Every year since 2019, the PLSA (Pensions and Lifetime Savings Association) has been sharing research into the retirement costs for couples and single people. Their findings are presented in three categories of living standards, which include: Minimum – covers basic needs with a little disposable income. Moderate – provides more security and flexibility with finances. Comfortable – offers greater financial freedom and luxuries. Their latest figures show what life might look like for retirees at each level going into 2024, and the necessary expenditure for reaching certain living standards. Here is a guide to the rebased figures for retirement living standards, and what this could mean for your future if you are approaching or currently saving for retirement.
Read moreThe government agency that maintains the register of all incorporated and registered companies in the UK, Companies House, will soon be increasing their fees. Companies House charges statutory filing fees for the registration and incorporation in the UK of companies, limited liability partnerships (LLPs), limited partnerships (LPs), community interest companies (CICs), and overseas companies. From 1st May 2024, incorporation and maintenance fees will rise as part of the agency’s cost recovery efforts – the fees cover the cost of their services without profit. Here’s how the cost of incorporating a company will be affected from May 2024.
Read moreHMRC is turning up the heat with increasing checks on tax compliance across the board. They are particularly focusing on inheritance tax, undeclared dividends, and the profits from share sales, ensuring that everyone pays their fair share. Both individuals and businesses must understand their tax obligations to avoid coming under scrutiny from HMRC. In this blog, we will discuss the specific tax compliance checks that HMRC conducts, who could be affected, and what steps individuals and businesses can take to ensure their compliance.
Read moreA new rule for trusts will soon be coming into effect, which aims to simplify tax dealings for smaller trusts. From 6th April 2024, trust beneficiaries will be able to receive up to £500 in income from the trust, without having to pay taxes on it. However, there are some points that could be a little tricky to get your head around. This straightforward guide will explain exactly what the £500 trust income exemption is, who it impacts, and how to navigate the changes effectively.
Read moreAs a trusted companion in Barnsley’s financial landscape since the 1970s, we're all about breaking down complex finance talk into something you can understand and use. With the Spring Budget 2024 announced by Chancellor Jeremy Hunt on 6th March, there's a lot to unpack. This budget is particularly noteworthy as it's likely the last one before the next election. As you would expect from a pre-election budget, it focused heavily on the tax relief measures, including additional cuts to National Insurance Contributions (NICs) and a new savings bond. Limited by financial constraints, the Chancellor couldn’t offer as many tax breaks as some backbench Conservatives would have liked. Despite this, he achieved a few key political goals, including adopting a Labour policy to end the non-domicile tax rule that allowed some UK residents pay less tax on foreign income. In this post, we'll give you a clear understanding of what's new and how it might affect your family or business, ensuring you're well-equipped to navigate the changes.
Read moreThinking of moving to Scotland from another country in the UK? There are plenty of benefits to working or retiring in Scotland, not least the incredible landscapes and friendly people – but you should keep the tax differences in mind, too. The Scottish Parliament has been deciding its own income tax bands and rates since 2017, which are separate from those applied in England, Wales, and Northern Ireland. As a result, most Scottish taxpayers pay more income tax than other taxpayers in the UK. With new tax changes coming in Scotland from 6th April 2024, it’s important to consider the tax cost before relocating to Scotland.
Read moreThe stark financial crisis surrounding Birmingham City Council is a timely reminder of why it’s so crucial to get equal pay right the first time. Many equal pay claims were made against Birmingham City Council starting from the early 2000s, but the public body tried to minimise its responsibilities – until 2012, when the UK Supreme Court ruled in favour of workers receiving financial compensation.
Read moreUntil now, the Companies House registry has passively received the information that UK companies filed – but new reforms will implement a more active role for Companies House as a regulator to better maintain the register’s integrity. Since the Economic Crime and Corporate Transparency Act (ECCTA) was passed into law in October 2023, the changes in the Act will begin to take effect in 2024. There are several new measures that aim to clamp down on financial crime and improve the reliability of corporate data, which should help to make it easier to do business in the UK and support economic growth. So, if you have a registered company, limited liability partnership (LLP), or limited partnership (LP) in the UK, these measures will affect you from 4th March 2024.
Read moreThe start of this year saw a media storm around rumours that HMRC would be cracking down on online sellers in 2024, spreading concern amongst people who sell personal items and secondhand goods on sites like eBay, Depop, and Vinted. However, the stories about a new ‘side hustle’ tax were completely false, fuelling unnecessary panic for the public and unfounded outrage against HMRC. Here’s what is actually happening with income tax for sellers on digital platforms.
Read moreWhile most people welcome increased income, it can be a double-edged sword, resulting in more than just a higher income tax bill. With tax bands frozen for several years, higher rate taxpayers should be looking at which reliefs are still available to them. The new tax year in April will bring reduced allowances and frozen thresholds, so it’s essential to check whether a pay rise will affect the reliefs you’re entitled to as well as the rate of income tax you’ll pay, so you can keep your personal finances in order.
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