Welcome to the March 2025 Newsletter from Walsh & Co
Data published by HMRC has revealed that £35 million has been added to State Pension pots since April 2024. Over 37,000 online payments have been made, with the average online top-up payment being £1,835.
£35 million added to State Pension pots
People plugging gaps in their National Insurance contributions (NICs) have added £35 million to their State Pensions since April 2024, according to figures from HMRC.
More than 37,000 online payments have been made through the online service, equating to 68,673 years of contributions. The average online top-up payment is £1,835 and the largest weekly State Pension increase is £113.76. HMRC says that 65% of the years topped up by customers are from 2017 onwards.
HMRC and the Department for Work and Pensions (DWP) are reminding customers they only have until 5 April to check their NICs record and fill any gaps from 6 April 2006 onwards.
From 6 April 2025, people will only be able to make voluntary NICs for the previous six tax years, in line with normal time limits.
The Check your State Pension forecast service on GOV.UK is the quickest and easiest way to check if action is required, HMRC said. The HMRC app can also be used.
Angela MacDonald, HMRC's Second Permanent Secretary and Deputy Chief Executive, said: 'Don't delay - it is quick and easy to check your NICs record on GOV.UK and it could help your finances in retirement.'
IN THE NEWS
Tax receipts rise at slower than expected pace
Figures published by the Office for National Statistics (ONS) have shown that tax receipts rose at a slower than anticipated pace in January.
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Business group urges government to help firms grow
The British Chambers of Commerce (BCC) has urged the government to help firms grow and 'get Britain thriving'.
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Business tax compliance costs £15 billion a year
An increasingly complex tax system is costing UK businesses an estimated £15.4 billion a year in compliance, according to a report from the National Audit Office (NAO).
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Firms face increasing cyber security risk, warns BCC
UK businesses face increased cyber security risks without stronger engagement with government, the British Chambers of Commerce (BCC) has warned.
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British household wealth increases to £13.6 trillion
Data published by the Wealth and Assets Survey (WAS) has showed that British household wealth hit a record high of £13.6 trillion in the two years to March 2022.
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ESSENTIAL TAX DATES FOR MARCH
1 March
New Advisory Fuel Rates (AFR) for company car users apply from today.
3 March
5% late payment penalty on any 2023/24 outstanding tax which was due on 31 January 2025 and still remains unpaid.
19 March
PAYE, Student loan and CIS deductions are due for the month to 5 March 2025.
31 March
- End of corporation tax financial year.
- End of CT61 quarterly period.
- Filing date for Company Tax Return Form CT600 for period ended 31 March 2024.
- Last minute planning for tax year 2024/25 - please contact us for advice.
QUOTE OF THE MONTH
'The upcoming Employment Rights Bill is a major source of stress for small firms, with nine in ten business owners saying they are concerned about its introduction, and this is undoubtedly a major cause of the very subdued confidence levels seen in our research.'
Tina McKenzie, Policy Chair at the Federation of Small Businesses (FSB), commenting on research carried out by the business group which showed that confidence amongst firms hit a post-Covid low in the last quarter of 2024.
ON OUR WEBSITE
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