Pension Credits can provide extra income to those over State Pension age and on a low income. The credits were first introduced back in 2003 to help keep retired people out of poverty.

The Department for Work and Pensions has launched a Pension Credit awareness drive, urging pensioners to check their eligibility for Pension Credit in order to secure this year’s Winter Fuel Payment. This follows the Chancellor’s recent announcement that the Winter Fuel Payment will be means tested in future.

Approximately 1.3 million households in England and Wales are expected to continue receiving Winter Fuel Payments. The government is eager to increase the uptake of Pension Credit to ensure that low-income pensioners who qualify for these payments continue to receive the Winter Fuel Payment. Pensioners must apply by 21 December 2024 in order to make a backdated claim for Pension Credit and be eligible for the Winter Fuel Payment.

Pensioners whose weekly income is below £218.15 for a single person or £332.95 for a couple should check to see if they are eligible. If your income is higher, you might still be eligible for Pension Credit if you have a disability, you care for someone, you have savings or you have housing costs. Not all benefits are counted as income.

Claimants entitled to the Pension Credit could be entitled to a support package worth an average of £3,900 per year. Details of how to make an application for Pension Credit can be found on GOV.UK at https://www.gov.uk/pension-credit/how-to-claim 

The Chancellor of the Exchequer, Rachel Reeves commented that: 

“The dire state of the public finances we inherited from the previous government means we’ve had to make some very difficult decisions.

Our commitment to supporting pensioners remains, which is why we are maintaining the triple lock.

We want pensioners to get the support they are entitled to. That’s why I urge all pensioners to check whether they are eligible for the Pension Credit.”

There are a significant number of reliefs available to businesses that suffer losses. Certain losses that your company has not used in any other way can be carried forwards against profits in future accounting periods. In general, a company can carry trading losses forward to deduct from profits of future accounting periods as long as the trade continues.

However, there are limitations on the total amount of carried-forward losses that can be offset against profits for accounting periods starting from 1 April 2017.

These apply to carried-forward trading losses so that the total:

• amount that can be relieved using carried-forward trading losses that arose before 1 April 2017 is restricted to, broadly, the amount of an allowance up to £5 million, plus 50% of remaining trading profits after deduction of the allowance;
• overall amount that can be relieved using most types of carried-forward losses – including carried-forward trading losses incurred either before or after 1 April 2017 – is restricted to, as set out above, the amount of an allowance up to £5 million, plus 50% of remaining total profits after deduction of the allowance.

Any claim for trading losses forms part of the Company Tax Return. The trading profit or loss for Corporation Tax purposes is worked out by making the usual tax adjustments to the figure of profit or loss shown in the company’s or organisation’s financial accounts.

There is no requirement for employers to pay tax and National Insurance on certain health benefits covered by tax concessions or exemptions. For example, there is no requirement to report employees’ medical or dental treatment or insurance if they are a part of a salary sacrifice arrangement.

In addition, the following health benefits can be provided tax free:

• A maximum of one health-screening assessment and one medical check-up in any year.
• Eye tests required by health and safety legislation for employees who use a computer monitor or other type of screen.
• Glasses or contact lenses required by employees for working on computer monitors or other types of screen.
• Medical treatment for employees working overseas. The employer must have committed in advance to pay for this treatment or must pay the provider directly for the employee’s treatment or insurance.
• Medical treatment or insurance related to injuries or diseases that result from your employee’s work.
• Medical treatment to help an employee return to work. This allows the employer to pay up to £500 in costs for an employee to return to work.
• Any medical or dental treatment or insurance provided that is not exempt must be reported to HMRC. Employers may be required to deduct and pay tax and National Insurance on these amounts.

In the UK, certain business sectors are required to register with a regulatory body, such as HM Revenue & Customs (HMRC), for Anti-Money Laundering (AML) purposes. These sectors include:

1. Money Service Businesses (MSBs): This includes currency exchange offices, money transmission services, and cheque cashing businesses. MSBs are required to register with HMRC for AML supervision.
2. Estate Agents and Letting Agents: Estate agents involved in buying, selling, or letting property, especially transactions over a certain value, must register with HMRC. Letting agents also need to register if they facilitate transactions with monthly rents of €10,000 or more.
3. High-Value Dealers: Businesses that accept or make cash payments of €10,000 or more (or the equivalent in any currency) in a single transaction must register with HMRC. This category includes dealers in luxury goods, precious metals, and other high-value items.
4. Accountancy Service Providers (ASPs): This includes accountants, tax advisers, external auditors, and bookkeepers who offer accountancy services. These businesses must register with a relevant supervisory authority, such as HMRC, or a professional body like the Institute of Chartered Accountants.
5. Trust or Company Service Providers (TCSPs): Businesses that provide services related to the formation of companies, acting as company directors or secretaries, providing registered office addresses, or acting as trustees must register with HMRC.
6. Cryptoasset Exchange Providers and Custodian Wallet Providers: Businesses involved in exchanging cryptoassets or providing services for managing and storing cryptoassets (custodian wallets) must register with the Financial Conduct Authority (FCA) for AML purposes.
7. Art Market Participants: Businesses or individuals involved in the buying and selling of works of art, where the value of transactions (individually or cumulatively) amounts to €10,000 or more, must register with HMRC.
8. Bill Payment Service Providers and Telecommunications, Digital, and IT Payment Providers: Businesses that provide bill payment services or enable payments through digital or IT services must also register with HMRC for AML compliance.
9. Auctioneers and Dealers of Art or Antiques: Similar to high-value dealers, businesses in this sector must register if they manage transactions exceeding the €10,000 threshold.

These sectors are considered high-risk for money laundering and terrorist financing, and therefore, are required to register with an appropriate supervisory body to ensure compliance with the UK's AML regulations. Failure to register can lead to significant penalties, including fines and criminal prosecution.

The enhanced Check Your State Pension forecast service is available online. The service can be found on GOV.UK at the following webpage https://www.gov.uk/check-state-pension.

The new digital service is a joint service by HMRC and the Department for Work and Pensions (DWP). It has been enhanced to include a fully end-to-end digital solution.

The service allows most people under State Pension age to view their pension forecast and identify any gaps in their National Insurance Contributions (NICs) record. This will be helpful for taxpayers looking to make voluntary NIC contributions to increase their entitlement to benefits, including the State or New State Pension.

Usually, HMRC allow you to pay voluntary contributions for the past 6 tax years. The deadline is 5 April each year. However, there is currently an opportunity for people to make up for gaps in their NICs for the tax years from April 2006 to April 2017 as part of transitional measures to the new State Pension. The deadline has been extended a number of times and has been most recently extended until 5 April 2025.

The launch of HMRC’s online service will help speed up this process. HMRC’s helplines have been struggling to meet the demands for information and processing claims to pay additional NIC contributions.

HMRC has also confirmed that all relevant voluntary NIC payments will be accepted at the rates applicable in 2022-23 until 5 April 2025.

It is advised to regularly check your State Pension position to help optimise your entitlement. You should also consider what other savings or pensions might be required for a long and comfortable retirement.