Thousands of self-employed individuals in the UK will soon be able to save up to £143 a year, after the Chancellor, George Osborne, announced the abolishment of class 2 national insurance contributions (NICs) in this year’s Budget. Under the Government’s new plans, class 2 NICs for all self-employed workers will be scrapped by the end […]
Weybridge-based accountants TWP have welcomed proposals in this year’s Budget that support Britain’s self-employed workers. This Budget was George Osborne’s last chance to woo the British public ahead of this year’s general election and despite a promise of “no giveaways, no gimmicks” his speech featured a number of proposals that will be widely welcomed by […]
Thousands of first-time home buyers have been urged to give serious thought to how they would pay their mortgage and other bills if they were unable to work. In January, the Halifax bank announced that the number of first-time buyers increased by an estimated 22 per cent in 2014 to reach its highest annual total […]
Brits are set to waste more than £1.3 billion in ISA tax savings this year, new research has found. Cash ISAs are the biggest area of waste, with £1.2 billion of tax-free allowances left unused, with another £104 million lost by not making the most of stocks and shares ISAs. The findings come in research […]
More than three-quarters of over-55s have not yet considered or do not know how they will access their pension funds under new freedoms being introduced in April. From April, savers aged 55 and over will be able to decide for the first time how they access defined contribution pension funds. They will be able to […]
As part of HMRC’s digitisation campaign, an online trial allows company car drivers to make changes to car and fuel benefits that will affect their tax codes. It is important to ensure the benefits included in your tax code are as accurate as possible or large under or overpayments of tax may arise. For information […]
New company car advisory fuel rates have been published which took effect from 1 March 2015. Due to the reduction in fuel prices many rates have reduced this quarter between two and three pence so please take care to update your expenses payments. However, the guidance states: ‘You can use the previous rates for up […]
HMRC have announced that employers will not incur penalties for delays of up to three days in filing RTI returns. There is no change to the filing deadlines and employers should generally file their full payment submissions (FPS) ‘on or before’ each payment date unless a concession applies. HMRC are also advising any employer that […]
HMRC are reminding employers that with the end of the 2014/15 tax year approaching they will soon need to make their final 2014/15 PAYE (RTI) submission. For most employers, the final submission will be their final Full Payment Submission (FPS) which advises HMRC about the very last employee payments for 2014/15 and this needs to […]
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