UK savers are dangerously underestimating the minimum amount needed to retire, according to research from pension provider PensionBee. A survey of 1,000 working-age UK adults showed that 23% were unsure of the total pension pot size needed to achieve the retirement income they desire. Pension Bee said that, according to the Pensions and Lifetime Savings… Read more…

Business owners face a full range of different financial responsibilities. Whether it’s income tax, VAT, employee benefits or even just simple utilities. However, there is one cost that isn’t talked about as much- business rates. Business rates are a tax charged on non-domestic properties, affecting the vast majority of companies. In fact, these rates are… Read more…

New company car advisory fuel rates have been published and took effect from 1 June 2024. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or… Read more…

The rate of UK inflation fell to 2.3% in the year to April, according to the Office for National Statistics (ONS). Inflation is down from 3.2% in March and is the lowest level since September 2021. However, it is still above the Bank of England’s 2% target. The drop was driven by falling gas and… Read more…

Almost 300,000 self assessment taxpayers filed their return in the first week of the new tax year, HMRC has revealed. The early filers were almost 10 months ahead of the 31 January 2025 deadline. Almost 70,000 people filed their return on the opening day of 6 April this year. HMRC is encouraging people to file… Read more…

UK adults face a significant shortfall in their pension savings at retirement compared to what they wanted to retire on, according to research from Standard Life. Standard Life’s Retirement Voice Report found that, on average, retirees had hoped to build up a pension pot of £250,000. However, the average amount that they accumulated by retirement… Read more…

UK taxpayers spent the equivalent of 800 years on hold to HMRC in 2022/23, according to a report published by the National Audit Office (NAO). The report found that funding pressures, job cuts and a push to reduce costs by encouraging people to manage their tax affairs online had all led to a poor call-handling… Read more…

An HMRC error could mean that some low-income, self-employed workers lose out on their entitlement to National Insurance-related benefits like the state pension, warns the Low Incomes Tax Reform Group (LITRG). The issue centres around the payment of voluntary Class 2 National Insurance contributions (NICs) that can be made by self-employed taxpayers with profits under… Read more…

Revitalising ‘Brand Britain’ in its first 100 days in office should be a priority for the party that wins the General Election, says the Confederation of British Industry (CBI). In its Business Manifesto, the business group has mapped out the steps it says the next government can take to redefine the UK’s growth trajectory. The… Read more…

The next government must take a direct hand in rebuilding trust between HMRC and the self-employed, according to the Association of Independent Professionals and the Self-Employed (IPSE). The call is part of IPSE’s manifesto for the General Election on 4 July. Under its proposals, a Cabinet minister would be charged with directly overseeing the tax… Read more…