At the Autumn Budget the Chancellor announced plans to remove the exemption which allows unused pension funds to be inherited tax free. Currently, if a pension holder dies before the age of 75 their beneficiaries can generally inherit the remaining funds tax-free, whether as a lump sum or as income.

When was the last time you checked your national insurance (NI) record for unexpected gaps or viewed your state pension forecast?  Missing qualifying years in your NI record, or ‘gaps’, can reduce the amount of contributory benefits you are entitled to. This includes maternity pay, employment allowance, the state pension

HMRC has tightened up the process for claiming tax deductible employment expenses following a series of high-profile scandals.  If you incur job-related expenses of up to £2,500 which are not fully reimbursed by your employer you may be able to claim tax relief. For expenses to be eligible for relief

The changes to capital gains tax (CGT) announced in the Autumn Budget are subject to anti-forestalling rules designed to prevent taxpayers from circumventing the new rates and rules.  In the Autumn Budget the Chancellor announced an immediate increase to the main rates of capital gains tax (CGT). From 30.10.24, ‘Budget

As announced in the Autumn Budget, the national minimum wage (NMW) and the national living wage (NLW) are set to increase from April 2025.  The hourly rate will depend on the worker’s age and whether they are an apprentice.  Age of worker  Hourly rate from 1 April 2025  Hourly rate

It is common for some employers to pay their workers earlier than usual in December, for example if the business will be closed during the festive period.  While this may make sense for the business, being paid early can have an unwanted impact on an employee’s current and future entitlements

The sunset clause which was set to end the Enterprise Investment Scheme (EIS) and Venture Capital Trust (VCT) scheme on 5 April 2025 has been extended for a further ten years.  The schemes, which offer tax relief for individuals investing in qualifying small and medium-sized companies including start-ups, will now

Many more sole traders and landlords will be required to comply with making tax digital (MTD) for income tax when the qualifying income threshold is reduced from £30,000 to £20,000.  The Budget confirmed that taxpayers with qualifying income of £50,000 or more will be required to join MTD in April