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While commenting on the GDP growth and what it indicates about the economy, the Prime Minister again drew attention to National Insurance. The article released by the Prime Minister’s Office noted that the progress in the economy has allowed them to bring down taxes, particularly the recent cuts in National Insurance. The article went on […]
Read more May 22nd, 2024
Measures to support farmers and help the UK’s farming and food sector grow were announced last week by the government. The support package is designed to support domestic food production and boost innovation so that the sector can reach its full potential. A new blueprint A plan to grow the UK fruit and vegetable sector […]
Read more May 21st, 2024
Submitting export declarations through the Customs Declaration Service (CDS) becomes mandatory for all businesses on 4 June. CDS will replace the Customs Handling Import and Export Freight (CHIEF) on that date. Businesses that use a customs agent to submit their export declarations should check that their agent is ready for the change. If you make […]
Read more May 20th, 2024
The UK government has announced a new initiative aimed at helping people with health conditions stay in or return to work. The WorkWell pilot scheme, launched by the Department for Work and Pensions (DWP) and the Department for Health and Social Care (DHSC), will provide tailored support to individuals across 15 areas of England, connecting […]
If you are considering lending money to, or subscribing for shares in, an unquoted trading company then, like many investments, there is always a risk that you may lose your money. However, there is potential tax relief for the lender if the loan meets certain conditions, in particular, the money lent is used by the […]
Read more May 14th, 2024
Over the last two years, the tax-free allowance for Capital Gains Tax (CGT) has been cut by over three-quarters. For the tax year that recently began on 6 April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more and more of us are likely to be […]
Read more May 9th, 2024
Travelling from home to an employee’s normal workplace does not qualify for tax relief. This is referred to as “ordinary commuting and, furthermore, if the costs of the journey are reimbursed by the employer, those costs are taxable. There are exceptions to this rule, in particular where the employer pays for the employee to travel […]
Read more May 8th, 2024
A new digital service has been launched that makes it easier to check if you have any gaps in your National Insurance (NI) record that may affect your State Pension entitlement. The service is called Check Your State Pension Forecast and can be accessed via GOV.UK or the HMRC app. You will need to register […]
Read more May 7th, 2024