You can check the NIC record over your entire working life on your online personal tax account (www.gov.uk/personal-tax-account). This will also provide an estimate of the state retirement pension you should expect to receive when you retire.

The annual capital gains exemption (currently £12,300) may cover most of the capital gains that you make on your share portfolio. However that exemption will be cut to £6,000 on 6 April 2023 and £3,000 in April 2024.

All VAT returns must now be submitted digitally using MTD compatible software (unless the business has an exemption) so the VAT penalties have been revised to fit with this new regime. In addition to the new penalties for late VAT returns (see above) there is also a new system of penalties for late paid VAT.

The national minimum wage (NMW) and national living wage (NLW) rates are due to rise significantly for pay periods starting on and after 1 April 2023. These increases - the largest since the NMW began - are being introduced because inflation is running at around 10%.

Making tax digital for income tax self-assessment (MTD ITSA) was set to take effect from 6 April 2024. This has been postponed until 6 April 2026.

Marketing companies know that personal letters sent directly to customers are more powerful than broadcast or printed adverts. HMRC is using this technique to recover unpaid tax.

Owners and directors of family businesses often take a small salary from the company and any extra funds as dividends. Other family members may also hold shares in the company and receive a dividend each year.