The 2023/2024 tax year ended on the 5 April 2024 which means if you were employed under PAYE that tax year you should receive a P60 end of year certificate. Your employer or pension provider must provide you with your 23/24 tax year P60 by May 31 2024 which is the deadline HMRC gives employers to submit payroll details for that tax year. Employers have the option to provide you with the 23/24 P60 statement either in physical or electronic format or both (so check your emails if you haven’t received yours by post by the 31 May). If you left employment before the end of the 23/24 tax year and n ..read more

The 2024/2025 tax year started on the 6 April 2024 and with it brings an increase to a number of benefits, allowances and other tax related thresholds. Everyone works to a financial budget and understanding what has changed can help you plan for the new tax year. The tax free personal allowance for individuals has been kept the same for the 24/25 tax year with it being maintained at £12,570 and keeping the standard PAYE tax code at 1257L for the forseeable future. Some income tax rates and allowances were also updated following the Spring budget on March 6 2024. Universal credit 2024/2025 ta ..read more

The 2024 spring budget announcement included a change to the VAT registration threshold for businesses. It has been increased to £90,000 which is an adjustment of £5,000 from the previous VAT registration threshold of £85,000. Effective from 1st April 2024 the Chancellor’s recent announcement marks the first VAT registration increase in seven years and aims to provide support to small and medium enterprises (SMEs). The effects are expected to be substantial for some with an estimated reduction in the overall administrative load by £5 million annually. Anticipated outcomes include a decrease o ..read more

The deadline to claim a tax rebate back from the 2019/2020 tax year is fast approaching on the 5 April 2024. HMRC guidelines state that a tax refund cannot normally be requested beyond four tax years following the conclusion of the relevant tax year. It’s important to remember that HMRC works in tax years (from 6 April to the following 5 April) and not calendar years. To illustrate if you are claiming a refund for the tax year 2019/20, which concluded on 5th April 2020, your claim must be made before 5th April 2024. The deadline of “by 5th April,” means that HMRC should receive your claim for ..read more

Tax year 2024/2025 starts on the April 6 2024 so if you’re already receiving pension income or in the process of preparing for retirement, you might be curious about the tax implications for your income from the state or other type of pension provider. Some good news is that the state pension is scheduled to rise by 8.5% in April 2024, marking the second largest increase ever recorded for the state pension. As a result of this adjustment, individuals who are eligible for a full state pension will now receive £221.20 per week (£11,502 per year), an increase from the previous amount of £203.85 ..read more

The Individual Savings Account (ISA) is a popular investment vehicle offering tax advantages to individuals looking to save and invest for the future. While several changes are set to take place to ISA’s in April 2024 certain aspects will remain the same. The ISA landscape is constantly evolving so it’s best practice to keep up to date with any ISA allowance and rule changes for the 2024/2025 tax year so you know how they might impact your savings and investment strategies. What is the ISA allowance for the 2024/2025 tax year? The tax free ISA allowance will remain unchanged at £20,000 for th ..read more

If you are a sole trader that has recently set up in business there’s no doubt you’ve taken care of the essentials. Registering your business, bookkeeping, accounting, tax and self-assessment returns. Now you’re all set up and ready to go but how do you bring customers to your door? Clients to your services and followers to your business? Why Would You Listen to Me? I help start-ups and household names promote their businesses online for the least amount of money possible. Using a unique combination of PR, SEO, Marketing and Copywriting. I make sure brands are noticed without shelling out for ..read more

In the Spring 2024 budget the Chancellor has announced that approximately 500,000 households will be on average £1,260 better off by April 2025 due to an increase in the high income child benefit charge (HICBC). The threshold for the high income child benefit charge will be raised to £60,000 starting from April 6, 2024. It’s expected to take 170,000 families out of having to pay the HICBC for the 2024/2025 tax year. The HICBC is gradually reduced, so if you or your partner earn between £60,000 and £80,000, it may still be financially beneficial for you to make a claim. For example, you will i ..read more

In Jeremy Hunt’s spring 2024 budget he announced plans to reduce national insurance by 2p marking another significant decrease in employment taxes within one year. This decision follows his previous move to lower national insurance rates by 2p during last year’s autumn statement which we reported on in December. The extra reduction in national insurance should provide an annual saving of £450 for the average earner. Adding todays 2 percent reduction to the earlier decrease in Decemeber 2023 translates to a one third decrease in the main rate of national insurance, resulting in an average work ..read more

In the UK there are approximately 1.4 million retired individuals who are eligible to receive pension credit. The purpose of pension credit is to give eligible pensioners some additional financial support to help cover the costs of daily living expenses. Pension credit is a weekly benefit paid by the DWP to individuals and couples of state pension age who have a lower income. In 2023 the government highlighted that a significant number of pensioners are not taking advantage of this valuable financial assistance. Government estimations were that around 850,000 eligible households are not claim ..read more