Have you ever thought about your pension? It might seem far away, but it's super important to start thinking about it now! One of the key things that helps build your future pension is your National Insurance (NI) contributions. In today's post, we explain an important deadline that you won't want to miss out on if you have gaps in your NI contributions and would like to potentially boost your state pension.

The post Don’t Miss Out! Your Future Pension Needs YOU! – Check Your NI Contributions by April 5th, 2025 appeared first on Taxfile.

From April 2025, the secondary threshold for employer National Insurance ('NI') will be lowered. This means that employers will need to start paying employer NI contributions on their employees' earnings sooner. In today's post we explain how this will affect employers, how much the employer NICs will increase, changes to the Employment Allowance, and more.

The post Lowering the Secondary Threshold for Employer NI – What You Need to Know appeared first on Taxfile.

by Ali at Taxfile.

The UK Chancellor, Jeremy Hunt, delivered his Spring Budget on March 6, 2024, amidst a backdrop of subdued economic growth and limited fiscal headroom. The budget aimed to strike a delicate balance between supporting economic activity, controlling public spending, and preparing for future challenges.

If you have missed the announcements, the Key Highlights for the majority of our clients are as follows.

The post Spring Budget 2024: A Balancing Act for the UK Economy appeared first on Taxfile.

As we approach retirement, ensuring a comfortable financial future becomes a top priority. The state pension, a crucial source of retirement income, is dependent on the number of qualifying years of National Insurance (NI) contributions you have made. While gaps in your NI record can diminish your state pension entitlement, there's a solution: voluntary NI contributions.

To receive the full state pension, you need 35 qualifying years of NI contributions. These years typically accumulate as you work, with contributions automatically deducted from your salary. However, there may be instances where you may not have earned enough to make mandatory NI contributions, leading to gaps in your record.

The post Boost Your State Pension with Voluntary National Insurance Contributions appeared first on Taxfile.

The original deadline for buying National Insurance 'credit' was 31st July 2023, but you can now 'buy' incomplete years to boost your state pension until 5th April 2025. The extension was approved by the Government, giving HMRC more time to deal with the process.

You can view our original blog on what you need to do to plug the gaps in your National Insurance contributions here.

The post Deadline for Voluntary Insurance Contributions Extended to 5th April 2025 appeared first on Taxfile.

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^{IMPORTANT: the video mentions the original deadline in April 2023. This has now been extended to 31 July 2023.}

Do you have gaps in your National Insurance record? If so, it could mean that you could get a lower State Pension when you reach state retirement age, particularly if you are aged between approximately 45 and 70 at the moment. Generally speaking, you need 10 years of contributions for a basic state pension and around 30 to 35 years for a full state pension. It does vary by circumstance though and, even with gaps, some people might have enough qualifying years for the full state pension already.

Urgently Check Whether You Have National Insurance Gaps

Our advice is to urgently check whether you do have any gaps in your National Insurance record. If so, in many cases it would be wise to make some one-off payments to plug any gaps for the years 2006 to 2016. However, there is limited time to do so despite the deadline for this opportunity having been extended from early April to the end of July 2023 [UPDATE: This has now been extended again to 5th April 2025]. Thereafter, the chance to fix all 11 years from 2006 to 2016 will be gone forever.More information follows, including how to check, how to top up and more.

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Our informative May e-Newsletter is now ready to view online. It includes exciting news of our new branch opening in Battersea along with important tax and accountancy-related news that might affect you. Here is a quick summary of the newsletter's contents:

• The first article announces the opening of our new Battersea Branch in London SW8. New and existing customers are welcome to pop in and say hello and to get expert help with your tax affairs and accountancy requirements. Learn more about the opening of the Battersea branch, and the core services on offer, here or click the big button below to read the newsletter.
• If you work on one of the many Battersea construction sites in or around SW8, we can help you reclaim overpaid tax and much more ... see the newsletter for more details - click the big button below.
• If you're a sub-contractor working in the construction industry scheme ('CIS'), you're almost certainly due a tax refund (learn why here). Taxfile are experts at getting tax rebates from HMRC, so come and see us and we'll get you the maximum refund possible. Read the newsletter (click the big button below) to learn how we make your tax refund application fast and hassle-free.
• We can help limited company contractors too! We're tax and accountancy experts so we can help you register as a limited company or register for CIS if you're not already set up, we'll help you with the monthly tasks demanded of you by HMRC including accounts preparation, confirmation statements, corporation tax handling, CIS set-off rebate, National Insurance (NI), VAT, bookkeeping, payroll and much more. We'll save you time and will make operating the Construction Industry Scheme a breeze. Click the pink newsletter button below for more details.
• If you introduce a family member, friend or colleague to Taxfile, you will get a discount off your next tax return if they sign up as a new paying customer with us. Click the button for details.
• Taxfile recently printed some brightly coloured postcards to promote our new Battersea office and our tax-related services. Simply get in contact if you'd like some of these postcards to hand out to colleagues. If you write your full name on the back and use it to refer a colleague, it might even save you money! Click the button for more details.
• Our team are multi-lingual and always happy to help. If English is not your first language, let us know and we'll try to match you to the most appropriate staff member.
• If you, your friends, family or colleagues have not dealt with your old tax returns, HMRC will be adding £10 per day to the penalty from 1st May. That's on top of the £100 fine that will have applied immediately after missing the original 31 January deadline. Let Taxfile get your tax records, tax returns and overdue tax all in order so you don't have to pay any more in fines than you have already. Learn more here or contact your nearest branch for a consultation.
• All Taxfile clients get free 'Tax Enquiry Fee Protection Insurance' when they file their tax return through Taxfile by the statutory deadline. So - if you're investigated by HMRC - our fees to sort it out are covered. Click the button for more details.

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The post May Newsletter – New Battersea Branch, Easy CIS Tax Refunds, Avoid £10 Daily Fines & More appeared first on Taxfile.