What is an acceptable pensions income?
Determining an acceptable level of pension income for retirement depends on individual circumstances, including lifestyle expectations, health, and financial commitments. However,
HMRC promotes its app
HMRC has been busy promoting the benefits of using its app. A new advertising campaign launched by HMRC is targeted at 18 to 34 year olds and showcases how the app can help them
How to claim a tax refund
If you believe you have overpaid tax to HMRC, you can typically claim a tax refund for the excess amount. The process for making a claim varies depending on factors such as whether
Limits on Income Tax reliefs
The limit on Income Tax reliefs has applied since 6 April 2013. This measure was the first time a limitation to existing reliefs had been introduced.
The cap is set at the greater
Tax changes for Furnished Holiday Lets property owners
The current tax benefits for the letting of properties as short-term holiday lets (known as Furnished Holiday Lets - FHL) is to be abolished from April 2025. The changes will take
An overview of salary sacrifice arrangements
A salary sacrifice arrangement involves an agreement by an employee to lower their cash salary in exchange for non-cash benefits. Importantly, this reduction must not bring their
Types of tax allowances for capital expenditure
Capital allowances enable businesses to claim tax relief on certain capital expenditures. Different rules apply to various types of capital expenditure, and the amount you can
Bank of England eases base rate to 4.75%
The Bank of England's recent decision to reduce the base rate to 4.75% brings several potential benefits to various sectors of the UK economy. Let's explore these advantages in
EV or diesel – for and against
When evaluating the annual running costs of electric vehicles (EVs) compared to diesel cars, several key factors come into play: fuel (or electricity) expenses, maintenance,
Tax Diary December 2024/January 2025
1 December 2024 - Due date for Corporation Tax payable for the year ended 28 February 2024.
19 December 2024 - PAYE and NIC deductions due for month ended 5 December 2024. (If you
Budget confirms change in non-dom tax status
It was confirmed as part of the Autumn Budget measures that changes announced by the previous government at the Spring Budget earlier this year will proceed almost entirely as
Payrolling of benefits in kind
At Autumn Budget 2024, the government confirmed that it will go ahead with a simplification measure first announced in January 2024. This new measure will mandate the reporting of