With many people making pension contributions to multiple providers throughout their working lives, it’s not surprising that some of these pots end up lost along the way.

A pension savings pot is considered lost if the provider is no longer able to contact the owner.

Over the last 6 years, the number of lost pension pots in the UK has doubled to 3.3 million – adding up to a total value of nearly £31 billion in missing pension funds.

Not sure if one of these could be yours? Here’s what you should know about missing pension pots, including how to find out if you have lost pension funds and how to recover them.

How are pension pots lost?

Some people may work for many different employers over several decades, with some periods of employment being relatively brief. Pension contributions made during short tenures are easy to overlook, especially if they occurred a long time before retirement.

If a saver forgets about a pension pot from a specific period of employment and loses contact with the provider, which often happens due to someone moving house without updating their address, the provider will be unable to reunite them with their lost pension pot.

However, this doesn’t mean the money is lost forever, as owners can track down lost pensions.

How to trace a pension pot

The first step to tracing a lost pension fund is to contact the associated employer, though this is only possible if the employer is still active, which may not be the case after many years.

If this is a dead end, the government offers an online service to help people find pension contact details, which is also available by phone or post. They can’t tell you if you have a pension pot or how much it is – they will only give you the contact details to enquire yourself.

This service can only help you track down a workplace or personal pension scheme if you know the name of the relevant employer or provider. If you don’t have these details, you may need to rely on a private pension tracing service that has access to information databases.

If you need professional help with pension planning and pension consolidation, our Barnsley accountants would be happy to help you build a tax-efficient pension pot.

Simply call 01226 298 298 or send an email to info@gbac.co.uk to discuss our financial services.

After being introduced in the House of Commons in October 2024, the Employment Rights Bill is working its way through Parliament, with reform consultations planned throughout 2025.

This bill aims to boost economic growth by delivering the biggest increase in employment rights in the UK for a generation – giving British employees more dignity at work and better living standards, while also supporting UK businesses that engage in good employment practices.

Further policy details will be published after the Employment Rights Bill receives Royal Assent. The new regulations will be informed by consultations carried out on issues including Statutory Sick Pay, trade union legislation, and zero-hours agency workers by the end of the year.

While the government isn’t expected to implement these reforms until 2026, businesses should still pay attention to the consultations and make preparations before the bill becomes law.

Read on to discover some of the main changes the Employment Rights Bill will bring about.

Day one employment rights

On top of strengthening the day one flexible working rights that came into effect in 2024, the new bill proposes day one entitlement to unfair dismissal protection, paternity leave and unpaid parental leave, minimum earnings, and statutory sick pay without a waiting period.

Currently, an employee must be employed continuously for 2 years to be protected against unfair dismissal, but the bill will enforce this protection from the first day of employment.

Additionally, employees can only claim paternity leave after working for 26 weeks or unpaid parental leave after 1 year of employment, but will soon have these rights from the first day.

This may be concerning for employers who fear they won’t be able to dismiss underperforming employees easily, but the bill allows probation periods with less laborious fair dismissal rules.

Zero-hour contract rights

Zero-hour contracts have been contentious for many years, as zero-hours workers aren’t guaranteed a specific number of working hours and are simply expected to work as and when requested.

However, when the Employment Rights Bill comes into force, employers must offer contracts with guaranteed hours over a 12-week period. They must provide reasonable notice for shifts and also pay workers for any last-minute cancellations or adjustments to shifts.

While zero-hours contracts won’t be completely abolished, the 12-week contracted periods may cause problems for employers who extensively rely on seasonal workers.

How will the Employment Rights Bill affect your business?

When the bill is eventually enacted, employers will lose options for working arrangements, and adjusting to the new rules is likely to collectively cost UK businesses billions of pounds a year.

Complying with the new employment rights package is likely to have a big impact on hospitality businesses, as the accommodation and food sectors rely on zero-hours contracts the most.

There are no confirmed enforcement dates yet, with limited information available through online factsheets on the government website. However, employers should be reviewing their employment practices in advance to start preparing for the new regulations by the end of 2025.

If your business needs assistance with admin and payroll to keep up with legislation changes, including minimum wage and tipping regulations, our accountants in Barnsley can help.

Get in touch with the team at gbac today by calling 01226 298 298 or emailing info@gbac.co.uk to discuss our financial services and what we can do to improve the efficiency of your business.

When purchasing buy-to-let properties, landlords in the UK now face increased surcharges following rate increases over the last few months – particularly property buyers in Scotland.

Rather than paying Stamp Duty Land Tax (SDLT), property buyers in Scotland are faced with Land and Buildings Transaction Tax (LBTT) and those in Wales must pay Land Transaction Tax (LTT).

Read on for a summary of the rate increases and tips on how to reduce Stamp Duty Land Tax.

Increased Land Tax Rates

The following surcharge increases apply from the listed dates onwards:

• SDLT – rising from 3% to 5% from 31st October 2024
• LBTT – rising from 6% to 8% from 5th December 2024
• LTT – rising from 4% to 5% from 11th December 2024

In England, Northern Ireland, and Wales, the top rate is now 17% for properties costing over £1.5 million. In Scotland, the top rate is 20% for properties that cost over £750,000.

As an example, if a buy-to-let property cost £450,000, landlords in England and Northern Ireland would pay £32,500 in SDLT. This will increase from 1st April 2025, when the nil rate threshold is due to drop back to £125,000 after a temporary boost to £250,000 since 2022.

Meanwhile, the LBTT figure in Scotland would be considerably higher for a £450,000 property at £54,350, and a landlord in Wales would pay £36,200 in LTT for a property of the same value.

Ways to Reduce Land Tax

There are a couple of adventurous alternatives that could allow landlords in all four countries to significantly reduce Stamp Duty, such as:

• Purchasing a mixed-use property (e.g. a shop with a flat upstairs)
• Buying a commercial property to convert into a residence

However, converting commercial properties for residential use is a complex area requiring various planning permissions, so expert advice would be needed for this.

In either case, non-residential Stamp Duty rates would apply. So, for a £450,000 property, the cost would be just £12,000 in England and Northern Ireland, £11,000 in Scotland, and £10,250 in Wales.

How to Calculate Stamp Duty

The government website provides online calculators to help you work out the amount payable on a property transaction, which can be found by clicking the links below:

• Stamp Duty Land Tax (SDLT)Calculator
• Land and Buildings Transaction Tax (LBTT) Calculator
• Land Transaction Tax (LTT)Calculator

You can also seek advice from tax consultants like our accountants in Barnsley here at gbac.

If you need professional support from a financial adviser to help ease your tax burden, why not call us on 01226 298 298 or email info@gbac.co.uk and see what we can do for you?

Under current rules in England and Wales, private landlords cannot legally rent out their property without an Energy Performance Certificate (EPC) with a minimum rating of E, while social landlords are not subject to any minimum energy efficiency standard.

Previously, the Conservative government had proposed making it mandatory to achieve a minimum EPC rating of C by 2025 for new tenancies and 2028 for existing ones, but this policy was scrapped a year ago due to concerns that upgrades would cost too much.

Now, the new Labour government is set to bring the EPC upgrade enforcement back, but with an extended deadline of 2030 for all rental properties to have a rating of at least C.

Around 1/3 of rental properties were constructed before 1919, many of which have solid walls, which will be difficult to bring up to the minimum energy efficiency rating – but without the compulsory upgrade, these properties cannot be legally let to tenants from 2030.

So, what does this mean for landlords right now, and is there any financial support available?

 

EPC grant conditions

New funding has been announced to help some landlords with older properties, but this will not be available for all landlords, as it depends on the property’s rating and location.

From April 2025, the government will make grants of up to £30,000 available for landlords to upgrade one property. This will be split into £15,000 caps each for upgrading energy efficiency to a C rating and installing low-carbon heating systems (such as solar panels or heat pumps).

For second or subsequent properties, the total grant will be capped at £15,000, with the landlord required to contribute at least the same amount themselves.

There currently is no limit for the number of properties that a landlord can claim grants for, but the maximum funding each landlord can claim is £315,000 altogether.

To qualify, a rental property must meet at least one of the following criteria:

• Currently has an EPC rating between D to G
• Let to low-income tenants either receiving means-tested benefits or with an annual family income below £36,000 a year
• Located within an eligible postcode area with older housing stock

The latter is a kind of postcode lottery covering around half of postcodes in England and Wales, identified as more ‘deprived’ areas with many pre-1919 properties that are costlier to upgrade.

 

Required EPC upgrades

Whether you make use of the grants or fund energy efficiency improvements yourself, the government expects landlords in England and Wales to invest in the following upgrades:

• Energy performance – insulation, draughtproofing, double or triple glazing, smart controls
• Low carbon heating – heat pumps, high retention storage heaters, solar panels

More details about this scheme can be found in the Warm Homes: Local Grant guidance.

At the moment, landlords might prefer to wait for further clarification before taking action, as the government needs to consult on how assessments and exemptions will work.

After the grant scheme opens to expressions of interest on 1st April 2025, the government expects to operate it for at least 3–5 years, up until the 2030 deadline for EPC upgrades.

Some landlords may prefer to sell up rather than make significant financial investments in improving the energy efficiency of their properties, as this ‘capital expenditure’ is not tax deductible – meaning it cannot be written off as maintenance to reduce taxable profits.

However, while the upfront costs are considerable, an energy efficient property will not only be more attractive to tenants, but will also increase in value for whenever you decide to sell it.

If you are a landlord looking for financial advice to help you optimise your operating costs, from tax planning to managing Service Charge Accounts, we can help here at gbac.

To speak to our team of Barnsley accountants about our range of services, please call 01226 298 298. Alternatively, you can send an email to info@gbac.co.uk and we’ll get back to you.

Despite the Capital Gains Tax (CGT) rate on residential property disposals decreasing by 4% this past spring, rising interest rates and the imminent scrapping of holiday let tax reliefs in 2025 led many buy-to-let landlords to sell their properties in 2024.

Speculators believe the new Labour government could increase CGT rates in the Autumn Budget, but this may not be the case, as the rise in residential property disposals by landlords selling up early to avoid higher CGT bills has already increased CGT receipts.

According to HMRC reports, from early April to the end of August this year, the tax agency collected almost 10% more CGT than the same period in the year before.

Compared to buy-to-let landlords, anyone with an investment portfolio has more flexibility in choosing the timing of disposals – but with the annual tax-free amount reduced to £3,000, what can you do to plan ahead for CGT in 2024–2025 and beyond?

How can investors reduce CGT?

Investors with larger portfolios can make the most of annual exemptions and basic rate tax bands with lower CGT rates by spreading out their asset disposals over several years.

It’s important to note that if you make personal pension contributions in the same year as disposing of an asset, this could increase your tax band and therefore the CGT rate.

Those who are married or in a civil partnership can also utilise the annual exempt amount and basic rate tax band of their spouse or partner, as one person can give or sell an asset to the other tax-free, and they will only be liable for CGT if they sell the asset themselves.

However, if CGT rates do increase in the next few years, this type of planning could quickly unravel. It’s important to stay on top of any CGT updates as soon as they’re announced.

Another risky option is to invest in a Seed Enterprise Investment Scheme (SEIS). Offering a CGT exemption of 50% on reinvested gains and the same amount in Income Tax relief, a landlord could benefit from up to 64% in tax relief through such a scheme.

This relief would increase in alignment with any future CGT uplifts, but these high-risk investments should not be undertaken without seeking proper advice.

In the long term, holders of large investment portfolios might have the opportunity to avoid tax liability in the UK by retiring overseas. This isn’t possible for landlords, though, as UK property will still be liable for CGT regardless of their residence status.

What’s the outlook for CGT?

Chancellor of the Exchequer Rachel Reeves is due to share the Autumn Budget on 30th October, when the public will discover the government’s tax plans for the next few years.

In the meantime, HMRC’s CGT guide is available on the government website, which explains the current rules and thresholds that will apply until April 2025.

Still wondering what you should do with your savings and investments? If you want to get a head start adapting to any changes that the Labour government plans to implement, it could be worth seeking financial advice from consultants like our accountants in Barnsley.

If you would like to learn more about our tax consultancy services and how we can help you optimise allowances and exemptions, please call gbac on 01226 298 298 or email info@gbac.co.uk.

In the beginning…

We began our drive toward net zero in earnest in 2022, having had our efforts restricted in 2021 because of the pandemic.

We realised straight away that Net Zero is a mammoth task and we might not get there, but we were determined to try. In our efforts for success we would risk improvement and failure.

We knew little about the subject matter and we are still learning day by day.

But this is what we did, and it is also what we are still doing. It is a JOURNEY.

1) Found out more about Net Zero to understand the basics

To answer the question, “What does Net Zero mean and why does it matter?”, we:

• Read lots of articles.
• Participated in The Small Business Sustainability Basics Programme
• Attended a Net Zero course
• Increased our knowledge base and improved our understanding of the challenge.

2) Created a greenbac team and regularly reported back to our entire gbac team

We created a small dedicated team with enthusiasm for the issue and a desire to change our practices and improve our carbon footprint.

Our greenbac team then fed back to the entire gbac team through our whole team meetings so the entire office was looped in.

3) Engaged professional external support

As well as completing The Small Business Sustainability Basics Programme, we engaged a consultant through the Low Carbon Business Support Programme.

4) Measured our current carbon emissions and started planning to reduce them

We measured our first footprint in April 2022 with the help of our consultant.

It was a mixed picture, as it covered a 12-month period during which we had a few lockdowns and our team was taking a hybrid approach of working in the office and working from home.

5) Got involved with a movement

We refreshed our thoughts and got further support from the following using two different greenbac teams so that we felt assured and confident in what we could do.

• Low Carbon/Net Zero Barnsley Programme
• SYMCA Net Zero Programme

6) Re-calculated our carbon footprint

Time had passed. With the help of the team via the Low Carbon/Net Zero Barnsley Programme, we learned to calculate our own carbon impact.

We then extended our focus to include Scopes 1, 2, and 3.

7) Made a commitment to climate action and accessed tools to reduce emissions

Team gbac made a commitment to climate action by agreeing on small actions we can take as a firm so that we can reduce our carbon footprint.

We accessed tools to help us reduce emissions and disclosed our progress.

8) Found more support and some funding

The team at the Low Carbon/Net Zero Barnsley Programme helped us with our thinking on the next steps – what was impactful and what was possible.

They even assisted with signposting potential funding support.

9) Kept an eye on what others were doing

Throughout this journey, we have looked with interest at what others are doing to reduce their carbon emissions.

This is a global movement that will benefit everyone. Where we have been able to learn from others, we have done so.

10) Reduced electricity and gas usage

We had our carbon footprint from Scope 1 and Scope 2 emissions measured for the first time, but because we are a firm of accountants, the entirety of Scope 1 (direct) and Scope 2 (imported power and utilities) emissions result from our work in the office: running computers, heating, and lighting.

We immediately took action to reduce the use of electricity and gas as much as we could, which meant we:

• Adopted an “off and completely off” policy to ensure that we did not leave PCs and other office equipment on standby out of office hours.
• Changed our conventional lighting so that LEDs were used across the office.
• Reduced the use of our air conditioning systems.
• Made sure that the central heating system made the maximum use of thermostats and timers.
• Carried out regular operations and maintenance checks.
• Made sure our doors and windows are draught-free
• Turned down our thermostats.
• Adjusted our office blinds to maximise sunlight wherever possible, fitted Electric Vehicle Charging points at the office, and
• Changed company cars to electric cars.

Ongoing considerations: Installation of solar panels on the roof.

The gbac charter: what we committed to do

• Reduce our use of paper with the aim of becoming “paperless”.
• Be flexible so that we can reduce commuting to work and increase productivity by implementing a 4-day week.
• Be efficient in our use of electricity, gas, and water, and reduce overall usage.
• Reduce all waste.
• Recycle more.
• Use sensor-activated lights where possible.
• Be “green smart” with our purchasing choices.

Sustainability Report 2023

Here are the highlights of our 2023 Sustainability Report:

	2023 tCO2	2022** tCO2	Impact tCO2	%
Scope 1	7.59	6.77	+0.82	+12.1
Scope 2	6.29	7.58	-1.29	-17.0
Sub-total	13.88	14.35	-0.47	-3.3
Scope 3	26.50	N/A	N/A	N/A
Water	40.38	N/A	N/A	N/A

 

** 2022 covered a 12-month period in which we had pandemic lockdowns and a hybrid approach to working in the office and working from home.

Other metrics we have been tracking include:

Stationery and paper usage

	31st March 2024	31st March 2023	Impact
Office stationery	£1,195	£1,594	25% reduction
Postage	£435	£1,454	70% reduction

 

Employee travel to work

• 4-day working week – reduces travel to work by 1 day every week.
• As of 31st March 2024, 75% of employees now do a 4-day week (71% in 2023).
• This has resulted in a 6% reduction in travel time, travel costs, and emissions from car travel.

What does 2024 hold?

It seemed clear to us that we needed further help. Having taken part in the Low Carbon/Net Zero Barnsley Programme, we were assisted in identifying the next big push.

Solar power is our way forward to further positive change.

Further electricity use reduction will therefore be achieved through the installation of solar power.

We are now B Corp accredited!

B Corp companies are companies verified by B Lab to meet high standards of social and environmental performance, transparency, and accountability.

Being a B Corp certified company as of July 2024:

• Demonstrates and verifies our desire to use gbac as a force for good.
• Rewards our sustainability drive (ESG – Environmental, Social, and Governance).
• Rewards and complements our investment in people (IIP).
• Complements and underpins our investment in the planet and our journey to Net Zero.

Get in touch

At gbac, we are approaching our commitment to Net Zero with as much dedication as our commitment to delivering the best financial services to our clients.

To learn more about what we can do for you, browse our website or get in touch with our helpful team.