New research has shown that young parents are concerned that they will be unable to provide for their children’s financial future. The latest AXA Big Money Index, which surveyed 2,043 UK adults, found that 49 per cent of those in the 25-34 age group would feel they had failed as a parent if they could […]
Almost two in five consumers (37 per cent) do not know what an annuity is, according to a new survey. The figure was revealed on 4 September by website unbiased.co.uk, which enables consumers to find professional advisers, following an online survey. In August, the Association of British Insurers (ABI) began publishing specimen annuity rates offered […]
Ministers, regulators and the pensions industry have held a high profile summit meeting to crack down on pension liberation fraud. Operators of the schemes, who often use cold calling and text messaging to target pension savers, aim to persuade people to access their pension funds early, before the age of 55, by transferring their money […]
According to the latest information published by the ONS, employment rose by 80,000 and unemployment fell by 24,000 in the three months to July. The employment rate for those aged from 16 to 64 (for May to July 2013) was 71.6%, an increase of 0.2%. There were 29.84 million people in employment aged 16 and […]
For those individuals who have previously submitted ‘paper’ self assessment tax returns the deadline for the 2012/13 return is 31 October 2013. Returns submitted after that date must be submitted electronically or they will incur a minimum penalty of £100. The penalty applies even when there is no tax to pay or the tax is […]
National Minimum Wage rates increases come into effect on 1 October 2013: the adult rate will increase by 12p to £6.31 an hour the rate for 18-20 year olds will increase by 5p to £5.03 an hour the rate for 16-17 year olds will increase by 4p to £3.72 an hour the apprentice rate will […]
HMRC have issued some updated guidance on the Statutory Residence Test which took effect from 6 April 2013. Residence is a complex issue, if you would like any advice in this area please do get in touch. Internet link: SRT guidance
HMRC would like employers to be aware that they have identified an issue with some employees who have student loans. A few of the employees in this situation have had their employment status incorrectly ‘ceased’ on HMRC’s PAYE systems and this incorrect information has been passed to the Student Loans Company (SLC). The SLC have […]
The Health and Safety Executive has issued guidance to help employers assess their first aid training needs and comply with amendments to the Health and Safety (First Aid) Regulations. Under the amended regulations the requirement for workplace first aid training providers to be approved by the HSE is removed from 1 October 2013.The amendments cover […]
The implementation of the Government’s welfare reform programme, Universal Credit, has been criticised in a report by the National Audit Office (NAO). Universal Credit will merge a number of existing benefits into a single payment in order to reduce the costs and fraud associated with the current multi-benefit system. Amyas Morse, head of the National […]
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