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The Financial Services Compensation Scheme (FSCS) has raised its savings guarantee for bank deposits, increasing the deposit protection limit from £85,000 to £120,000 per person. This change came into effect on 1 December 2025 and marks a significant increase in how your bank deposits are protected in the UK.
This new deposit protection
HMRC has published a new Making Tax Digital newsletter. This newsletter is mainly intended for taxpayers and agents who are currently testing the Making Tax Digital for Income Tax (MTD for IT) system. MTD for IT will become mandatory in phases from April 2026.
For nearly two years, HMRC has been stress-testing its MTD for IT systems to
There are now less than 2 months to the self-assessment filing deadline for submissions of the 2024-25 tax returns. We urge our readers who have not yet completed and filed their 2024-25 tax return to file as soon as possible to avoid the stress of last-minute preparations as the 31 January 2026 deadline fast approaches.
You should also
VAT road fuel scale charges are fixed, standardised amounts that businesses must use to account for output VAT when they provide fuel for private use in a vehicle that is also used for business purposes.
The VAT road fuel scale charges are published annually with the current figures applying from 1 May 2025 to 30 April 2026. The fuel
Employees with a second job, third job or more may be able to defer or delay paying Class 1 National Insurance on their additional employment. This deferment can be requested when Class 1 National Insurance contributions are being paid to more than one employer.
If you have 2 jobs, over the tax year you’ll need to earn:
£967 or more
The rules that govern who pays Income Tax in Scotland is determined by whether an individual is considered a Scottish taxpayer. For most people, determining Scottish taxpayer status is straightforward. Individuals who live in Scotland are considered Scottish taxpayers, while those who live elsewhere in the UK are not.
If a taxpayer has
Many modern companies insist on the inclusion of restrictive covenants to limit the freedoms of employees upon the termination of their contracts. However, the High Court recently reinforced the stringent legal principles governing the enforceability of such restrictive covenants, suggesting that they often overstep.A young man had been
Food and energy costs remain central concerns for households and businesses because they influence everything from wages to margins to day to day operating decisions. Inflation is easing compared to the volatility of the last few years, but the picture for the next twelve months is still mixed. Prices appear set to rise more slowly, yet
As we look ahead to 2026, there is growing speculation about how the Bank of England will manage interest rates during what many economists believe will be a period of calmer inflation, steadier wage growth and a more predictable economic backdrop. After several years shaped by sharp price rises, supply chain shocks and policy responses
The chancellor Rachel Reeves announced as part of the Autumn Budget measures that the Income Tax thresholds will be maintained at their current levels for a further three years until April 2031. This will see the personal tax allowance frozen at £12,570 through to April 2031 across the UK. In addition, the higher rate threshold will
The Chancellor of the Exchequer, Rachel Reeves announced increases to the Minimum Wage rates on the eve of the Budget. The Chancellor confirmed that the government has accepted in full the proposals of the Low Pay Commission (LPC) for increasing minimum wage rates from 1 April 2026.The National Living Wage (NLW) rate will increase from
The Chancellor has kept the main pension allowances unchanged but has confirmed a new cap on salary sacrifice arrangements that will apply from April 2029.
There had been heated speculation that the Chancellor would change the pension rules to help the government raise taxes, but no changes were announced to the annual allowance (which
The Chancellor has confirmed a series of duty increases on tobacco, vaping liquid, and alcohol that will take effect over the next year, with new rates intended to balance public health concerns with support for producers and the wider hospitality sector.
As part of the Autumn Budget measures the Chancellor announced that the duty rates
In the Autumn Budget, the Chancellor had been expected to increase fuel duty rates. However, she has extended the fuel duty cut for a further 6 months to help support households and businesses.
The Chancellor said ‘I know that the cost of travelling to and from work is still too expensive, so I am extending the 5p cut until September
Starting in 2028-29, the government will introduce a High Value Council Tax Surcharge (HVCTS) for residential properties in England valued at £2 million or more. This surcharge will be collected by local authorities, but the revenue will go to central government.
High Value Council Tax Surcharge Charging Structure
Property
The degree of speculation about this year’s Budget announcements was further compounded when the Office of Budgetary Responsibility uploaded their report on Budget changes prior to Rachel Reeves announcements to Parliament.
However, there are to be no changes to the main rates of Income Tax, NIC and VAT that affect wage earners across
Most business owners know that progress matters, but many still hesitate when it comes to planning. It can feel like an extra task or something that only large companies need to worry about. Yet, in practice, steady planning is one of the simplest ways to create real progress in any small or medium sized business. The link between the two
Many business owners focus on sales as the main driver of growth. Sales matter, but they are only part of the story. Real financial growth happens when a business retains profits. Keeping a portion of earnings inside the business, rather than extracting everything each year, creates stability, resilience and long term value. It is one of
Making Tax Digital for Income Tax (MTD for IT) will become mandatory in phases from April 2026. If you are self-employed or a landlord and have over £50,000 in qualifying income you need to start preparing to submit quarterly updates, keeping digital records and cope with a new penalty system.Your qualifying income is the total income you
If you earn fees or sell goods as a side hustle, you may need to pay tax on your profits.
HMRC has launched a new press release encouraging Christmas crafters and anyone with a fee earning hobby to check their tax reporting obligations as part of its Help for Hustles campaign. This is relevant to individuals earning extra income, whether
A demerger involves splitting the trading activities of a single company or group into two or more independent entities. This can be facilitated by distributing the assets of a holding company to its shareholders.
There are special statutory demerger provisions that are designed to make it easier to divide and put into separate corporate
While there are many state benefits available, it is not always clear which of these are taxable and which are tax-free.
HMRC’s guidance outlines the following list of the most common state benefits which are taxable, subject to the usual limits:
Bereavement Allowance (previously Widow’s Pension)
Carer’s Allowance or (in Scotland
Claiming Child Benefit can provide an important benefit by granting National Insurance credits.
If you claim Child Benefit and your child is under 12, you will automatically receive National Insurance credits. This in turn will protect your contribution record during periods of home responsibility.
The child benefit rates for the only
If you use your own money to buy items for work, you may be eligible to claim tax relief as long as the items are essential for your job and are used solely for work purposes.
Flat rate expenses (also known as a flat rate deduction) allows you to claim tax relief for a fixed amount each tax year to cover the costs of work clothing and
Latest News
- Increase in savings guarantee for bank deposits
04/12/2025 - More...
The Financial Services Compensation Scheme (FSCS) has raised its savings guarantee for bank deposits, increasing the
- Update from HMRC on MTD testing
04/12/2025 - More...
HMRC has published a new Making Tax Digital newsletter. This newsletter is mainly intended for taxpayers and agents who
- Less than 2 months to self-assessment filing deadline
04/12/2025 - More...
There are now less than 2 months to the self-assessment filing deadline for submissions of the 2024-25 tax returns. We
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