Turning 55 soon? From April 2028, the minimum pension access age rises to 57. If you are planning to draw your pension, you could take up to 25% tax-free. Make informed choices about your remaining pot, as the rest will usually be taxed as income. Get advice before you act.

Most personal pensions have a minimum age for access, currently set at 55 (this will increase to 57 from 6 April 2028). When you reach this age, you can begin withdrawing from your pension, and some of the benefits can be taken tax-free.

In most cases, you’re entitled to take 25% of your pension pot as a tax-free lump sum, up to a maximum of £268,275. If you have protected allowances, you may be able to take a larger tax-free amount.

In specific circumstances, such as serious illness or where certain lump sum death benefits are paid to your beneficiaries, you or your beneficiaries may be eligible to take up to £1,073,100 tax-free. This is referred to as the Lump Sum and Death Benefit Allowance.

Once you’ve taken your tax-free lump sum, you generally have up to six months to decide how to access the remaining 75%, which is usually taxable. Your options include taking further cash withdrawals, buying an annuity for guaranteed income for life and using flexi-access drawdown to invest and withdraw flexibly.

It’s important to remember that pension income (beyond any tax-free amounts) is treated as earned income and taxed under standard Income Tax rules. This includes income from your personal pension, State Pension, employment, or other taxable sources.

A trade mark is a vital tool for protecting the identity and reputation of your business. It can take the form of a name, logo, slogan, shape, or even a sound, and once registered, gives you exclusive rights to use that mark in connection with specific goods or services. In the UK, trademarks are registered through the Intellectual Property Office (IPO), providing legal protection across the country.

The main value of a trade mark lies in safeguarding your brand. A registered trade mark prevents others from using the same or a similar mark in ways that could confuse customers or damage your reputation. Without a trade mark, your business is more vulnerable to imitation or misuse, which can lead to costly disputes or the need to rebrand entirely.

Brand recognition is another key benefit. When customers see a trade mark, they associate it with certain standards of quality and service. This builds loyalty and trust, helping to secure repeat business. A strong trade mark becomes a shorthand for everything your business represents, giving you a competitive edge.

From a commercial perspective, trademarks are valuable assets. They can be sold, licensed, or used to attract investors. As your business grows, a trade mark can open up opportunities for franchising or partnerships. For businesses looking to scale, having brand protection in place adds credibility and can enhance the overall value of the company.

A registered trade mark also helps you avoid legal issues. Before registration, the IPO checks for conflicting marks, reducing the risk of infringement. And if someone does attempt to copy your brand, having a trade mark gives you strong legal grounds to enforce your rights and prevent further misuse.

In summary, applying for a trade mark is a practical and often overlooked step that can offer long-term protection and commercial benefits. It gives peace of mind, legal clarity, and helps to build a stronger, more trusted business. Whether you are starting out or looking to secure an existing brand, registering a trade mark is a sound investment in your business’s future.

When someone agrees to become a director of a UK limited company, they take on a set of legal responsibilities defined under the Companies Act 2006 and other relevant legislation. These duties are not just symbolic – directors have a legal obligation to act in the best interests of the company, its shareholders, and, in certain cases, its creditors.

Statutory duties under the Companies Act

The core legal duties are set out in sections 171 to 177 of the Companies Act 2006. These include:

• Duty to act within powers – Directors must follow the rules set out in the company’s Articles of Association and only use their powers for proper purposes.
• Duty to promote the success of the company – Directors must act in good faith to promote the company’s success for the benefit of its members. This includes considering long-term consequences, employees' interests, the company’s reputation, and its impact on the environment.
• Duty to exercise independent judgement – Directors must make their own decisions and not be unduly influenced by others.
• Duty to exercise reasonable care, skill and diligence – This duty combines objective and subjective standards. A director must show the care, skill and diligence that would be expected from a reasonably diligent person with their knowledge and experience.
• Duty to avoid conflicts of interest – Directors must avoid situations where they have or could have a conflict of interest with the company’s affairs.
• Duty not to accept benefits from third parties – They must not accept benefits that arise from their role as director if it could lead to a conflict of interest.
• Duty to declare interest in a proposed transaction – Directors must declare any personal interest in a transaction or arrangement the company is considering.

Other legal obligations

In addition to the Companies Act duties, directors must ensure that the company complies with its legal responsibilities. This includes filing annual accounts and confirmation statements with Companies House, ensuring tax compliance with HMRC, operating PAYE schemes where appropriate, and observing health and safety laws.

Personal risk and accountability

Directors can be held personally liable for breaches of their duties, particularly if the company becomes insolvent and they have failed to act properly. Disqualification, fines, or even criminal penalties can follow in serious cases.

Accepting a directorship is a serious commitment. Directors must understand their obligations and, if unsure, seek professional advice to avoid legal pitfalls.

Filing your 2024-25 Self-Assessment return early means faster refunds, better budgeting, and no deadline stress. Do not delay, start gathering your tax details today.

The 2024–25 tax year officially ended on 5 April 2025, with the new 2025–26 tax year beginning on 6 April 2026. While many taxpayers may be tempted to put off dealing with their self-assessment tax return until later this year, or early next year, there are several compelling reasons why filing early makes sense.

HMRC recently reported that nearly 300,000 people submitted their 2024–25 self-assessment returns during the first week of the new tax year, almost ten months before the 31 January 2026 filing deadline.

Filing early doesn’t mean paying early. However, by preparing and submitting your tax return well in advance, you gain the advantage of knowing exactly what you’ll owe by the 31 January deadline. This can be incredibly helpful for budgeting and avoiding any last-minute financial surprises.

Submitting your return early gives your accountant more time to work through the details without the pressure of a looming deadline. If you are due a tax refund, the sooner your return is filed and processed, the sooner you'll receive your money.

The 31 January 2026 is not just the final date for submission of the 2024-25 self-assessment tax return but also an important date for payment of tax due. This is the final payment deadline for any remaining tax due for the 2024-25 tax year. In addition, the 31 January 2026 is also the usual payment date for any Capital Gains Tax due in relation to the 2024-25 tax year and also the due date for the first payment on account for 2025-26. Note that any CGT due on the sale of a second residential property must be paid within 60 days of the sale, not in the following January.

In summary, filing your tax return early offers a clearer financial picture, helps spread the workload, and ensures you’re not caught out by deadlines. If you are due a refund, there’s no reason to wait as filing early means a quicker refund.

Is your child starting school this September? Tax-Free Childcare could save you up to £2,000 a year. Check your eligibility now and start planning ahead.

Working families whose children are starting school for the first time September 2025 could save up to £2,000 a year per child on their childcare bills, thanks to the government’s Tax-Free Childcare (TFC) scheme.

Designed to ease the financial burden of childcare, the TFC scheme offers eligible working families valuable support through a wide network of registered childcare providers. This includes childminders, breakfast and after-school clubs, and approved UK play schemes. Families can also build up their TFC account throughout the year, allowing them to save for higher childcare costs during school holidays.

The scheme is available for children up to the age of 11, with eligibility ending on 1 September following the child's 11th birthday. For children with certain disabilities, the scheme extends eligibility until 1 September after their 16th birthday.

Under the TFC scheme, for every £8 a parent contributes, the government adds £2, effectively topping up childcare savings by 25%. This support is capped at a maximum of £10,000 in contributions per child each year, meaning parents could receive up to £2,000 annually per child, or £4,000 for children with disabilities.

TFC is open to a wide range of working families, including the self-employed and those earning the National Minimum or Living Wage. Parents on paid sick leave, maternity, paternity, or adoption leave (both paid and unpaid) are also eligible. To qualify, each parent must work at least 16 hours per week and meet minimum income thresholds. However, households where either parent earns more than £100,000 a year, or those receiving Universal Credit or employer-provided childcare vouchers, are not eligible for the scheme.

Commenting on the scheme, HMRC’s Director General for Customer Services said:

“Starting school can be an expensive time – there’s a lot to buy and organise. Now that you know where your child will be going to school, it’s a good time to start planning your childcare arrangements. Tax-Free Childcare can help make those costs more manageable. Sign up today on GOV.UK and start saving.”

With school starting in just a few months, now is the perfect time for parents to check their eligibility and take advantage of the savings available through the scheme.