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Leading up to this year’s Spring Budget, the media has often portrayed the Office for Budget Responsibility (OBR) as a powerful body that can constrain the tax-cutting options of the Chancellor ahead of the upcoming general election.

However, this is an over-simplification, as the OBR doesn’t set the fiscal rules, the Chancellor does – the OBR only calculates whether the Chancellor can meet his rules or not. Nor does the OBR set the assumptions underlying these rules.

For example, when estimating the government’s tax revenue from 2025 onwards, the OBR followed the Treasury’s assumptions that fuel duty cuts will be scrapped and fuel duty will rise with inflation, but nobody expects this to actually happen, as fuel duty rates haven’t risen since 2010.

Despite such limitations, the OBR has highlighted the impact of the lack of tax changes in the Chancellor’s plans, with new calculations showing that the status of ‘higher rate taxpayer’ is becoming increasingly common due to tax freezes.

Every year since 2019, the PLSA (Pensions and Lifetime Savings Association) has been sharing research into the retirement costs for couples and single people.

Their findings are presented in three categories of living standards, which include:

Minimum – covers basic needs with a little disposable income.
Moderate – provides more security and flexibility with finances.
Comfortable – offers greater financial freedom and luxuries.
Their latest figures show what life might look like for retirees at each level going into 2024, and the necessary expenditure for reaching certain living standards.

Here is a guide to the rebased figures for retirement living standards, and what this could mean for your future if you are approaching or currently saving for retirement.

The government agency that maintains the register of all incorporated and registered companies in the UK, Companies House, will soon be increasing their fees.

Companies House charges statutory filing fees for the registration and incorporation in the UK of companies, limited liability partnerships (LLPs), limited partnerships (LPs), community interest companies (CICs), and overseas companies.

From 1st May 2024, incorporation and maintenance fees will rise as part of the agency’s cost recovery efforts – the fees cover the cost of their services without profit.

Here’s how the cost of incorporating a company will be affected from May 2024.

HMRC is turning up the heat with increasing checks on tax compliance across the board.

They are particularly focusing on inheritance tax, undeclared dividends, and the profits from share sales, ensuring that everyone pays their fair share.

Both individuals and businesses must understand their tax obligations to avoid coming under scrutiny from HMRC.

In this blog, we will discuss the specific tax compliance checks that HMRC conducts, who could be affected, and what steps individuals and businesses can take to ensure their compliance.

A new rule for trusts will soon be coming into effect, which aims to simplify tax dealings for smaller trusts.

From 6th April 2024, trust beneficiaries will be able to receive up to £500 in income from the trust, without having to pay taxes on it.

However, there are some points that could be a little tricky to get your head around.

This straightforward guide will explain exactly what the £500 trust income exemption is, who it impacts, and how to navigate the changes effectively.

As a trusted companion in Barnsley’s financial landscape since the 1970s, we’re all about breaking down complex finance talk into something you can understand and use.

With the Spring Budget 2024 announced by Chancellor Jeremy Hunt on 6th March, there’s a lot to unpack.

This budget is particularly noteworthy as it’s likely the last one before the next election. As you would expect from a pre-election budget, it focused heavily on the tax relief measures, including additional cuts to National Insurance Contributions (NICs) and a new savings bond.

Limited by financial constraints, the Chancellor couldn’t offer as many tax breaks as some backbench Conservatives would have liked.

Despite this, he achieved a few key political goals, including adopting a Labour policy to end the non-domicile tax rule that allowed some UK residents pay less tax on foreign income.

In this post, we’ll give you a clear understanding of what’s new and how it might affect your family or business, ensuring you’re well-equipped to navigate the changes.