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State Pension Age Increases – Start Retirement Planning Now

State Pension Age Increases – Start Retirement Planning Now

State pension age increases to 66 years’ old It's Official! From 6 October 2020 men and women in the UK will now have to wait until their 66th birthday to receive their state pension. UK residents born between 6 October 1954 and 5 April 1960 will now receive their...

2019/20 Self-Assessment Tax Returns – Take Action Now!

2019/20 Self-Assessment Tax Returns – Take Action Now!

Upcoming Deadlines There are a number of upcoming deadlines for Self-Assessment taxpayers: Registration for Self-Assessment: 5 October 2020 Submission of paper tax returns: 31 October 2020 Submitting of electronic tax returns: 31 January 2021 Payment of tax liability:...

Self-Employment Income Support Scheme (SEISS) extended

Self-Employment Income Support Scheme (SEISS) extended

The Chancellor has today announced that the Self-Employment Income Support Scheme (SEISS) will be extended to April 2021 for those whose self-employed businesses have been adversely impacted by Coronavirus. An initial taxable grant will be available to cover the...

Deferral of Tax Payments

Deferral of Tax Payments

The Chancellor has today announced an extension for the deferral of Self-Assessment tax payments due in January 2021, which is expected to benefit around 11 million Self-Assessment taxpayers. This is in addition to the deferral which was previously announced in...

More than £30 million lost to pension scams

More than £30 million lost to pension scams

Over £30 million has been lost to pension scams since 2017, according to the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR). A total of £30,857,329 in pension savings has been lost to scammers since 2017, data published by the FCA and the TPR...

Additional support now available for the self employed

Additional support now available for the self employed

Additional support now available for the self-employed The applications for the second stage of the Self Employment Income Support Scheme (SEISS) opened on the 17th August 2020.  The first stage of the scheme saw 2.7 million self-employed people received a total of...

Higher Earners – Could You Claim Child Benefit?

Higher Earners – Could You Claim Child Benefit?

If your earnings have fallen below £60,000, for example, if you have been furloughed or your self-employed profits have decreased due to the Covid-19 pandemic, you may be eligible to claim or restart child benefit payments. If this has happened to you, you should act...

Self-employment Income Support Scheme

Self-employment Income Support Scheme

On 26 March the Chancellor Rishi Sunak announced his plans to support the self-employed during the COVID-19 pandemic. In some ways it is very similar to the previously announced Job Retention Scheme. The Self-Employment Income Support Scheme allows self-employed...

Tax Rates 2020/21

Tax Rates 2020/21

Introduction We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax rates As...

Bank of England Update for Businesses and Households

Bank of England Update for Businesses and Households

Bank of England Update for Businesses and Households During this difficult time for businesses and households, the Bank of England has put together a list of sites where you can find the latest updates from the Government. The following has been circulated by the bank...

IR35 reforms to be delayed until 2021

IR35 reforms to be delayed until 2021

IR35 reforms to be delayed until April 2021 There is a little bit of good news. The Chief Treasury Secretary, Steve Barclay, has announced that the IR35 reforms will be pushed back by one year, to help protect the economy from the impact of the coronavirus outbreak....

Budget 2020: Entrepreneurs’ Relief

Budget 2020: Entrepreneurs’ Relief

Entrepreneurs’ Relief – What changes were announced in Budget 2020?   Business owners should be aware that the lifetime limit for Entrepreneurs' Relief, a valuable tax relief when selling or liquidating a business, has been reduced from £10 million to £1 million with...

Budget 2020 Summary

Budget 2020 Summary

Budget 2020 The Chancellor Rishi Sunak presented his first Budget on Wednesday 11 March 2020. In his speech he stated 'we are at the beginning of a new era in this country. We have the freedom and the resources to decide our own future'. 'It is a Budget of a...

Budget 2020: Predictions

Budget 2020: Predictions

Budget 2020: Predictions Rishi Sunak will deliver the 2020 Budget on Wednesday 11 March.  But what can we expect when the Chancellor opens his red box? Craig Walker, a tax specialist at Hawsons, gazes into his crystal ball: With a substantial majority, the government...

The Marriage Allowance – Time is running out to claim

The Marriage Allowance – Time is running out to claim

The Marriage Allowance - Time is running out to claim The Marriage Allowance can enable eligible married couples and civil partners to save up to £250 of tax a year.  And despite being introduced almost five years ago, many eligible couples are still missing out on...

Canny romantics: The tax benefits of marriage

Canny romantics: The tax benefits of marriage

Considering popping the question on Valentine’s Day?  Here we look at some of the tax breaks married couples can benefit from and how it can pay to get hitched The Marriage Allowance The Marriage Allowance can enable eligible married couples and civil partners to save...

Key tax relief at risk in 2020 Budget

Key tax relief at risk in 2020 Budget

Business owners should be aware that Entrepreneurs’ Relief, a valuable tax relief when selling or liquidating a business, could be limited or even abolished altogether on 11 March. What is Entrepreneurs’ Relief? Entrepreneurs’ Relief applies a reduced capital gains...

Budget date announced 2020

Budget date announced 2020

Chancellor Sajid Javid announces 2020 Budget for 11 March 2020. The Budget is the government’s annual announcement on its plans for spending and taxation for the upcoming financial year. It will be Sajid Javid’s first Budget since he became Chancellor in July 2019 and...

HMRC offers tips on avoiding Self-Assessment tax scams

HMRC offers tips on avoiding Self-Assessment tax scams

HMRC offers tips on avoiding Self-Assessment tax scams HMRC is giving information to taxpayers to help them avoid scams ahead of the Self-Assessment deadline. HMRC is warning millions of Self-Assessment taxpayers to be aware of fraudsters in the run up to the 31...

We need to start thinking about our pensions

We need to start thinking about our pensions

We need to start thinking about our pensions? Do you know how much money you will need for retirement? Do you know how much you have already saved? For most people, the answer is no. Even though national programmes have been put in place to try and tackle this problem...

Hawsons makes history after 165 years in business

Hawsons Chartered Accountants is 165 years old Hawsons Chartered Accountants was founded in the city of Sheffield in 1854 – more than 25 years before the creation of the Institute of Chartered Accountants in England and Wales – by Alfred Allott and John Hewett....

Self assessment deadline is approaching

Self assessment deadline is approaching

The deadline for submitting your 2018/19 self-assessment return is 31 January 2020. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions...

NHS pension tax causes doctors to cut hours

NHS pension tax causes doctors to cut hours

A report compiled by the Academy of Medical Royal Colleges (AoMRC) has shown that some NHS services are struggling to remain open as doctors cut their hours to avoid being taxed on their pensions. Doctors are often refusing additional work as the taxes on pensions can...

Inheritance Tax receipts hit record amount

Inheritance Tax receipts hit record amount

Recent figures published by HMRC show Inheritance Tax (IHT) receipts reached a record £5.4 billion for the 2018/19 tax year. The increase comes on the back of a 15% rise in the number of estates liable for IHT, with the average IHT bill reaching £179,000. Rising asset...

National Living Wage to increase to £10.50 within five years

National Living Wage to increase to £10.50 within five years

National Living Wage to increase to £10.50 within five years Conservative Chancellor Sajid Javid announced at the Conservative party conference that he would raise the National Living Wage to £10.50 within five years. The current amount for over 25s is £8.21, but the...

Tax Rates 2019/2020

Tax Rates 2019/2020

Tax Rates 2019/20 We have summarised the key rates and allowances which are fundamental to our business and personal lives. We are sure that you will find them a useful point of reference and have set out below a few examples of how they can be used. Personal tax...

HMRC reminder to employees to claim their tax deductible expenses

HMRC reminder to employees to claim their tax deductible expenses

HMRC reminder to employees to claim their tax deductible expenses  HMRC is reminding employees that they may be able to claim a tax rebate on their work related expenses. HMRC estimate that millions of employees, particularly those working in the service industry,...

Autumn Budget 2018: Summary

Autumn Budget 2018: Summary

The Chancellor Philip Hammond presented his second Autumn Budget on Monday 29 October 2018. In his speech he stated that ‘austerity is coming to an end - but discipline will remain’. He also promised a ‘double deal dividend’ if the Brexit negotiations are...

Budget 2018: Predictions

Philip Hammond will deliver his 2018 Budget on 29 October. But what can we expect when the Chancellor delivers his speech?  Theresa May’s recent promise of the end of austerity has prompted a fresh wave of optimism concerning what Philip Hammond may announce in the...

The governments work on self-employed pensions faces delay

The governments work on self-employed pensions faces delay

Trials that would solve the pensions crisis for the self- employed have been delayed. Guy Opperman, minister for pensions and financial inclusion, said: “the government would provide more information about the trial areas later this year, following its feasibility...