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September 2024

What is service pupil premium? | How much money do schools get for Service children?

State schools, academies, and free schools in England are eligible for SPP funding. SPP helps schools provide additional support to service children who need it. The current SPP allowance is set at £340 per child.

Andrew Tanner
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What date do I have to submit my 2023-24 self assessment tax return by? | Self-assessment deadlines 2023-24

The deadline for submitting paper self-assessment tax returns for the 2023-24 tax year is 31 October 2024. If the return is submitted late, an initial £100 penalty will be imposed, regardless of whether there is a tax liability or if any owed tax is fully paid by 31 January 2025. The penalty increases if the return is submitted more than 3 months late.

Mike Wakeford
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What is the penalty for late filing of monthly VAT return? | New penalty regime for late submission and payment of VAT

The VAT penalty regime that applies to the late submission and / or late payments of VAT returns changed for VAT return periods beginning on or after 1 January 2023. Under the new regime, there are separate penalties for late VAT returns and late submissions. Penalties for late submission apply even if there is no VAT liability or there is a repayment due.  

Mike Wakeford
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When will VAT get added to private school fees? | More details on VAT charge on private school fees

More details have been published regarding Chancellor Rachel Reeves' plans to impose a VAT charge on private school fees. The government has said that the money raised by ending the tax breaks on VAT and business rates for private schools will help secure additional funding for state education programs.  

Mike Wakeford
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What is the Residence nil-rate band 2024/25?| Inheritance tax unused Residence Nil Rate Band (RNRB)

The Inheritance Tax Residence Nil Rate Band (RNRB) is a transferable allowance available to married couples and civil partners when their main residence is inherited by direct descendants, such as their children or grandchildren.

Mike Wakeford
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How many years of NIC'S do I need for a full state pension? | Check your State Pension forecast.

Regularly checking your state pension position can help optimise your entitlement. It would be best to consider what other savings or pensions might be required for a long and comfortable retirement. To receive the full benefits of an entire state pension your National Insurance record must usually contain a minimum number of years. Also be aware the requirements for men and women differ. Menusually need at least 30 qualifying years of NIC payments if born between 1945 and 1951 and 44  if born before 1945. Women usually need at least 30 qualifying years if born between 1950 and 1955 and 39 if born before 1950. If you were born after 1951, you will get the new state pension, which only needs ten qualifying years of NIC Payments to receive a state pension  

Mike Wakeford
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