New evidence requirements for personal pension relief
Individuals who claim higher or additional rate relief for personal pension contributions through their tax code may now need to provide evidence in support of …
Checking your tax code
The tax code is fundamental to the operation of PAYE. An employee’s tax code provides the employer with the information needed to deduct the correct …
Paying sufficient salary to get a qualifying year for state pension purposes
There are various ways in which profits can be extracted from a personal or family company. A popular and tax-efficient extraction strategy is to pay …
Information that must be included on a VAT invoice
A VAT invoice is an invoice that contains information required by the VAT regulations. A VAT invoice can only be issued by a business that …
Class 2 NIC (National Insurance contributions) charged in error
The liability for self-employed earners to pay Class 2 NIC was abolished with effect from 6 April 2024. Now Class 2 National Insurance is a …
IHT charge on unused pension benefits
From 6 April 2027, inheritance tax will be payable where someone’s estate at death includes unused pension funds or death benefits. The measure was announced …
Temporary staff and auto-enrolment
Employers have a duty to enrol eligible staff in a pension scheme. Staff are eligible if they are aged between 22 and state pension age …
What happens to your estate if you die intestate?
In an ideal world, everyone’s estate would be distributed according to their wishes. However, where someone dies without making a will, who gets what is …
Tax-free trivial benefits
The tax exemption for trivial benefits is a useful one as it allows employers to provide certain low-cost benefits to employees without an associated tax …
Correcting errors in your VAT return
It is easy to make mistakes when completing your VAT return. However, where mistakes are made, it is important to correct them. This is fairly …
Tax implications of writing off a director’s loan
Personal and family companies often make loans to directors. However, there can be tax and National Insurance implications of doing so. Where the loan remains …
Calculating adjusted net income and why it matters
Adjusted net income is a key measure of income for tax purposes. It is total taxable income before taking account of any personal allowances and …
