Author: Neil Dando

By your 50s, retirement planning often moves to the top of the financial agenda. If your pension pot isn’t where you’d like it to be, there are ways to increase contributions, take advantage of tax reliefs, and strengthen your long-term financial security. This guide outlines the latest pension rules, allowances, and strategies, helping you make…

In the modern business environment, efficiency and accuracy in financial management are paramount. We understand businesses’ challenges in maintaining precise financial records while striving for growth. Implementing accounting software can be a game-changer, offering numerous benefits that streamline operations and enhance decision-making. This guide explores how the right tools can simplify financial processes, improve compliance,…

The Government’s use of artificial intelligence (AI) is expanding, but departments must work together to manage risks effectively. Cabinet Office officials recently told the Treasury Committee that AI tools are used in customer service across many Government departments. However, HMRC confirmed that its helpline advisers do not currently use AI, though it is trialling a…

The Bank of England (BoE) has cut the base rate by 0.25%, bringing it to its lowest since May 2023. Seven members of the Monetary Policy Committee (MPC) supported the move, but two pushed for a deeper cut to 4.25%. Governor Andrew Bailey warned that inflation could climb to 3.7% this year. Despite progress in…

From April 2027, unused pension pots and death benefits will be included in an individual’s estate for inheritance tax (IHT) purposes. The Association of Taxation Technicians (ATT) has warned that this change, announced in the Autumn Budget, could increase costs and cause delays for around 50,000 families a year. Pension pots are exempt from IHT…

Following the Bank of England’s base rate cut to 4.5% on 6 February, HMRC will lower its late payment and repayment interest rates from 25 February. The late payment interest rate will drop from 7.25% to 7.0%, while the repayment interest rate will decrease from 3.75% to 3.5%. These changes reflect HMRC’s standard approach, where…

As we approach the end of the 2024/25 tax year, it’s a good time to reflect on the year’s financial developments and their impact on tax planning.The UK economy has continued to navigate a challenging landscape, with high interest rates affecting businesses and individuals alike. Inflation has begun to stabilise, offering some relief, but persistent…

Paying for higher education can be one of the largest financial commitments families face. By planning in advance, you can reduce the need for costly borrowing and help your child start adulthood on a strong financial footing. This guide explains current tuition fees, student finance arrangements, and tax-efficient ways to save for university costs in…

A guide for contractors and subcontractors. The Construction Industry Scheme (CIS) is a vital part of the tax system for workers in construction. Whether you’re a contractor managing subcontractors or a subcontractor working on various projects, understanding how CIS works is key to ensuring compliance and managing cashflow effectively. In this guide, we’ll break down…

Public and Commercial Services Union (PCS) members have announced strike action affecting HMRC’s Benton Park View offices in Newcastle. The strikes, scheduled across eight days from 23 December 2024 to 14 February 2025, aim to reinstate three sacked union representatives. The industrial action involves approximately 0.5% of HMRC’s workforce and takes place during the height…

In 2024, over 400 estates donated at least £1 million to charities, contributing to a record-breaking total. Gifts exceeding £1m rose by 33% from the previous year, increasing from £850m in 2023 to £1.1bn. These high-value donations accounted for 54% of the £2.1bn gifted to charities through wills in 2024. A total of 440 estates…

Most UK businesses are optimistic about the start of 2025, with economic confidence surveys showing plans for growth following a difficult period. However, retail and hiring concerns linger. According to Lloyds Bank, 70% of businesses expect turnover to rise over the next year, up from 62% in December 2023. Additionally, 73% anticipate greater profitability. Seven…

Steps to smooth business transitions Planning for the future of your business is one of the most critical responsibilities of an owner. Business succession planning ensures your enterprise can transition smoothly to new ownership or leadership, safeguarding its continuity and success. Whether you’re passing the reins to a family member, selling to a third party,…

Take control of your money Managing finances can feel overwhelming, but it’s essential for your financial health and long-term success. Whether you’re a small business owner or an individual, staying on top of your accounts ensures you can plan effectively, avoid unnecessary costs, and meet your tax obligations. Cloud accounting is one of the most…

Licensed gambling operators could face a new levy from April 2025, calculated as a percentage of their Gross Gambling Yield (GGY). Rates will range from 0.1% to 1.1%, varying by sector, operating costs, and harm caused. Operators earning under £500,000 in gross profits will be exempt, though this threshold may be reviewed by 2030. The…

Two years after ChatGPT sparked a surge in artificial intelligence development, the Government has launched GOV.UK Chat, an experimental chatbot designed to deliver personalised, quick answers using information from relevant GOV.UK pages. Unlike HMRC’s tax manuals, this tool focuses on reducing bureaucracy and assisting small businesses in more efficiently navigating Government resources. Powered by OpenAI’s…

HMRC has urged taxpayers to be alert to scams as the self-assessment season picks up. Over the past year, nearly 145,000 scam attempts were reported, a 16.7% increase compared to the previous year. Fraudsters often pose as HMRC, using fake tax refund offers or demanding unpaid tax to steal personal and financial details. Alarmingly, around…

HMRC has extended the processing time for agent services account (ASA) and VAT agent reference number applications to 40 working days – eight weeks – up from the previous 28 days. This change applies from the date HMRC receives an application. Applications for an ASA must be submitted in writing, as no online application process…

Saving for retirement can feel daunting for many self-employed people. Without the workplace schemes that salaried workers often rely on, self-employed individuals must take proactive steps to secure their financial futures. But with the right guidance, pensions can become a valuable tool for your retirement planning. We’ll walk you through why pensions are vital, your…

Budgeting is the backbone of any business, large or small, providing a roadmap for managing resources, anticipating challenges and setting realistic goals. For small and medium-sized enterprises (SMEs) especially, a robust budget can mean the difference between thriving and simply getting by. In a tough economic climate, effective budgeting has never been more essential for…