More than 670,000 18-22 year olds, yet to claim their Child Trust Fund, are reminded to cash in their stash as HM Revenue and Customs (HMRC) reveals the average savings pot is worth £2,212. Child Trust Funds are long term, tax-free savings accounts which were set up, with the government depositing £250, for every child […]
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Key Performance Indicators (KPIs) are widely used across industries in the UK to measure success and performance. Here are some of the top KPIs commonly used in various sectors: 1. Financial KPIs: Revenue Growth: Measures the increase in sales or income over a specific period. Net Profit Margin: Percentage of revenue remaining after all expenses. […]
The American presidential election may have significant effects on the United Kingdom, impacting various aspects of the relationship between the two countries. Here are some key areas where the UK might feel the influence: 1. Trade Relations Post-Brexit Trade Deals: The UK's ability to negotiate a favourable trade deal with the US is closely […]
Interest rates are a powerful lever in our economy. Increase rates and economic activity tends to slow down, and vice versa if interest rates fall. The recent hikes in rates, to control inflation, were reversed recently when the Bank of England (BoE) reduced rates to 5% (from 5.25%). The following notes are a summary of […]
Since Rachel Reeves was appointed Chancellor of the Exchequer in May 2024, she has made several significant announcements aimed at addressing the UK's economic challenges as well as the much publicised tax changes already described in previous posts on our blog. Her primary focus has been on fiscal responsibility, economic stability, and reforming key […]
Tax relief on private pension scheme contributions is a significant incentive in the UK, encouraging individuals to save for retirement. Here’s how it works according to GOV.UK: Basic Rate Tax Relief (20%): If you are a basic rate taxpayer, your pension contributions receive tax relief at 20%. For example, if you contribute £80 into your […]
Liz Kendall recently set out how Britain’s system of employment support must be fundamentally reformed to tackle the “most urgent challenge” of spiralling economic inactivity. In a Department for Work & Pensions press release issued 23 July 2024 it was announced: Work and Pensions Secretary Liz Kendall will use landmark first speech to set out […]
From April 2025, the present tax breaks enjoyed by owners of Furnished Holiday Lets (FHLs) will cease and FHL income and gains will be taxed in the same way as other property businesses. Currently, FHL owners benefit from tax advantages, as compared to non FHL owners, in four key areas: exemption from finance cost restriction […]
The following notes are copied from draft legislation published by HMRC, to be included in the Finance Bill 2024-25. As of 1 January 2025, all education services and vocational training supplied by a private school, or a “connected person”, for a charge will be subject to VAT at the standard rate of 20%. Boarding services […]