It’s easy to take your state pension for granted. But the truth is that after decades of hard work, every year people reach retirement age and then realise that gaps in their National Insurance record mean they are paid much less than expected. Time is running out to increase your state pension. The good news is that once you identify the gaps in your NI record, you can fill them in – and for the next few months there is a rare window to pay missed contributions going all the way back to 2006.  Sacrificing a bit of time to sort out this admin could add tens of thousands...

Beware, there are capital gains tax implications, and other issues to consider Whilst incorporation of property businesses has been increasingly popular since the restriction of tax relief on mortgage interest for higher and additional rate taxpayers, there are a number of obstacles. Is a bona fide property business being carried out? Can a tax-efficient incorporation take place without incurring a capital gains tax (CGT) charge? Is there going to be a Stamp Duty applied? This very often foxes people. Sometimes there is a need to redo any mortgage linked to the property or properties. Lenders...

The Chancellor, Jeremy Hunt, presented his first Autumn Statement on 17 November 2022 against a challenging UK and global economic backdrop. He set out three priorities for the Government, namely stability, growth and public services, and outlined the steps to achieve these, including a number of tax measures designed to contribute to the repair of public finances. Key dates The personal allowance and basic rate band, previously frozen until 6 April 2026, will now remain at their current levels for a further two years until 6 April 2028. However, the additional rate threshold will fall to £125,140...

In part one I suggested we need to think selfishly in context of the challenging economic conditions we are all having to face. The details of the forecasts, budgets etc. provided by the Autumn Statement are of limited relevance to us as individuals. What the Chancellor effectively did last Thursday was tell us what we already knew. He is going to have to spend less, and tax us more. We already knew that, his statement was not news. He did announce a raise of more money from enhancing the Windfall Tax on energy companies, but within hours (minutes?) of his announcement, some of his less-than-fans...

The term Fiscal Event seems to have crept its way into our everyday language. Just as we now turn over government ministers every few months, so we also have Fiscal Events several times per year. The latest held earlier today, the Autumn Statement, had been leaked, briefed and foreshadowed so that by the time of the various announcements nothing was either a surprise or especially newsworthy. We have the usual follow-up, with various politicians representing their various tribes, trying to persuade us that they will do better, and that they have a plan. Then you get the occasional outlier, someone...

New problems – old solutions? The new PM has his work cut out and some of the options are restricted by Lizzie’s mini-budget, but stay on course he must, let’s hope he remembers the old economist’s messages. Adam Smith is called the father of economics for his work on The Wealth of Nations, which he published in 1776. Smith’s voluminous text outlines the key aspects of trade and makes a strong case for limiting the intervention of government in trade. In 1779 William Pulteney identified three criteria: the public needs to accept the social need: have faith that the taxes will...

We rely on strangers – I seem to remember these words by Mark Carney, a former governor of the Bank of England. What has been highlighted in the past few weeks is how fragile the whole economic model is and how it relies on confidence. You cannot buy or touch it, but things get more challenging without it. We are in the eye of a self-made storm. The scriptwriters of the 1970s sitcom, Yes Minster, could not craft this one. Macroeconomics goes hand in hand with living in a world greenhouse, and the dynamics are the same in both cases. Firstly there is fragility, regardless of whatever politics...

HMRC still regards a marriage/civil partnership as the key for relief eg Capital Gains Tax and Inheritance tax. Very often I’ve seen a good relationship ruined by the marriage/civil partnership. Others work. Where there could be an issue, it’s so important to discuss and know the impact before, rather than be faced with it. If you need advice or help contact [email protected]

The discovery powers were overhauled last in 2008, the big change is the Case of HMRC v Jason Wilkes 2021 involving the high-income child benefit charge. What has happened is that new rules have come which removed a loophole but highlighted loopholes in the legislation, so expect more Discovery Assessment in the future on all taxes. The important message is to keep your affairs up-to-date and compliant. If you need advice or help contact [email protected]