HMRC data revealed earlier this year that over £42 million in pension tax was refunded between January and March 2024. During the 2023-24 tax year, more than £198 million was reimbursed to taxpayers who had been overtaxed on a pension lum sum, marking a record high. Individuals aged 55 and above can access their pension funds due to the pension freedoms established in 2015. For those making an initial pension lump sum withdrawal it’s common to face substantial tax deduction at an ’emergency rate’. In the final quarter of 2023 it’s reported that more than £38 million in overpaid tax paid was r ..read more

You already know how difficult it can be to juggle multiple tasks and responsibilities at once, as all small business owners do. Fortunately, there are several tools and services available that can help make your life just that little bit easier and efficient with new ones being launched all the time. And they can do it while fitting around your daily schedule, meaning they complement your ways of working, and don’t interrupt them. By using these resources, you can streamline your processes, increase productivity, and ease at least some of the business founder burden. As a service business ou ..read more

Martin Lewis has issued a warning, stating that over 800,000 individuals could be missing out on a refund of council tax. Affecting households in England, Scotland and Wales the founder of MoneySavingExpert highlighted that there is a total of £141 million that is potentially going unclaimed. There a few different reasons why you can overpay council tax. In his recent financial investigation he put focus on the reason that if you move house and you’ve started paying council tax to a different local authority you could overpay. Lewis emphasised that a significant number of people are unaware t ..read more

We all have financial goals: a new car, a new house, even just getting a credit card to make short-term goals a reality. Whatever you have your heart set on, your credit score will come into play when you fill out that application. It’s surprising then that nearly two-thirds of UK adults don’t know their credit score, and that poor credit scores have deterred one in 10 from applying for a mortgage. It’s an unavoidable fact that credit scores matter to lenders, so it’s important to pay attention to yours, and that you know how to improve it. Top tips for boosting your credit rating The first s ..read more

If you are owed a tax refund for the 2023/2024 tax year and complete a self assessment tax return HMRC are reminding individuals to complete their tax return so they can receive their tax refund as soon as possible. In the first week of the new tax year HM Revenue and Customs (HMRC) has disclosed that nearly 300,000 Self Assessment customers successfully submitted their 2023/2024 tax returns. The 6 April 2024 was the first day you could submit your 23/24 tax return and HMRC confirmed that approximately 70,000 people wasted no time and submitted on the very first day of the new tax year. The s ..read more

The 2024 tax year starts on April 6 2024 and runs through to the 5 April 2025. Knowing when the new tax year starts in 2024 is important for a range of reasons for both employed and self employed people. Start of the tax year 2024 brings with it potential changes to normal tax codes and tax free personal allowances. Some other important tax free allowances (like the personal allowance) and tax reliefs reset for the 2024/25 tax year on the 6 April 2024 which means you can use them again or start using them for the first time. Understanding what can be done to benefit your 2024 tax positio ..read more

The 2024/2025 tax year has brought with it a change to the capital gains tax allowance also known as the annual exempt amount. From April 6 2024 the capital gains tax allowance will be £3,000 per person which is a reduction from £6,000 in the previous tax year. This gives individuals with a chargeable gain (profit) in the 24/25 tax year a £3,000 tax free limit before capital gains tax will be applicable. Each individual is entitled to one CGT annual allowance which covers all capital gains made within a tax year. It is important to note that the capital gains tax allowance cannot be shared wi ..read more

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