Tougher measures to address late payments to small businesses have been announced by the Government. In 2022, SMEs were owed, on average, an estimated £22,000 in late payments. This can slow down growth with many companies spending disproportionate time chasing payments that can lead to cash flow problems. Small Business Minister Kevin Hollinrake said: “Small […]
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Two million people will receive a pay rise next year when the National Living Wage increases to at least £11 an hour. It means the annual earnings of a full-time worker on the National Living Wage – currently set at £10.42 an hour – will rise by more than £1,000. It will be welcome news […]
Hundreds of thousands of young adults have an average of £2,000 sitting unclaimed in Child Trust Funds. The long-term, tax-free savings accounts were set up for every child born between September 2002 and January 2011, with the Government contributing an initial deposit of at least £250. Funds can be withdrawn once the account matures when […]
Rules on hidden online fees, known as drip pricing, will be tightened to boost transparency for stretched families. The Government is proposing a crackdown on extra charges such as booking or processing fees in products ranging from train tickets and concerts to food deliveries. It comes after research confirmed drip pricing – where the price […]
One in five people have reduced their pension contributions or stopped saving for retirement altogether due to cost-of-living pressures. As household budgets continue to tighten, new research suggests 14 per cent of people have stopped paying into their pensions while eight per cent have cut their contributions. Men are more likely to have taken the […]
Moving from job to job and starting a new pension each time can present a headache when the time arrives to think about retiring. Few of us can recall every pension provider we have ever had and unless you have carefully filed all the relevant paperwork, you will need help tracking them all down. But […]
If you have a September deadline for filing your accounts, leaving it until the last minute risks being hit with a fine. All limited companies, whether they trade or not, must deliver annual accounts to Companies House each year. Directors are advised to file early, rather than leaving it until the 11th hour, when unforeseen […]
A Corporation Tax Group Payment Arrangement (GPA) is a special arrangement that allows groups of companies to make joint payments of Corporation Tax. This type of arrangement can reduce the administration and costs associated with making a large number of individual payments. A GPA can also let members of the group mitigate any potential differential […]
There are a number of online tools available to help find information about a property in England or Wales, even if you do not own it. The service is available on GOV.UK and allows users to search for property by postcode, map, title number or INSPIRE ID. Once a property has been located, users can […]
You can usually claim tax relief for your private pension contributions. There is an annual allowance for tax relief on pensions of £60,000 for the current 2023-24 tax year. The annual allowance was £40,000 in 2022-23. There is a three year carry forward rule that allows you to carry forward any unused amount of your […]