Did you know that the average person will switch jobs 11 times during their career? This means that we might accumulate 11 different pensions along the way. Over time, some pension plans might go defunct, companies might merge, or simply change their names, which could cause some trouble. According to the Pensions Policy Institute, the amount of lost pension savings among UK taxpayers increased by 73% from £1.6 million to over £2.8 million between 2018 and 2022. Currently, these lost pensions are valued at £26.6 billion. Where did these pensions go? 1. When might you ‘lose’ your pension? There are various situation where you might ‘lose’ a pension, such as frequently changing employers or moving and forgetting to update your address—meaning you no longer receive annual pension statements. In recent years, although many pension plans offer electronic statements, if there’s an issue with your email or you forget the login information for the pension company, finding it can become impossible. Over the years, the rules governing pensions have continually changed. Therefore, whether you’ve accumulated a certain amount of pension and whether the pension plan is still valid depends on the period you worked. Before April 1975 If you left an employer before April 1975, any contributions you made might have been refunded. Some pension plans didn’t require members to make regular contributions, so you might not be entitled to any pension benefits from that plan. April 1975 to April 1988 If you left an employer between April 1975 and April 1988, were over 26 years old, and had worked for the employer for at least five years, the pension might have been preserved for you. If your service was less than five years, your contributions might have been refunded. After April 1988 If you left an employer after April 1988, you might be entitled to some pension benefits provided you had worked there for at least two years. 2. How do I track a lost pension? Lost pensions can include personal pensions or workplace pensions. You can track lost pensions through the following methods: Contacting Previous Employers (for workplace pensions) Contacting Pension Providers Using Pension Tracing Services Method 1: Contacting Previous Employers Make a list of all past employers and check if you had a workplace pension with them. Most pension plans must send you an annual statement, which includes potential retirement income. Look for these documents to find the name of the employer, the pension plan, the administrator, or the provider’s details. Method 2: Contacting Pension Providers If you know the pension provider, contact them directly. Gather information such as the pension plan number, your date of birth, National Insurance number, and the dates the plan was established. Workplace pension plans might also need to know your dates of employment. Method 3: Using Pension Tracing Services If you cannot find your previous employer or pension provider, use the government’s free Pension Tracing Service. By entering the employer’s or pension provider’s name, the tracer will confirm the correct contact details. You can use the tracer online via the government’s website or call the Pension Tracing Service at 0800 731 0193. Collect as much information as possible, including: The name of previous employers or pension providers (required to start tracing) Any previous names Type of business Whether the address has changed When you joined the plan The Pension Tracing Service will provide the contact details of the pension administrator or provider but will not give any information about the pension’s value. You will need to contact them to find out if you have a pension with them and its value. If it’s difficult to find a defined benefit or final salary scheme, check the Pension Protection Fund (PPF) website. The PPF steps in to pay benefits when an employer can no longer meet its obligations. 3. How can I better manage my pensions? If you have different pension arrangements, whether personal or workplace pensions, you can follow these simple steps to manage your retirement savings: Understand the Basics Most pension plans must send you an annual statement. If you think you haven’t received one, ask the provider for it. Update Your Details Promptly It’s your responsibility to inform your pension company of any personal changes. If you move and don’t update your address, your statements might go to the wrong place. Nominate a Beneficiary After you die, your pension typically becomes part of your estate. However, most pension plans allow anyone to inherit your pension. If you die without a will, your pension might not go to the person who needs it most. Update your pension provider(s) with details of your nominated beneficiaries to ensure that arrangements are in place. For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

When you turn 55, you are free to withdraw and use your private pension. Some may wonder – if I have an urgent need for the money, can I withdraw everything from my pension pot at once? In many cases, if you wish, you can actually withdraw the entire pension pot in one lump sum. However, whether you can do so and how depends on the type of pension you have and the specific requirements of your provider. You also need to be aware of a significant risk – paying a large amount in taxes. Therefore, before making a decision, you need to understand the tax rules and risks associated with withdrawing your entire pension. 1. Withdrawing your entire pension in a lump sum Back in April 2015, pension withdrawal rules were changed to allow people to withdraw their entire pot in a single lump sum. Note that not all pension providers offer a lump sum withdrawal option. You need to consult your current pension account provider. If they allow it, they will generally explain the process and require you to provide some documents to apply. If your provider does not offer this option, you may need to transfer your funds to a new provider to withdraw your pension. In certain cases, you may not be able to use this option, such as: If you received a portion of your ex-spouse’s or ex-civil partner’s pension due to divorce If you have certain special features or guaranteed rights, such as a guaranteed minimum pension with an S32 policy However, different pension companies have different withdrawal rules. Always consult your pension provider before withdrawing your pension. Note that the withdrawal age will increase to 57 in 2028. 2. Advantages of withdrawing in a single lump sum Advantage 1: Flexibility The biggest attraction of withdrawing your entire pension is flexibility. If you know how you need to use the money, you are not bound by annuities or other investment strategies. Advantage 2: Invest the way you want If you want to continue increasing the value of your pension, a lump sum withdrawal allows you to invest in a way that suits you. This method might yield higher returns, but your pension could also depreciate. Advantage 3: Early retirement Perhaps you want to travel or pursue new hobbies.  In that case, withdrawing funds from your pension in one go can help you achieve these goals earlier. Or, if you have debts such as a mortgage, you might want to clear them upon retirement. A lump sum withdrawal is one of the simplest methods. 3. Risks of withdrawing in a single lump sum Risk 1: Tax implications The main issue when withdrawing your pension in one go is taxation. When you withdraw cash from your pension pot, 25% is typically tax-free, and the remaining 75% is taxed as income. This could push you into a higher tax bracket. For instance, if your pension and other income sources total over £150,000, you will be taxed at the highest rate of 45%. Additionally, you might have to pay more tax than necessary when you withdraw your pension. Pension companies usually do not know your personal tax code or how much income you earn from other sources. Without this information, they need to use an emergency tax code to calculate the tax on withdrawals. This means you might lose part or all of your personal tax allowance and end up paying the highest tax rate on most of your pension. You can reclaim overpaid tax from HMRC, usually within four weeks, but the process can be cumbersome. If you do not use the relevant form to reclaim emergency tax, you can wait until the end of the tax year and use self-assessment to get a refund. Risk 2: Running out of pension funds After withdrawing all your pension, unless you have a clear plan, you might run out of funds quickly and lose the ability to receive a stable income. If you invest the lump sum or use it to pay off debts, your future financial security could be at risk. Risk 3: Decrease in pension value If you put the withdrawn cash into a regular savings account, its real value may decrease. Risk 4: Pension scams With the increased flexibility to withdraw pensions, pension scams have risen in recent years. Avoid making any major investments without consulting an independent financial advisor. Most importantly, never respond to unsolicited calls or emails, and only use FCA-regulated financial advisors you have chosen. 4. Advantages of making multiple withdrawals You can withdraw from your pension pot as needed until it is depleted. The timing and amount of each withdrawal are up to you. Many people choose to withdraw gradually, leaving the remainder invested or using it to buy an annuity. The main advantage of multiple withdrawals is that you can spread the withdrawn funds over several tax years, helping to reduce your total tax bill. Additionally, since pension growth is tax-free, the remaining pension can stay invested in a tax-efficient environment. Note that each lump sum withdrawal might incur fees. Also, the number of withdrawals each year might be limited. Not all pension providers offer this option. If your current provider does not, you can transfer to another provider, though transfer fees may apply. 5. Is withdrawing your pension in a single lump sum suitable for you? Before making this decision, you should consider that a lump sum withdrawal will not provide regular retirement income for you or your family after your death. Plan how much you can afford to withdraw, otherwise, you risk running out of money. This could happen if you live longer than expected, withdraw too much early on, or if your remaining investments don’t perform as expected and you don’t adjust your withdrawals accordingly. Consider how to invest the money from your pension pot and regularly review your investments. Overall, withdrawing your entire pension might seem more attractive than annuities or drawdown options, but it is a riskier strategy, especially if you don’t have other private funds. You might face unexpected costs, such as large tax bills. TB Accountants believes you should analyse your situation before making a decision. Consider withdrawing your entire pension if: You need the money urgently Your health is poor, and guaranteed lifetime income may not be the best option You want to reinvest or quickly use the funds You have multiple pension accounts and want to cash in one or two to provide more initial retirement income For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

Every financial year, you’ll receive a new Individual Savings Account (ISA) allowance of £20,000 which you can save tax-free. So, how should you make the most of this? 1. Develop a habit of saving Everyone over the age of 16 can save up to £20,000 each tax year in an ISA. But most people don’t use their full allowance. On average, savers only save about a quarter of the allowance, and many save even less. So, don’t be discouraged – just save whatever you can manage. Saving a little here and there may not seem like much, but it can add up significantly over time. The key is to develop the habit. 2. Check your ISA regularly If you haven’t checked your old ISAs in a while, you might assume that they are quietly growing…but that’s not always the case. Many Cash ISA providers offer attractive introductory rates for one year, after which your savings are transferred to a low-interest account. Similarly, many providers offer higher rates to new customers while keeping loyal savers on the lowest rates. So, make sure to check your ISAs at least once a year to ensure you are still getting a good deal. If not, transfer your funds to a new provider or ask your current provider for a better rate. 3. Consider interest rates We have reached the highest interest rates since 2009, meaning that you can shop around to find the best rate to suit your saving needs. 4. Control spending Saving is hard. It requires self-control, delayed gratification, and spending less than you earn. So, make it as simple as possible by eliminating the need for willpower. Set up direct debits or standing orders to automatically transfer funds to your ISA. Or use the ‘pay yourself first’ model—put money into your ISA as soon as you get paid so you won’t be tempted to spend it. 5. ‘Challenger’ banks Millions of savers simply deposit with their existing bank. But to get the best rates, you need to look further afield.  Challenger banks often offer the best rates, while high street banks are slower to offer competitive deals. Check the best Cash ISA rates across various banks before making a decision. 6. Online rates Many savings providers offer better rates to customers who open accounts online rather than in-branch. This is unfair, as customers shouldn’t be penalised for preferring in-person banking or being uncomfortable or unable to go online. However, this practice is becoming increasingly common.  To get the best rates, check the latest rates online from your branch. If you can’t do it yourself, seek help from a trusted friend or family member or ask for help setting up an ISA online at the branch. 7. Flexible savings Some (but not all) Cash ISAs are flexible. This means you can withdraw money from your ISA and replace it without it counting against your allowance. If you want to withdraw money from your account and replace it within the same tax year, make sure to choose an account that offers this flexibility. 8. Savings accounts for family members All family members are eligible for ISAs.  Adults can save up to £20,000 each tax year, and those under 16 can save up to £9,000. Consider opening ISAs for family members and children to help them build a valuable financial cushion. 9. Transfer between ISAs Switching ISA providers every year or two can help ensure you still get the most competitive deals but be careful about how you transfer funds. If you withdraw cash yourself and move it to a new ISA, your money will lose its tax-free status. Always ask your new ISA provider to handle the transfer to ensure you keep your tax benefits. 10. Transfer wealth to your partner Generally, your spouse or civil partner can inherit your ISA allowance when you die, and vice versa. In addition to the regular ISA tax-free amount, they will also get an extra allowance equal to the value of your ISA at the time of your death. 11. Diversify investments You don’t have to choose between cash ISAs and stocks and shares ISAs—you can have both. This way, you can accumulate some cash for emergencies and invest for your long-term financial goals. 12. Transfer £1,666 regularly If you plan to use the full annual ISA allowance but don’t want to pay it all at once, consider transferring £1,666 to your ISA each month.  Over 12 months, this adds up to nearly £20,000, which is your full allowance. 13. Don’t wait for the perfect time Waiting for the perfect market conditions to invest is pointless.  A market crash may be imminent, or the market may be gearing up for a boom—we just don’t know. However, delaying investment until conditions are right may ensure you miss out on market returns. To mitigate the risk of investing at a bad time, spread your savings over time rather than investing a lump sum. This way, you invest in all market conditions—good and bad—hoping it will average out over time. 14. Prepare for future turbulence Financial markets may remain volatile for some time, inflation will persist, and central banks may further raise interest rates. Investors might also consider funds from companies that regularly pay dividends in tough economic conditions, even if share prices do not rise. 15. Rational investing At the start of a new tax year, many investors choose new funds to add to their ISA portfolios.  However, it may be more prudent to review your funds carefully and only select a limited number, depending on your willingness to expose yourself to risk. 16. Short and long-term investments In the long run, stocks and shares ISAs may yield higher returns than cash versions. However, if you think you might need your funds soon, investing may not be suitable and you may be better off with a standard cash ISA. 17. ‘Core and satellite’ approach To ensure you don’t take on too much risk, try a core and satellite approach to your investment portfolio. This means putting most of your investments into a diversified fund or funds investing in a wide range of companies across various sectors and regions. Then, use a small portion of your investment to buy funds or stocks with higher potential but more risk. For example, if you think small UK companies, global healthcare, or even artificial intelligence show potential, you can include these in your satellite funds without exposing yourself to too much risk. 18. Innovative finance ISAs These are the least popular members of the ISA family but might be worth considering for some.  They allow you to lend money using a peer-to-peer model. They tend to be riskier, but usually offer good returns. 19. Lifetime ISA for prospective homebuyers If you’re saving for your first home, a Lifetime ISA might be a good choice.  You can pay up to £4,000 each tax year and receive a 25% government bonus. However, you’ll need to check a long list of eligibility criteria before proceeding. 20. Seek professional advice Investing has become much easier in recent years. You don’t need to pick individual company stocks, have an opinion on the economy, or even choose your investments. Many investment platforms offer ready-made funds. You just need to answer a few questions about your risk tolerance and investment time frame, and a professional will suggest suitable funds for you. For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

Did you know that opening a supermarket can indeed yield unexpected tax benefits? England and Wales have implemented major reforms to business rates, revaluing over 500,000 retail properties across the UK, resulting in a 10% decrease in value—most supermarkets benefit from this, resulting in significant savings. Data shows that the latest structural adjustment has reduced the taxable value of large chain supermarkets from £2.86 billion to £2.43 billion the following year. Apart from government support, supermarket owners also have various ways to save on operating costs – let’s find out more! 1. Supermarket tax obligations Like other types of companies, the taxes that the retail industry in the UK needs to pay depend on the company structure and specific circumstances. Generally, the following aspects are involved: Corporation Tax (if your supermarket is operated as a limited company, you need to pay corporation tax) Income Tax (sole proprietors or partners need to pay income tax on profits) National Insurance (for employers and employees) Value-Added-Tax (VAT) (including zero-rated, reduced-rate, and standard-rate items) Business Rates (if your supermarket operates in a retail or office location, you likely need to pay business rates) 2. Saving on taxes – allowable business expenses Each year, when calculating profits, HMRC allows owners to deduct some business expenses from their profits to reduce the taxable amount—these are called ‘Allowable Expenses’. So, what business expenses can be used to offset tax when running a supermarket in the UK? Shop-related costs If you rent or buy a commercial property for your supermarket, all related costs can be considered business expenses. These include rent, mortgage interest, repairs, utilities, and cleaning costs. If you run an online store, allowable expenses include domain names, security certificates, and software or platforms required to operate the site. Equipment You need various equipment to run a supermarket, all of which can be considered allowable expenses. These include: Cash registers Computers Self-checkout machines Inventory software Furniture/fixtures Third Expense: Cost of Goods Sold Expenses for purchasing or producing goods can be claimed as deductions. Other costs related to selling goods, like delivery charges, can also be included if the customer hasn’t paid for them. Uniforms If you provide uniforms for your employees to maintain a professional image, remember to count these as allowable expenses. HMRC allows deductions for specific work clothing required for employees. Home Office Costs If you run an online store from home, you can claim a portion of your home office expenses, such as internet, electricity, heating, and phone bills, as allowable expenses. Travel If you travel outside your regular work location to sell goods, these travel expenses can be used to offset taxes. For example, attending trade fairs or meeting new suppliers. Insurance Running a supermarket requires various types of insurance, such as public liability insurance, property insurance, and employer’s liability insurance. All commercial insurance costs can be claimed as allowable expenses. Marketing Promoting your business incurs costs, which can also be deducted. This includes social media ads, signage permits, and other marketing expenses. 3. Utilising tax relief schemes The UK government offers various tax reliefs and reductions to encourage retail businesses, such as R&D tax credits and qualifying expenditure deductions. Small supermarkets may also qualify for small business rate relief to reduce business rates. Stay updated on all available incentives and relief measures! 4. VAT schemes Consider which VAT scheme best suits your business. For example, the Flat Rate Scheme simplifies VAT calculations for small businesses. 5. Employee benefits Providing benefits to employees not only attracts talent but also reduces operating costs by saving on National Insurance Contributions (NICs). Properly managing salaries and benefits can help minimize NICs for both employer and employees. 6. Maintain Proper Records Regardless of the tax-saving strategy you choose, it’s crucial to maintain accurate and organized financial records. HMRC allows you to deduct business-related expenses from your profits, but they have strict rules on what can be claimed. Ensure you keep all invoices and receipts. A word from TB Accountants If you are running or planning to run a supermarket, it’s essential to understand tax rules in advance as they can be incredibly complex. You should also always keep detailed records of all business expenses from the start, including income, expenses, purchases, sales, and VAT transactions. Maintain invoices, receipts, bank statements, payroll records, and other relevant financial documents.  These records will help with tax filing and serve as evidence during audits or investigations. Retailers face complex tax regulations, but if you encounter any issues running a supermarket or any other retail business, please contact TB Accountants for professional advice and services from our tax experts. For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

If you inherit an estate from family or relatives, you are required to pay inheritance tax to HMRC. Don’t underestimate this tax as it can be quite substantial—up to 40% of the estate’s value, potentially amounting to hundreds of thousands of pounds! After a lifetime of hard work accumulating significant assets or property to provide a comfortable life for our loved ones, no one wants their heirs to lose a large chunk of that inheritance to unnecessary taxes. Did you know that there are actually many ways to plan for this tax bill? The earlier you are aware, the sooner you can prepare and plan the distribution of your estate to avoid or reduce unnecessary inheritance tax. Today, we will summarise several key tax-saving strategies to help you plan your inheritance tax bill effectively. 1. What is Inheritance Tax? In the UK, when your children or any other relatives to inherit your assets—such as property, money, or other possessions—after your death, they will need to pay inheritance tax. Under current rules (as of 2024/25), the inheritance tax rate is 40% of the estate’s value. Like other taxes, there is a personal allowance. In the 2023-24 tax year, each individual has a tax-free threshold of £325,000—referred to as the nil-rate band. This threshold has remained unchanged since 2010-11 and will be frozen until April 2028. This means HMRC will only tax your estate on the value exceeding £325,000. For example, if you leave an estate worth £500,000, the tax would be £70,000 (40% of the £175,000 difference between £500,000 and £325,000). 2.   Who Pays Inheritance Tax? Usually, the person inheriting the estate is responsible for paying the inheritance tax.  For instance, if you leave all your assets to your children, they will need to pay HMRC. HMRC requires the tax to be paid by the end of the sixth month after the person’s death. Inheritors need to apply for an inheritance tax reference number at least three weeks before making the payment. Generally, your estate consists of everything you own, minus debts (like a mortgage) and expenses (such as funeral costs). The inheritors will use funds from the estate to pay this tax. 3. Nine ways to reduce inheritance tax Gifts One of the simplest ways to avoid inheritance tax is to give your money away. UK tax law allows you to give away up to £3,000 worth of gifts each tax year. You can carry over any unused allowance from the previous tax year but only to a maximum of one tax year. This means you can give away up to £6,000 each year (or £12,000 for married couples). Small gifts: Each tax year, you can give away gifts worth up to £250 per person without using another tax exemption. Additionally, birthday or Christmas gifts from your income are exempt from inheritance tax For weddings, gifts also have exemptions depending on your relationship with the bride and groom. For grandchildren or great-grandchildren, you can give up to £2,500 tax-free; for children, the exemption is £5,000; and for other individuals, it’s £1,000. Note that wedding gifts must be given before the wedding and the wedding must take place; otherwise, the gift will be classified as a potentially exempt transfer (PET). HMRC also allows you to pay some living costs for others as ‘normal expenditure out of income’: Paying rent for children Paying into a savings account for children under 18 Providing financial support for elderly relatives As long as the transfer qualifies as ‘normal expenditure out of income’, the amount gifted is tax-free with no limit, but you must be able to afford it after covering your own living expenses. If you are gifting to the same person, you can combine ‘normal expenditure out of income’ with other exemptions. For example, you can regularly pay £60 a month to your child (£720 annually) and also use your annual £3,000 exemption in the same tax year. Larger gifts can be classified as PETs, which become exempt from inheritance tax if you live for seven years after making the gift. Children and/or grandchildren If you leave your home to children or grandchildren (including adopted, fostered, and stepchildren), you can benefit from the residence nil-rate band (RNRB). If the property value is below £2 million, the RNRB can increase the inheritance tax threshold to £500,000. Only direct descendants are eligible; other relatives or friends do not qualify. Spouse or civil partner Leaving your entire estate to your spouse or civil partner means no inheritance tax is due. Donating to charity In the UK, any amount left to charity (as long as the charity is registered in the UK) is exempt from inheritance tax.  This applies to donations to UK political parties or local sports clubs as well. Moreover, if you leave over 10% of your taxable estate to a charity, the inheritance tax rate on the remaining estate drops from 40% to 36%. The 10% threshold applies only to the portion of the estate over the tax-free threshold. For example, if your estate is worth £425,000, donating over £10,000 (10% of the amount above £325,000) allows you to benefit from the lower tax rate. Purchasing life insurance If reducing your inheritance tax bill is not possible, you can buy life insurance. By writing the life insurance into a trust, the pay-out will not form part of your estate. If you pay the premiums yourself, HMRC will treat them as lifetime gifts. These premiums usually qualify for the annual £3,000 exemption or ‘normal expenditure out of income’ exemption. Deed of variation Your heirs can change your will after your death through a ‘deed of variation’. For instance, if Mr. A’s father leaves him five properties, he can transfer three to others. This can reduce tax liability. The variation must be drafted within two years of death, and all affected beneficiaries must agree to the changes. Using your pension If you die before 75, most pensions are completely tax-free. If you die later, the pension is taxed at the beneficiary’s marginal rate, which for most is 20%. It may be advantageous to rely on other assets for as long as possible and leave the tax-free pension to be used last. Trusts You can place assets in trust to remove them from your estate, reducing or eliminating inheritance tax liability. Retirement interest-only mortgage If you have a significant estate, a retirement interest-only mortgage allows you to release equity from your home and pass some of your estate to family early. You pay interest monthly, with the principal repaid when you die or go into long-term care. Reducing the estate size early can lower or avoid inheritance tax, but you’ll need to consult a financial advisor to assess your specific situation. For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

Many people who have moved to the UK will still maintain some form of income abroad. Under the current rules, if you are a UK tax resident and domiciled in the UK, you must pay taxes on your global income and gains, regardless of where the income is earned. However, if you apply for non-domiciled (‘non-dom’) status, you can choose to avoid paying taxes on overseas income and capital gains.  The non-dom status means that you live in the UK, but your permanent home is in another country. However, changes will be made from the 6th April 2025 – the current non-dom tax rules will end. The system of taxation based on domicile will be abolished and replaced with a more direct foreign income and gains system (FIG). So, how will the new FIG system work? Current non-domicile tax rules If you move to the UK and meet the HMRC’s criteria for residency (e.g. residing in the UK for 183 days, main residence, family members, and workplace), you are classified as a UK tax resident. However, if your permanent home (i.e. family base) is abroad, you can claim non-domiciled status. According to current regulations, your domicile is one of the factors determining your tax status. HMRC considers your domicile to be the country or region where your father intended to reside permanently when you were born. Under current rules, if you are resident in the UK but have claimed non-domiciled status, you can still voluntarily pay on overseas income and capital gains, or opt to pay on a remittance basis. If you opt to pay tax on a remittance basis, you do not need to pay taxes on overseas income and capital gains unless the earnings are brought into the UK.  You will also generally lose your personal allowance and any capital gains tax allowances. Additionally, after several tax years, you must pay an annual charge: £30,000 if you have been a UK tax resident for at least seven of the past nine tax years. £60,000 if you have been a UK tax resident for at least 12 of the past 14 tax years. Other regulations such as mixed fund ordering rules also apply. Changes after April 2025 Earlier this year, the Chancellor announced the abolition of the existing system. Starting from the 6th April 2025, all rules relating to domiciled status will be abolished and replaced with a new Foreign Income and Gains Tax (FIG) system. Under the new FIG system, HMRC will primarily base its taxation policies on UK residency.   Qualifying taxpayers—within the first four tax years after emigrating to the UK—will not need to pay UK taxes on foreign income and gains and can freely bring these funds into the UK tax-free, including non-resident trust distributions. Additionally, you will not need to consider mixed funds or ordering rules from the old system, reducing the burden on taxpayers.  Note that there is a time limit of four years! After the four-year period, taxpayers must pay UK taxes on global income and capital gains brought into the UK. As with the current remittance basis, if you choose the new FIG system, you will no longer be eligible for a personal income tax allowance and annual capital gains tax exemption. Under the new rules, if a taxpayer opts for the FIG system, they need not apply annually but should apply within the tax years the system is applicable. For example, if Mr W applies for the new 4-year FIG system in the first year, but chooses not to apply in the second year, he can still apply in the third and fourth years. If an individual temporarily leaves the UK within the four-year period, they can apply for the remaining eligible tax years under the FIG system upon their return. For instance, if Mr Z becomes a non-UK resident in the second and third years but returns as a UK resident in the fourth year, he can still use the FIG system in the fourth year. Are there any transition policies? For current UK non-domicile residents or those who have already opted for the old policy, the UK government offers several temporary transition measures. Here are some key points: Temporary Repatriation Facility Individuals who have opted for the remittance basis can remit foreign income to the UK at a 12% tax rate in the 2025/2026 and 2026/2027 tax years. Additionally, mixed funds and ordering rules will be relaxed to allow individuals to benefit more easily from the temporary measures. Starting from the 2027/2028 tax year, foreign income remitted to the UK will be taxed at the normal rate. Eligibility for the FIG System Individuals who have lived in the UK for less than four years as of April 6, 2025 (and have lived outside the UK for 10 tax years) can use the FIG system for the remaining four years. Capital Gains Tax Base If non-UK domiciles have previously applied for the remittance basis for foreign capital gains, HMRC will allow the base value of assets to be reset to April 5, 2019, to reduce capital gains tax. Partial Taxation for Transition Period Between April 6, 2025, and April 5, 2026, if taxpayers have switched from the remittance basis to global taxation and do not qualify for the FIG system or transition policy, they will only need to pay UK income tax on 50% of their foreign income for that tax year. From the 2026/2027 tax year, full reporting will resume. Overseas workday relief policy will remain Related to the domicile remittance basis is the Overseas Workday Relief (OWR). If you are a non-domicile and have not been a UK tax resident for the past three years, but your employer requires you to work in the UK for some time, you can use this relief to apply for a tax reduction on income earned abroad for the first three tax years of UK residence (if you opt for the remittance basis). In other words, income earned abroad that is not remitted to the UK is not subject to UK tax. Any withheld income tax from your salary can be refunded. The new Overseas Workday Relief (OWR) will be similar to the current relief and will apply to the first three tax years of UK residence. Employees eligible for OWR upon returning to the UK in 2023-24 or 2024-25 should still be able to apply for the full three years of OWR. However, those re-entering from 2025-26 who are not eligible for the FIG system will not be able to apply for OWR. The new OWR will provide income tax relief whether or not the income is brought back to the UK. However, it will not offer National Insurance Contributions (NIC) relief, so any NIC liability will be determined as usual. Advice from TB Accountants Under the current system, those with significant foreign income or gains who do not wish to pay UK taxes often choose the remittance basis to save a considerable amount. However, with the new system, this approach may change. Additionally, the FIG-related regulations do not currently involve inheritance tax issues. However, there are indications that the UK government is considering simplifying inheritance tax rules to align with the residency-based system. This is still under negotiation. It is certain that the new system will be implemented starting 6th April 2025. Therefore, those who have moved or are considering moving to the UK should stay updated and plan their taxes accordingly before 2025. TB Accountants would like to remind everyone that tax calculations are complex.  Additionally, the rules set to change next year may still change further if there is a change in government.  Given the potential for rapid changes, we recommend seeking professional tax advice. For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

I’m sure you’ve all heard about how footballers are paid an extraordinary sum of money to show off their skills.  Have you ever wondered whether they pay tax, and if so, how much they need to pay? In the UK, all football players who sign contracts with clubs are considered employees, so players must pay taxes directly to the HMRC through their clubs. Just like working in an office, taxes are deducted from your salary before you even receive it. 1. Where do footballers make their money? Where do players’ incomes come from? Generally, from the following sources: Match Participation Whether on the field or on the bench, whether as a substitute or injured, footballers are usually paid income for participation.  This is however based on individual contracts – it might state that pay is only given for actual participation. Image Rights Income Image rights are a significant part of a football player’s income. Simply put, any company using anything related to you through endorsement deals directly pays the image rights company. Currently, image rights are taxed at 19% corporation tax, rather than the standard income tax, which many see as a way to save on taxes. Advertising, Sponsorships and Endorsements Such income is considered self-employed income. While players can represent their clubs or towns, they can’t declare this income through PAYE. 2. Tax implications A study by RIFT suggests that without creative tax-saving measures, England football players in any given year would end up paying around £2.676 billion in income tax and £197,711 in National Insurance annually, totalling £2.874 billion. If they could reside in a tax-free country, they would save a substantial amount. RIFT analysed the total tax payments of the current England squad, revealing who pays the most to HMRC, and Raheem Sterling tops the list. With an estimated annual salary of £16.9 million, he is the highest-paid player in England’s 2022 World Cup squad, paying £8.143 million in taxes annually. Jack Grealish also isn’t far behind, paying £7.515 million in taxes on his £15.6 million salary. John Stones (paying £6.261 million) is the only other player with an annual tax bill over £6 million. 3. What are the consequences of not paying tax correctly? Tax issues can be very tricky. Although many young footballers earn enough to warrant strict scrutiny, few receive proper legal advice and support to handle their taxes correctly, and not necessarily in the UK! Several major cases in recent years have made headlines, detailing footballers violating tax laws. In 2016, Lionel Messi and his father Jorge were convicted of tax fraud by the Spanish government, receiving a 21-month suspended sentence (later reduced to a €252,000 fine) and were forced to repay €5 million in taxes. Although similar high-risk cases have not occurred in the UK, HMRC is looking to crack down on tax avoidance related to image rights. Currently, 329 professional footballers, 31 clubs, and 91 agents are under investigation, up from 93 the previous year. HMRC’s new team focuses on tax avoidance related to image rights. Clubs pay extra fees for endorsements using players’ images, sometimes paying companies set up by players instead of the individuals. Companies are taxed at 19%, while high earners are taxed at 45%. HMRC views the football industry as a high-income sector with significant unpaid taxes. Over the past seven years, HMRC has collected an additional £560 million in football-related taxes. Last year, 93 footballers, nine clubs, and 23 agents were investigated for nearly £56 million in unpaid taxes. TB Accountants would like to emphasise the importance of ensuring that you are up to date with your taxes.  If you are concerned or have any questions surrounding tax, we highly recommend seeking professional advice.  We may even be able to help you reduce your tax burden by assessing your personal situation. For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

Now that the dust has settled, it’s time to take a look at some of the major policies set to be implemented by the new government. What are Labour’s new plans in government? During the campaign, Labour released a list of commitments outlining their plans if elected. With a significant majority, they should be able to easily pass new laws and achieve their goals. Here’s what we can expect from them in their first 100 days: 1.Immigration Labour promises to reduce net migration by reforming the points-based immigration system, ending the Rwanda plan, and focusing on stopping people smuggling and strengthening border security. 2. Tax Loopholes Labour plans to further strengthen measures to close tax loopholes for the wealthy. 3. Health and Social Care Labour aims to increase GP appointments, reduce NHS wait times, and provide emergency dental appointments. 4. Free School Breakfast Clubs Labour promises free breakfast clubs for all primary school students. 5. Climate and Energy Labour aims to achieve clean energy by 2030, increase wind and solar power, and establish a state-owned energy company called Great British Energy. 6. Constitutional Reform Long-term proposals to reform the House of Lords, and eventually lower the voting age to 16. 7. Economic Development Labour plans to use stricter spending rules and industrial investment to drive economic growth. 8. End Private School Tax Relief Labour plans to increase VAT on private school fees to fund state education. 9. Housing Labour promises to build 1.5 million new homes over five years. It’s likely that these policies will be continually adjusted in the near future based on actual conditions as Labour spends more time in office. New Labour cabinet This has been widely covered by political news outlets. As of the time of writing, the new cabinet consists of: Angela Rayner – Deputy Prime Minister and Minister for Women, Housing, and Communities Rachel Reeves – Chancellor of the Exchequer Pat McFadden – Chancellor of the Duchy of Lancaster Yvette Cooper – Home Secretary Wes Streeting – Health Secretary Bridget Phillipson – Education Secretary Ed Miliband – Secretary for Energy and Emissions David Lammy – Foreign Secretary Shabana Mahmood – Justice Secretary John Healey – Defence Secretary Liz Kendall – Work and Pensions Secretary Jonathan Reynolds – Business Secretary Peter Kyle – Science Secretary Louise Haigh – Transport Secretary For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

Retirement may not be on everyone’s mind, but it’s something that many more people are thinking about now.  Investing in property is seen as one of the sure-fire ways to secure your future. Besides from the financial implications, have you ever thought about where you’d like to retire? Recently, the Daily Mail selected some of the best places in the UK to retire, considering factors like house prices, local amenities such as restaurants, shopping centres and other attractions such as historical sites. Surprisingly, Greater London made the list. We’ll select some of the top destinations listed. Retirement destinations Bournemouth Bournemouth, located on the south coast of Dorset, tops the list as the best place to retire. Known as a holiday town, it boasts seven miles of beaches and a pleasant climate compared to the gloomy weather of other parts of the UK. Residents enjoy more sunshine and warm seawater. Importantly, the overall living standards are good, with excellent healthcare services. The average house price in Bournemouth is £362,889. Canterbury, Kent Canterbury in Kent is familiar to many, known for its UNESCO World Heritage sites and popular tourist spots. The average house price is £329,159. Apart from affordable living costs, it offers excellent transport links, being just over 50 minutes from London. Banbury Banbury, a historic market town on the River Cherwell in Oxfordshire, offers a tranquil rural life with vibrant activities. The average house price here is £286,486. Chester Chester, a cathedral city on the River Dee in Cheshire, has an average house price of £305,334. It is known for its Victorian architecture, shops, and restaurants, and is close to the Welsh border. Cheltenham Cheltenham, a renowned spa town, has an average house price of £411,293. It’s famous for its cultural festivals, theatres, and museums, and is a popular spot for horse racing. Key factors Research shows that the best retirement spots often share many similarities: beautiful scenery, long coastlines, and peaceful villages. Excellent transport links for easy access to big cities also play a crucial role, reflected in their house prices. Where is your ideal retirement location? Is it on this list? How should I choose my retirement spot? Price vs budget Consider whether house prices match your budget. If you’ve lived in a big city like London, you might plan to sell your property and move to a more affordable area, leaving you with more pension funds. Proximity to family Many want to move closer to family post-retirement. If visiting family often is important, avoid relocating too far away. Transport Moving from a city with frequent public transport to a rural town with limited services requires preparation. If you have a car, it’s easier, but without one, good transport links are crucial for visiting family and social activities. Medical & care facilities If considering a place for long-term living, proximity to healthcare is vital. Living close to doctors or hospitals is beneficial. Crime & Safety While the UK is generally safe, selecting a low-crime area is important for a peaceful retirement. Community For an active social life, choose a place with ample community activities, or you might find even the most scenic location stifling. Even if you’re young, don’t ignore retirement planning. The earlier you start, the more options you’ll have to fully enjoy the freedom that retirement brings. For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

When it comes to inheritance tax, setting up a trust is often viewed as an effective way to reduce taxes. By placing your savings, property, or other assets into a trust, these assets technically no longer belong to you—meaning they might not be included in your estate when calculating inheritance tax upon your death. However, the relationship between inheritance tax and trusts is quite complex. Transferring assets through a trust to your relatives does not necessarily completely exempt them from taxes. Different types of trusts have different tax rules. Therefore, it’s essential to thoroughly understand the relationship between trusts and taxes before making any decisions. 1. What is a trust? A trust is a financial arrangement and a special form of property management that has been used by many families for centuries. You can transfer cash, property, or any investments to a trust, empowering trustees to manage these assets for the benefit of the beneficiaries, who will eventually receive the assets or income from them. In any trust, there are three roles: Settlor – The original owner of the assets. Trustee – The person or institution managing the trust assets, with powers similar to owning, buying, selling, and investing these assets. Trustees are responsible for operating the trust and managing its assets. Beneficiary – The person or entity for whom the trust is set up, ultimately enjoying the benefits of the trust. For example, you (the settlor) can set up a trust and arrange for your children (trustees) to manage it, paying for your grandchildren’s (beneficiaries) university education or covering lifetime living expenses for a disabled family member (beneficiary) until they reach a certain age. All these arrangements would be outlined in the trust deed. 2. How is inheritance tax applied to trusts? Under current UK legislation, when a person dies, their heirs must pay inheritance tax on their estate—currently at a rate of 40% of the estate’s value. If you set up a trust, the value of cash, investments, or property within the trust is usually not included when calculating inheritance tax upon the settlor’s death. However, trusts are not entirely tax-free and have their own set of tax rules. If the assets placed into the trust exceed the nil-rate band, typically 20% inheritance tax is payable upon setting up the trust. Additionally, further taxes are applied at different intervals. While trusts can help reduce tax liabilities to some extent, it’s crucial to consult a professional to understand the specific tax implications of different types of trusts. Here’s a common example of using a discretionary trust for inheritance tax planning: Pay 20% Inheritance Tax when setting up the trust Calculate the value of assets exceeding the inheritance tax nil-rate band and pay 20% tax on that amount. The 20% charge applies to the value of the assets placed into the trust, minus any unused nil-rate band from the past seven years. For instance, if you place £400,000 worth of assets into a trust and have not used any of your £325,000 nil-rate band elsewhere, you will pay £15,000 (20% of the £75,000 exceeding the nil-rate band). If multiple trusts are set up within seven years, the nil-rate band is split accordingly. Pay 6% Inheritance Tax every 10 years Every 10 years, the assets in the trust are revalued, and a 6% inheritance tax is applied to their value, after deducting the nil-rate band. For example, if the value of a £400,000 investment increases to £500,000 over 10 years, £175,000 would be subject to 6% tax, resulting in a £10,500 tax charge. Pay up to 6% exit charge When the trust is terminated or assets are transferred out, an exit charge of up to 6% is applied, proportionate to the number of years since the last 10-year charge. For instance, if Sally places her £500,000 property into a discretionary trust, and over 10 years its value rises to £750,000, an exit charge would be calculated on £425,000 at 6%, resulting in a £25,500 tax charge. 3. Types of trusts Several types of trusts can assist with inheritance and tax planning.  We will cover a few common ones, but please note that other arrangements can also be set up using a will.  We suggest that you consult a relevant professional for further advice. Bare Trusts Bare trusts are simple and used to hold assets for others until they choose to take ownership. For instance, parents might use bare trusts to hold assets for their children to ensure they do not use them prematurely. Assets in bare trusts are treated as potentially exempt transfers, meaning no tax is payable when the trust is set up, but if the settlor dies within seven years, the trust’s assets become part of the estate and may be taxed. Discretionary Trusts This flexible trust type allows trustees to decide how to distribute income and capital to beneficiaries. Because the trust fund is independent, it is not included in the estate. For example, parents may use discretionary trusts to provide for children and future descendants for education, health, or purchasing property. Loan Trusts With a loan trust, you lend your assets to a trust, meaning the assets remain part of your estate. However, any investment gains remain in the trust and are not part of your estate, reducing tax liability on those gains. Discounted Gift Trusts These trusts typically hold insurance bonds, providing up to 5% income annually. The capital is not part of your estate and transfers to beneficiaries upon death. A word from TB Accountants Trusts offer a way to manage your estate, allowing you to control the distribution and use of your assets while potentially reducing tax liabilities. However, the relationship between inheritance tax and trusts is complex, and in special cases, setting up a trust may result in higher tax payments. TB Accountants recommend consulting a knowledgeable accountant for professional advice if you intend to use a trust to manage your inheritance tax bill. For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

We previously discussed how National Insurance credits could be purchased to supplement your State Pension.  Did you know that there is another way? You may be eligible to apply for Pension Credit. 1. What is Pension Credit? Pension Credit is a benefit provided by the UK government for people with low income who have reached the state pension age. It mainly consists of two parts: Guarantee Credit Savings Credit According to current rules, only those who reached the state pension age before April 6, 2016, are eligible to apply for the Savings Credit portion of Pension Credit. If you reached state pension age on or after the 6th April 2016, you can only receive the Guarantee Credit portion. The current state pension age is 66 years, however this is set to increase to 67 soon. 2. How much can I get? As mentioned, Pension Credit is divided into two parts. You might be eligible for both parts or only one. To apply for Guarantee Credit, you must have reached the state pension age. For the 2024-25 tax year, you can receive the following amounts: Single person: £218.15 per week Couple: £332.95 per week To receive Savings Credit, you must have reached the state pension age before the 6th April 2016. The amount you can get depends on your savings and income. If you have some savings or an income higher than the basic state pension, you can receive additional money through Savings Credit. For the 2023-24 year, the maximum amounts are: Single person: up to £17.01 per week Couple: up to £19.04 per week 3. What other help can I get? After applying, you may also be eligible for other benefits. Medical Expenses Free NHS dental treatment, glasses, and travel costs to and from the hospital If you are a carer, you may receive an extra amount of up to £44.60 per week (Carer’s Allowance) If you are disabled, you may receive an extra amount of up to £81.50 per week. Housing Costs You might not need to pay council tax (unless others live with you) If you are a tenant, your rent might be fully covered by Housing Benefit If you own your home, you might get help with mortgage interest, ground rent, and service charges Other Costs Free TV licence if you are 75 or older Cold Weather Payment during particularly cold seasons 4. Who can apply? To apply for Guarantee Credit, you must have reached the state pension age. For Savings Credit, you must have reached the state pension age before the 6th April 2016. You can apply whether you are still working or retired, as long as you meet the age requirements. You can also apply if you have other income, savings, or own your home. Pension Credit is specifically for people with low income. Your income will be assessed to decide whether to approve your application, and how much to give you. Your pension savings, any withdrawals from them, and any remaining money will be considered in this assessment. Under current rules, if your savings or investments (including your pension savings) do not exceed £10,000, it won’t affect the amount you get. If your savings exceed £10,000, the amount may reduce. Every £500 (or part of £500) over £10,000 is treated as £1 per week of income, added to any other income (like a private pension). 5. How do I apply? If you’re eligible, you can apply four months before you reach the State Pension age, or alternatively when you want to start receiving it. You can apply online at GOV.UK, or call the application hotline at 0800 99 1234 for assistance. When applying, you’ll need to provide the following details: National Insurance number Bank account information Details of your income, savings, and investments Pension information (if applicable) Housing costs details (e.g., mortgage, interest payments, or service charges), and your partner’s details (if applicable). Applying will not incur any losses.  If anything, it might even yield unexpected benefits. So, we suggest that you give it a try if you’re eligible. If your application has been unsuccessful before, you can sill apply in the following year.  For any further questions regarding your pension arrangements, get in touch with us for a consultation. For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .

If you’ve walked through the Clapham area of South London, you might have noticed a large billboard from Waitrose supermarket. This billboard appears to be leaning and looks like it’s about to fall. The billboard, which was recently put up by Waitrose, has alarmed passers by who are worried that it might fall and cause injury. Concerned citizens have been trying to find a solution: some called the supermarket staff to report the issue, hoping someone would come to adjust the billboard; others posted online to warn people to stay away; some even complained to the local government, hoping they would intervene. If the billboard really were to fall and injure someone, what then? Local council officials, having received numerous reports, decided to take action by cordoning off the area around the billboard to prevent any potential harm.  It turns out this was a marketing stunt by Waitrose. The leaning billboard in Clapham was meant to give the impression of falling prices, indicating their products are now cheaper. After seeing the council’s response, Waitrose humorously responded on social media: ‘Hi – thanks for your swift action. While our prices are indeed falling, our billboard definitely isn’t!’ Despite this playful exchange, many people didn’t get the joke or understand the billboard’s true message. Discussions on social media showed that the public found the billboard confusing, with some criticizing it for not clearly conveying its intended message. The billboard had no structural integrity clues, only a headline stating, ‘This is good, hundreds of your favourite foods now at lower prices’ along with images of foods and arrows pointing to the billboard’s unstable bottom corner. Most people’s initial reaction was concern over the billboard’s safety rather than understanding the metaphor about falling prices. 1. Did Waitrose achieve its desired effect? The local council issued a statement stating that a concerned member of the public had reported the issue, and that whilst it may have been intentionally designed this way, it was not worth the risk to public safety.  The council removed the barriers once it had been confirmed with Waitrose that the design was in fact intentional. It’s surprising how much debate a leaning billboard can generate. Despite the controversy, it appears that Waitrose does not intend to update the billboard, letting it remain as is. Perhaps this is a deliberate marketing strategy to attract attention and increase customer traffic. Waitrose has a history of creative advertising for their price-cut promotions. Last year, they launched a £100 million price-cut plan with a very creative billboard. The billboard simply stated, “Hundreds of your favourite products at lower prices,” with a series of downward arrows indicating the discounted items and prices. This ad was placed in several prominent outdoor locations, including London’s Westfield White City shopping centre. In hindsight, this ad was probably more effective than this year’s leaning billboard since it was easier for people to understand the message about discounted prices. What’s your opinion on Waitrose’s leaning billboard marketing strategy? Do you support it? 2. Advertising regulations in the UK The crisis around Waitrose’s billboard has been resolved, but TB Accountancy wants to remind businesses that, in some cases, the government does have the authority to require you to remove your store signs or billboards. In the UK, if your store sign or any billboard is larger than 0.3 square meters, you need to apply for advertisement consent from your local council (similar to planning permission) before displaying it on or outside your business premises. If your sign is illuminated, the requirements are stricter, and you must apply for planning permission to ensure it does not pose a hazard to nearby traffic. When seeking planning permission for your store sign or billboard, you must: Keep it clean and tidy Ensure it is safe Get approval from the property owner (if applicable) Ensure it does not obstruct public signs Ensure it does not block official road, rail, waterway, or aircraft signs or otherwise pose a danger to these types of transportation Ensure that it is easily removable. In special circumstances, the local government may require you to remove the sign immediately (e.g., if Waitrose’s billboard were genuinely about to fall, the government could order the supermarket to remove or relocate it immediately). Thus, planning regulations require billboards to be easily removable without damaging buildings. Usually, obtaining planning permission for store signs is straightforward, with high approval rates. Planning regulations are designed to ensure the safety and non-intrusiveness of signs, ads, and displays. However, regulations vary by location, so it’s best to consult with your local government. If you put up a sign or advertisement without the necessary planning permission, the government can order you to remove it, regardless of your prior investment. For individuals and businesses looking for UK taxation services, use our contact form  to get in touch for more information. Get in touch with us at info@tbgroupuk.com  or for a free one-to-one consultation.  This article is intended as general guidance only, and does not replace any legal or professional advice.  For enquiries, please contact  TBA Group  via  email  or  WhatsApp .