An online service is available on GOV.UK at www.gov.uk/find-pension-contact-details to help people find their lost pension funds.

You can use this service to find contact details for:

• your own workplace or personal pension scheme; or
• someone else’s scheme if you have their permission.

Whilst the service won’t confirm if a person has a pension or what its value is it does provide contact details for contacting pension schemes to make further enquiries.

To use this service, the applicant needs to enter their employer’s name or the name of the pension scheme.

Suggestions for finding the name of an historic employer include:

• looking through old paperwork;
• asking former colleagues if they know the employer or scheme name;
• using the search function on the Companies House website as it holds names of all closed and existing companies registered in the UK.

The pension tracing service is a free service. You can also request contact details from the Pension Tracing Service by phone or by post.

Corporation Tax relief may be available when a company or organisation incurs a trading loss, a loss on the sale or disposal of a capital asset, or on property income. Tax relief may be available to reduce Corporation Tax by offsetting it against other profits or gains from the same accounting period.

Additionally, companies can carry a trading loss back to previous years to claim relief by offsetting it against earlier profits, which may result in a Corporation Tax refund.

Typically, such claims can only be made after submitting a Corporation Tax return to HMRC. Losses can only be carried back to the preceding accounting period if the company was trading in that period.

Any claim for trading losses must be included in 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.

Qualifying losses that are not offset in the current period or carried back can also be offset against profits in future accounting periods. There are restrictions on the total amount of carried forward losses that can be offset against profits.

When hiring a new employee, employers must determine the appropriate tax code and starter declaration for their payroll software. Using incorrect tax codes can result in the new employee over or underpaying their taxes. To ensure the correct information is entered, employers need certain details from the new employee, most of which are usually provided on the employee's P45. It's important to remind new employees to bring their P45 on their first day.

If the employee does not have a P45, the required information can be gathered by asking them to complete HMRC’s online PAYE starter checklist. If they cannot use the online version, a paper version is also available. Employers must keep this information in their payroll records for the current tax year and the following three tax years. Once the information is collected, employers can use HMRC’s online tool to determine the employee’s tax code.

The starter checklist should be completed by new employees in the following cases:

• They have a student or postgraduate loan
• Their personal details differ from those on their P45
• They do not have a P45
• They have been sent to work temporarily in the UK by their overseas employer

Once the checklist is completed, the employee can submit it to their employer via email, post, or in person. There is no need to send the checklist to HMRC.

HMRC’s 'Check your State Pension age' tool is available at www.gov.uk/state-pension-age/y.

The online tool allows taxpayers to check the following:

• the earliest age they can start receiving the State Pension;
• their Pension Credit qualifying age; and
• when they will be eligible for free bus travel.

The State Pension age is currently 66 years old for both men and women but will increase again from 6 May 2026 to 67 years old for those born on or after April 1960.

The Pensions Act 2014 requires the Secretary of State for Work and Pensions to regularly review the State Pension age. This helps ensure that the government is able to consider the latest information to inform any future decision on the State Pension age. This review includes life expectancy and population projections, the economic position and the impact on the labour market.

The government is currently required to provide 10 years notice of changes to State Pension age, enabling people to plan effectively for retirement. It is thought that all options for increasing the rise to the State Pension age from 67 to 68 that meet the 10 years notice period will be in scope at the next review.

HMRC has issued a press release urging 18-22 year olds who have yet to claim their Child Trust Fund (CTF) cash to do so as soon as possible. According to HMRC, over 670,000 young adults in this age group have unclaimed funds, with the average savings pot estimated to be marginally in excess of £2,000.

Anyone who turned 18 on or after 1 September 2020 could have unclaimed money in a dormant CTF. Parents of children aged 18-22 should also check if their children have claimed the funds to which they are entitled.

Children born between 1 September 2002 and 2 January 2011 were eligible for a CTF account, with the government contributing an initial deposit, typically at least £250. These accounts were set up as long-term savings for newly born children.

HMRC’s Second Permanent Secretary and Deputy Chief Executive, said:

Thousands of Child Trust Fund accounts are sitting unclaimed – we want to reunite young people with their money and we’re making the process as simple as possible.

You don’t need to pay anyone to find your Child Trust Fund for you, locate yours today by searching ‘find your Child Trust Fund’ on GOV.UK.

Approximately 6.3 million Child Trust Fund (CTF) accounts were created during the scheme's operation. If a parent or guardian was unable to open an account for their child, HMRC stepped in and set up a savings account on the child’s behalf.

The Driver and Vehicle Standards Agency (DVSA) is warning that scammers are sending text messages about fake DVSA parking penalty charges. The text messages warn people that they have a ‘parking penalty charge’, and that if they do not pay on time, that they might:

• be banned from driving
• have to pay more
• be taken to court

The text message reads "Dvsa notice for you: You have a parking penalty charge due on 2024/9/30. If you do not pay your fine on time, Your car may be banned from driving, you might have to pay more, or you could be taken to court. Please enter your license plate in the link after reading the information, Check and pay parking penalty charge. Thank you again for your co-operation. Dvsa."

The initial text message has been followed up with scam reminders:

• DVSA Fixed Penalty Office:
• Today is the last day to pay your ticket due to your long term delinquency, if you do not pay your ticket on time you may be required to pay more in the future, and we reserve the right to prosecute you. Please be patient and open the link below to process your ticket.
• Thank you again for your co-operation.

Another scam reminder says:

• DVSA Fixed Penalty Office last notification:
• You have not paid your ticket within the stipulated time. Today is the last time to notify you to pay. We will ban your car from driving on the road starting tomorrow and transfer your parking ticket to the court. Please wait until you receive the information. Process your ticket as soon as possible in the link.

Another scam message says:

• EWHC notice for you:
• We are preparing to prosecute you for the materials handed over by DVSA. Because you have not paid your parking penalty charge for a long time. Today is the last day for payment.
• If you do not pay within today, we will prosecute you. Please read the information and enter your license plate to check your parking ticket.

DVSA advises that it does not issue or deal with parking fines.

Civil Partners enjoy the same tax and other advantages as married couples.

To set up a civil partnership in England or Wales, both partners must be eligible, meaning they are over 18, not already married or in a civil partnership and not closely related. The rules may be different in Scotland, Northern Ireland and outside the UK.

You and your partner will need to give notice of your intention to form a civil partnership at your local register office. You must have lived in that registration district for the past 7 days. You and your partner will need to give notice separately if you live in different registration districts. You do not have to do this on the same day.

You'll need to provide various original documents proving your identity, address, and if applicable, evidence of the dissolution of any previous marriage or civil partnership.

The ceremony can take place at a register office or an approved venue. Unlike a wedding, no legal vows are required, but you will sign a civil partnership document in front of witnesses, making it legally binding. After the ceremony, you will receive a civil partnership certificate.

Forming a civil partnership grants rights similar to marriage, particularly regarding inheritance, pensions, and tax responsibilities.

For more detailed information, you can visit the UK government’s official site on civil partnerships: GOV.UK – Civil Partnerships.

There is a tax-free limit of £30,000 for redundancy pay regardless of whether it is your statutory redundancy payment or a higher payment from your employer.

If you have been employed for two years or more and are made redundant, you are usually entitled to redundancy pay. The legal minimum you can receive is known as "statutory redundancy pay." However, there are exceptions, such as if your employer offers to keep you on or provides suitable alternative work, which you then refuse without a valid reason.

The amount of statutory redundancy pay depends on your age and length of service and is calculated as follows:

• Under 22: Half a week’s pay for each full year of service
• Aged 22 to 40: One week’s pay for each full year of service
• Over 41: One and a half weeks’ pay for each full year of service

Weekly pay is capped at £700, with a maximum of 20 years of service considered. The maximum statutory redundancy pay for 2024-25 is £21,000, with slightly higher limits in Northern Ireland.

Employers can choose to offer a higher redundancy payment, or you may be entitled to one based on the terms of your employment contract.

There are special VAT rules that allow two or more companies or limited liability partnerships, commonly referred to as ‘bodies corporate’, to be treated as a single taxable person for VAT purposes known as a VAT group.

These bodies corporate can register as a single taxable person or VAT group if:

• each body has its principal or registered office in the UK; and
• they are under common control, for example, one or more company is a subsidiary of a parent company.

The VAT group registration is made in the name of the ‘representative member’, who is responsible for completing and submitting a single VAT return and making VAT payments or receiving VAT refunds on behalf of the group.

This is particularly helpful for those whose accounting is centralised. As a VAT group is treated as a single taxable person, there is usually no requirement to account for VAT on goods or services supplied between group members. Only one VAT return is required for the whole group. However, all members of the VAT group remain jointly and severally liable for any tax debts.

There are other important points to be aware of in respect of a VAT group registration. For example, the representative member must have all the necessary information to submit a VAT return for the group by the due date. The partial exemption de minimis limits apply to the VAT group as a whole and not the members individually.

The freezing of tax thresholds often leads to a phenomenon known as fiscal drag. When tax thresholds remain unchanged, taxpayers will likely pay more tax as their earnings rise without a corresponding increase in allowances. As a result, more people are “dragged” into higher tax brackets or into paying tax for the first time. This process effectively acts as a stealth tax.

While fiscal drag is not uncommon, its impact depends on three key factors, the government setting of thresholds and allowances, inflation and wage growth.

How thresholds are determined is critical, especially in periods of high inflation.

Adjusting thresholds in line with inflation or another index is referred to as "indexation." The government’s policy of increasing certain thresholds annually based on inflation is known as "uprating." However, this policy is not always implemented. When thresholds are frozen, tax revenues increase for HM Treasury without any corresponding rise in tax rates.

You can typically claim tax relief on private pension contributions up to 100% of your annual earnings, subject to certain limits. Tax relief is applied at your highest rate of income tax, meaning:

• Basic rate taxpayers receive 20% pension tax relief
• Higher rate taxpayers can claim 40% pension tax relief
• Additional rate taxpayers can claim 45% pension tax relief

For basic-rate taxpayers, the initial 20% tax relief is usually applied by the employer. Higher and additional rate taxpayers can claim the extra relief through their self-assessment tax return.

Taxpayers can claim on their self-assessment return for private pension contributions as follows:

• 20% relief on income taxed at 40%
• 25% relief on income taxed at 45%

Alternatively, taxpayers can contact HMRC to claim the relief if they pay 40% income tax and do not submit a self-assessment return.

These rates apply in England, Wales, and Northern Ireland, but there are some regional variations for Scotland.

There is an annual allowance of £60,000 for pension tax relief. Taxpayers can carry forward any unused allowance from the previous three tax years, provided they made pension contributions during those years. The lifetime limit for pension tax relief was abolished as of 6 April 2023.

CGT is generally charged at a flat rate of 20% on most chargeable gains for individuals. However, if taxpayers are within the basic rate tax bracket and make a small capital gain, they may be eligible for a reduced CGT rate of 10%. Once their total taxable income and gains exceed the higher-rate threshold, the excess is taxed at the 20% rate.

A higher CGT rate applies to gains from the disposal of residential property (excluding a principal private residence). Basic rate taxpayers are charged 18% (2023-24: 18%), while higher-rate or additional-rate taxpayers are charged 24% (2023-24: 28%). If a gain pushes a taxpayer into the higher-rate bracket, CGT may be payable at both rates.

There is an 18% basic rate and 28% higher or additional rate that applies to gains on carried interest (the share of profits paid to asset managers).

There is an annual CGT exemption for individuals, currently set at £3,000 for 2024-25. Spouses and civil partners have their own separate exemption, with same-sex couples treated the same as married couples for CGT purposes.

Most CGT payments are typically due by 31 January following the end of the tax year in which the gain was made. However, CGT on residential property sales that do not qualify for Private Residence Relief (PRR) must be paid within 60 days of the sale.