Earlier this year the Government announced the creation of a National Living Wage, which will see the introduction of a statutory wage rate of £7.20 an hour for workers over the age of 25 from April next year, rising to £9 an hour by 2020. This statutory wage increase will have a significant impact on […]
Savers have been warned that the level of deposits protected in case of a bank, building society or credit union failure is to be cut by £10,000 next year. The Prudential Regulation Authority (PRA) announced on 3 July that for most depositors covered by the Financial Services Compensation Scheme (FSCS), the level of protection provided […]
A government initiative to cap care costs at £72,000, due to take effect in April 2016, has been postponed until 2020. In a letter to the Local Government Association on 17 July, Community and Social Care Minister Alistair Burt described the Care Act 2014, the legislation introducing the change, as “historic” but added: “The proposals […]
Retirees withdrew £1.8 billion from their pension pots in April and May, the Association of British Insurers (ABI) has revealed. The figures, published on 15 July, came on the 100th day since new freedoms in the way people are able to access pension savings were introduced in April. A breakdown of the figures showed that: […]
The Pensions Regulator (TPR) has published some guidance aimed at the 1.3 million small and micro employers who are preparing for pensions auto enrolment. The guidance aims to help employers find a good quality pension scheme. TPR research suggests one in five (290,000) employers will not seek advice when choosing a pension scheme, while one […]
It was announced in the March 2015 Budget that the government plans to extend the period over which self-employed farmers can average their profits for income tax purposes from two years to five years. The government has launched a consultation which considers ways in which the extension could be designed and implemented. The change to […]
The Alcohol Wholesaler Registration Scheme (AWRS) is being introduced on 1 October 2015 by HMRC to tackle alcohol fraud. HMRC are advising that if you are an alcohol wholesaler or trade buyer, you need to prepare for the new registration scheme now. Who the scheme applies to HMRC are advising that the AWRS will apply to existing, […]
The Office for National Statistics (ONS) has released figures showing that the UK employment rate has dropped by 67,000 when compared to the three months to February 2015. As detailed in the press release the figures show: There were 30.98 million people in work. This was 67,000 fewer than for the 3 months to February […]
HMRC are targeting employers in the hairdressing and beauty sectors who pay their staff below the national minimum wage (NMW). HMRC and the Department for Business, Innovation and Skills (BIS), supported by the National Hairdressers’ Federation and the Hair and Beauty Industry Authority, will work with hair and beauty businesses to help them understand their […]
Where a taxpayer has difficulty paying their tax liabilities HMRC may agree ‘time to pay arrangements’ whereby the taxpayer agrees to pay off the amount owing by instalments after the due date. These arrangements are only entered into where the taxpayer is genuinely unable to pay by the due date and is able to commit […]
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