While the Bank of England has held interest rates at 0.5 percent since March 2009, it is a fact of life that what comes down must, eventually, go up – and therein lies potential problems for many individuals. According to research by independent think tank Resolution Foundation, a two-point rise in interest rates would result […]
Self-employed individuals need to be more proactive than other employees when it comes to saving for their retirement in order to compensate for missed employer pension contributions. Research by Prudential shows that the average UK employee in a company pension scheme receives £2,232 in employer contributions each year. Over the course of their working life, […]
Over half the UK’s small and medium enterprises (SMEs) do not have insurance in place to protect themselves should the owner of the business die suddenly. Despite 43 percent of the SMEs questioned by Legal & General citing the death of a business owner as the most disruptive possible scenario, 57 percent did not have […]
Individuals who leave their investments to weather the financial ups and downs receive better returns than those who try to time the markets. According to analysis of the FTSE 100 by investment platform Sippdeal, investments left in the market for the ten years to March 2013 would have provided a return of 6.1 percent per […]
HMRC have updated their Basic PAYE Tools which is a software package designed to help those employers operating their own payroll. The Basic PAYE Tools can be used by employers with nine or fewer employees. The tools calculate the tax and National Insurance Contributions for employees and enable the employer to report the necessary payroll […]
HMRC have introduced new phone numbers for VAT, National Insurance, income tax and self assessment. For most people the new numbers will reduce the cost of calling these helplines. The numbers are set out below for your information: VAT Line Old Number New Number VAT Enquiries 0845 010 9000 0300 200 3700 VAT Online Services […]
The Office for National Statistics has announced the latest official labour market statistics. These are as follows: The employment rate for those aged from 16 to 64 for February to April 2013 was 71.5%, down 0.1% from November 2012 to January 2013. There were 29.76 million people in employment aged 16 and over, up 24,000 […]
HMRC have announced that they will extend the temporary relaxation of the new reporting rules for businesses with fewer than 50 employees from October 2013 until April 2014 and that this relaxation will come to an end at this point. The relaxation means that these businesses are still required to report using RTI, but are […]
HMRC have published new detailed guidance on claiming Gift Aid when goods are sold by, and the proceeds gifted to, charity shops. The guidance is useful for charities and also those making donations as it details the circumstances when Gift Aid may be claimed by the charity and the position for the donor wishing to […]
New company car advisory fuel rates have been published to take effect from 1 June 2013. HMRC’s website states: ‘These rates apply to all journeys on or after 1 June 2013 until further notice. For one month from the date of change, employers may use either the previous or new current rates, as they choose. […]
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