If you haven’t already retired, you need to rack up 35 full years of National Insurance Contributions (NICs) in order to receive the maximum state retirement pension. To receive any amount of state retirement pension, you need at least 10 full years of NICs contributions. Your online personal tax account (at: www.gov.uk/personal-tax-account) will show you
How to carry back income tax losses Many unincorporated businesses made a loss in the tax year 2020/21, due to the pandemic. Now it’s important to make the most of such losses. By carrying back the trading losses to an earlier tax year in which you made profits in that trade, you may be
Prepare for Making Tax Digital for income tax From 6 April 2024 most unincorporated businesses will have to comply with the Making Tax Digital for Income Tax Self Assessment (MTD ITSA) regulations. Individuals with trading and/or property income of less than £10,000 per year in total will not have to comply with MTD ITSA. Where
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