financial Stance As highlighted by...
Is Inflation Making a Comeback in the UK? The latest inflation figures for April have once again pushed beyond the Bank of England's designated target range, prompting fresh scrutiny of the UK's economic landscape. So what caused the latest inflation spike? The Bank...
15.3 Million Brits Face Future Poverty Risk Concerning new research has brought to light a significant number of individuals on a trajectory towards a retirement characterized by financial hardship. The State of UK Retirement Savings Several prominent investment...
Looking after your employees Feed employees with free or subsidised food in a staff canteen. Where the food is available to all employees, or all who work at a particular site, there is no taxable benefit for employees when they receive free or subsidised food. A...
Making the rules work for you Choose the most tax-advantageous structure for your new business. Tax changes, such as the recent increase to the rate of employer NICs, have made the decision on how to structure a new business quite difficult. Traditionally, a business...
Handing on your wealth Top-up your state pension entitlement. Everyone has a nil rate band of £325,000 on which no IHT is charged. If you have children, or stepchildren, you can add up to £175,000 (known as the residence nil rate band) to your nil rate band by leaving...
Preparing for the future Maximise tax relief on your pension contributions by using all of your annual allowance. The annual allowance for 2025/26 is £60,000, but you can also use surplus allowance from the previous three tax years (see the following tip). To avoid an...
Making the most of bricks and mortar Let rooms in your own home to one or more lodgers. Rent-a-room relief allows up to £7,500 of rent per property to be received tax free per year. The rooms must be let as residential accommodation in the home you live in, and no...
Making the most of your money. Contribute up to £9,000 to your child’s Junior ISA. The fund builds up free of tax on investment income and capital gains until your child reaches 18, when the funds can be either withdrawn or rolled over into an adult ISA. Relatives and...
Check your PAYE tax code. HMRC may change your tax code in various circumstances, for example if you start to get income from an additional job or pension or you start or stop getting employee benefits. Your code may include estimated amounts of savings income, based...
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