Lifetime ISAs (LISAs) have become a popular way to save for a first home or retirement, offering a 25 per cent Government bonus on contributions. However, if you withdraw money for anything other than these specific purposes, you could face penalties from HM Revenue & Customs (HMRC). A freedom of information (FOI) request has revealed…
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What pension tax reforms could we see in the October Budget?
For months, there was speculation that the upcoming Budget could bring major changes to pension tax relief, specifically a move towards a flat rate of tax relief for pension contributions. While nothing has yet been confirmed, reports in The Guardian suggest that these plans have now been dropped, leaving many wondering what this means for…
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What are the benefits and challenges of a Management Buyout?
The upcoming Budget could see a rise in Capital Gains tax (CGT) rates so that they align with Income Tax rates. This rumour has led to many business owners considering the sale of their business before they are subject to these higher rates. For those considering an exit strategy, one option available is a Management…
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What are PAYE Settlement Agreements and how can they benefit employers?
PAYE Settlement Agreements (PSAs) are a convenient tool for employers, allowing them to cover the tax and National Insurance contributions (NICs) on specific benefits provided to employees.
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How SMEs can capitalise on continued optimism
Optimism is on the rise among small and medium-sized enterprises (SMEs) for the third consecutive year. According to recent research from banking firm American Express, nearly seven in 10 business leaders are feeling confident about the future of their companies, a steady increase since 2022. So, how can you translate this optimism into concrete success? …
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IFRS S1 and S2 and the future of ESG reporting standards
Sustainability has become a core part of how businesses are expected to operate, whether we like it or not. You might think that all the talk about environmental, social, and governance (ESG) issues is only relevant to big corporations or public companies, but that’s not quite the case anymore. Even though adopting International Financial Reporting…
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