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From 6 April 2025, new thresholds for student loan repayments will take effect, impacting borrowers across the UK. Whether you're on Plan 1, Plan 2, Plan 4, or repaying a postgraduate loan, here’s a breakdown of the latest changes and what they mean for you. Student loans are a key component of the government’s financial assistance package for individuals pursuing higher education in the United Kingdom. These loans are designed to support students with their living and tuition expenses while studying. The responsibility for collecting...

Big changes are here for the self-employed! From 2024-25, profits must align with the tax year, replacing the old "current year basis." Overlap relief is ending, and transition profits will be spread over five years. Here’s how the new system affects your tax bill. The reform to the self-employed tax basis period has introduced significant changes in how trading income is allocated to tax years. Previously, the tax basis period operated on a "current year basis," but the reform has now shifted to a "tax year...

If you are moving goods across borders, an EORI number may be essential for customs clearance. Whether trading with the EU, Northern Ireland, or beyond, knowing which type you need—GB, XI, or EU—can save time and hassle. Here’s what you need to know. The EORI number is required for the following situations: Moving goods between Great Britain (England, Scotland, and Wales) or the Isle of Man and any other country, including EU member states. Moving goods between Great Britain and Northern Ireland. Moving goods between Great...

Your tax code determines how much tax is deducted from your pay. While 1257L is the most common, different letters and numbers can affect how much you owe. From marriage allowance to emergency codes, here’s how to decode what HMRC assigns you. Your tax code is basically a set of letters and numbers that show whether you are entitled to the annual tax-free personal allowance (the amount you can earn without paying tax). These codes are updated each year and help your employer figure out how much tax to take off your pay. For the current and...

From 6 April 2025, the remittance basis of taxation will be scrapped in favour of a residence-based system. A new 4-year Foreign Income and Gains regime offers tax relief for new arrivals, while transitional measures aim to ease the shift. Here’s what’s changing. Effective from 6 April 2025, the remittance basis of taxation for non-UK domiciled individuals will be replaced by a simplified, residence-based tax regime. Additionally, the government will introduce a 4-year Foreign Income and Gains (FIG) regime. Under this regime, individuals...

From 6 April 2025, employers will face a 1.2% rise in National Insurance contributions, alongside a lower NICs threshold. However, an increased Employment Allowance aims to ease the burden for small businesses. Here’s what you need to prepare for these key changes. The main rate of secondary Class 1 NICs will rise by 1.2%, from 13.8% to 15%. This increase will also apply to the employer rates for Class 1A and Class 1B NICs. In addition, the Class 1 NICs secondary threshold—the point at which employers begin to pay NICs—will be...

In a significant move to enhance trust in online reviews, Google has agreed to implement substantial changes to combat fake reviews, following an investigation by the UK's Competition and Markets Authority (CMA). This initiative aims to ensure consumers can rely on genuine feedback when making purchasing decisions. Background The CMA launched an investigation into Google over concerns that it wasn't doing enough to detect and remove fake reviews, address suspicious behaviours, or properly sanction those involved in fraudulent review...

The UK government offers a robust safety net for savers through the Financial Services Compensation Scheme (FSCS). This scheme is designed to protect individuals, small businesses, and charities if a bank, building society, or credit union fails, ensuring greater financial security and peace of mind. How the Scheme Works The FSCS guarantees deposits of up to £85,000 per person, per authorised institution. For joint accounts, the protection doubles to £170,000, as each account holder is covered individually. This means that if your bank or...

The Employment Appeal Tribunal (EAT) upheld claims of constructive dismissal and disability discrimination against Whyte & Mackay Limited (W&ML) in the case of Mr. Duployen , a former forklift truck and warehouse operator, following his termination. W&ML had appealed the ET's decision on several grounds, seeking reinstatement or re-engagement, a higher award for injury to feelings, and any interest due on the awards. However, reinstatement proved impracticable due to the breakdown in relations and, while theoretically possible,...

Business Asset Rollover Relief allows you to defer Capital Gains Tax (CGT) when reinvesting proceeds from selling business assets. By rolling gains into the cost of new assets, tax is postponed until the new asset is sold. Learn how this relief can optimise your business investments. Rolling over capital gains is a useful way to defer CGT when you sell or dispose of business assets. Essentially, if you use the proceeds from selling an old asset to buy a new one, the gain is "rolled over" into the cost of the new asset. This means...