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Jan 17, 2025 | 
smh.group | Brendan Hall
Making Tax Digital (MTD) for the self-employed and landlords is still over a year away, but the October 2024 Budget expanded its scope to include individuals with income between £20,000 and £30,000, set to take effect before the end of this parliament. MTD timelineWith the latest announcement, the MTD timeline for the self-employed and landlords now looks like this:6 April 2026: Those with an income of more than £50,000 for the 2024/25 tax year.
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Jan 17, 2025 | 
smh.group | Brendan Hall
Over the last six years, the number of lost pension pots has surged to approximately 3.3 million, with the total value of unclaimed funds reaching nearly £31 billion. A pension pot is classified as lost when the provider managing the fund can no longer reach the saver who owns it. How do pension pots get lost? Savers may have worked for many different employers during their working life with some employments only for relatively brief periods.
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Jan 17, 2025 | 
smh.group | Brendan Hall
The Employment Rights Bill currently progressing through Parliament is set to have significant implications for employers once enacted. In addition to limiting flexible working options, the proposed changes are expected to cost businesses billions of pounds annually to implement. Businesses operating in the hospitality sector will take a significant hit from implementing and complying with the package of improved workers’ rights.
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Jan 17, 2025 | 
smh.group | Brendan Hall
UK landlords are now facing higher surcharge rates when purchasing buy-to-let properties, with recent increases over the past three months hitting Scotland particularly hard. Since stamp duty was devolved to the Scottish and Welsh Governments (in 2015 and 2018, respectively), different rules apply across the UK. Scottish buyers now pay Land and Buildings Transaction Tax (LBTT), while in Wales, it’s Land Transaction Tax (LTT).
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Jan 17, 2025 | 
smh.group | Brendan Hall
Principle Finance, a leading commercial finance and residential mortgage brokerage who are part of the SMH Group, is delighted to announce the appointment of Andy Cocker to the role of Business Development Manager as a result of their continued business growth. This strategic appointment reflects our commitment to enhancing client engagement, expanding our market presence, and driving future growth.
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Jan 14, 2025 | 
smh.group | Brendan Hall
The global market outlook showed an improvement for 2024 with the US achieving more than 20% returns for a second consecutive year. Index2024 changeFTSE 100+5.7%Standard & Poor’s 500+23.3%Nikkei 225+19.2%Euro Stoxx 50 (€)+8.3%Shanghai Composite+12.7%MSCI Emerging Markets (£)+6.9%MSCI AC World (£)+17.8%A quick look at a table comparing changes across key global indices puts the UK, as represented by the FTSE 100, in a relatively poor light.
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Jan 14, 2025 | 
smh.group | Brendan Hall
As we step into 2025, it’s the perfect time to turn your attention to tax year-end planning. As we step into 2025, it’s the perfect time to turn your attention to tax year-end planning. The early months of the year are traditionally focused on this important task, driven by key dates such as the tax year-end on Saturday, 5 April 2025, and the usual Spring Budget. This year, however, following last October’s impactful Autumn Budget, there will be no Spring Budget.
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Jan 14, 2025 | 
smh.group | Brendan Hall
National Savings & Investments (NS&I) has been steadily cutting its interest rates in recent months. Established in 1861 by Chancellor of the Exchequer William Gladstone as the Post Office Savings Bank, NS&I has a long history of managing savings for the public. As of 30 September 2024, NS&I reported holding £233.9 billion in investments. While this figure may seem substantial, it pales in comparison to the enormous financial challenges facing the government.
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Jan 14, 2025 | 
smh.group | Brendan Hall
The Autumn 2024 Budget brought inheritance tax (IHT) into the spotlight, but many still don’t fully understand its impact. Let’s break it down with an example:Mark and Hannah have an estate worth £1.25 million, including a jointly owned home worth £400,000. Their wills leave everything to the surviving spouse, then to their children. Under current rules, what percentage of their estate would be lost to IHT after the second death? 8%20%24%40%The correct answer is 8%, which may surprise you.
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Jan 14, 2025 | 
smh.group | Brendan Hall
A recent survey has raised questions about retirement readiness. BlackRock, one of the world’s leading investment managers, has unveiled its latest analysis of the UK’s retirement landscape. The report is based on a survey of 1,000 savers participating in defined contribution (DC) pension schemes—now the dominant form of private sector retirement savings, largely driven by automatic enrolment workplace schemes. BlackRock’s four main findings were:Generational differences in retirement readiness.
