MTD for Income Tax begins on 6 April 2026 and initially applies to self-employed individuals and landlords who had qualifying income of over £50,000 in 2024/25
UK pharmacies are navigating a complex landscape marked by funding cuts, rising operational costs, regulatory changes, technological advancements, and workforce challenges, but there are way they can look to improve their position by following some best practice guidance.
Nasty surprises were anticipated in the 2025 Autumn Budget, with every potential UK taxpayer bracing themselves for what they felt would only be bad news.
HMRC requires impacted members to use a new tool produced by them; the ‘Public Service Pension Adjustment’ calculator, along with information detailed within the RPSS, to determine whether there are any annual allowance or lifetime allowance tax charges that need to be reported to them.
Ahead of Labour’s first budget, speculation in many news reports has gathered pace - suggesting that it could be especially grim - and Rachel Reeves, Chancellor of the Exchequer, has now laid the groundwork to ensure we won’t be surprised by tax hikes.
The prevalence of errors in NHS pension records is a pressing issue, with reports of nearly 20% of records containing mistakes. These errors can lead to significant financial consequences, from incorrect annual allowance tax charges to discrepancies in accrued pension benefits.
After another year of changing rules and regulations - the removal of the lifetime allowance and the increase to the annual allowance alongside the implementation of the McCloud remedy - the pension landscape for NHS members has never been more complex. But how do these changes impact your NHS pension?
Historically public sector pension schemes were defined benefit schemes, with pension benefits determined by final pensionable salary. In 2015, the Government reformed public sector pension schemes, introducing Career Average Revalued Earnings (‘CARE’) pension schemes.
‘Pay Transparency for General Practice’ was initially introduced (and set out in legislation) in October 2021. However, shortly thereafter, as a consequence of the work demands of covid, the Department for Health and Social Care put it on hold… until now! The data collection has resumed and will commence with NHS Earnings for 2021/22.