The majority of businesses will have already implemented the widely publicised National Living Wage from the start of this month. However, many businesses may not be aware of the other changes that mean that companies could face much tougher financial penalties for not paying the correct wage. Under the changes that have come into force […]
Taxpayers in dispute with HM Revenue & Customs will now have to pay a fee if they wish to take the Revenue to tribunal. This recent government decision has provoked criticism from lawyers and accountant, who are concerned that the introduction of fees may prevent some people from accessing justice over their tax affairs. The […]
The Council of Mortgage Lenders (CML) has said that new international rules laid down by the Basel Committee are likely to have a negative effect on the finances of buy-to-let borrowers. Under the new rules being imposed by international regulators, lenders will need to amass bigger capital cushions against home loans, which will push up […]
The Chancellor during his latest Budget introduced a new Lifetime ISA designed to help those under 40 save towards their retirement or a first home. Under the scheme, savers will be able to deposit up to £4,000 each year, and receive a government bonus of 25 per cent, or £1,000 a year, in return. Savers […]
Around 40 per cent of over-50s expect to work until 70 or older due to insufficient pension savings and lingering debt, according to research from insurer and pension provider Aviva. This means that millions of workers in their 50s may be forced to postpone their retirement due to a lack of pension savings and high […]
Business rates have been devolved to Scotland, Northern Ireland and Wales. The Chancellor has announced cuts on business rates for half of all properties in England from 1 April 2017. In particular the government proposes to: permanently double the Small Business Rate Relief (SBRR) from 50% to 100% and increase the thresholds to benefit a greater number […]
From April 2017, individuals working through their own company in the public sector will no longer be responsible for deciding whether the intermediaries legislation applies and then paying the relevant tax and NIC. This responsibility will instead pass to the public sector employer, agency or third party that pays the worker’s intermediary. The employer, agency […]
First Minister Nicola Sturgeon has announced plans that income tax rates in Scotland will be frozen, with no increases in the basic, higher or additional rates. However the significant cuts (reduction in income tax liabilities) which would result from the increases to the higher rate threshold proposed by the UK government would not be adopted […]
The National Minimum Wage (NMW) rates will increase from 1 October 2016 as follows: Current rate Rate from 1 October 2016 21-24 year olds £6.70 £6.95 18-20 year olds £5.30 £5.55 16-17 year olds £3.87 £4.00 Apprentice rate* £3.30 £3.40 From 1 April 2016 following the introduction of the National Living Wage all workers […]
From April 2016, rules are introduced which require companies to keep a register of People with Significant Control (PSC). In addition, the details of PSC will have to be filed with Companies House from 30 June 2016. A PSC is defined as an individual that: holds, directly or indirectly, more than 25% of the shares […]
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