The Department for Work and Pensions (DWP) has released new figures which show that since 2012, the number of people saving into a workplace pension has increased by 4.4 million. By 2015 nearly seven million people had saved more than £82 billion into workplace pension schemes following the scheme’s launch in 2012, with even more […]
The government has announced: ‘labour market has finished a record breaking year with unemployment down by over 100,000 people and the rate running at 4.8%’. Other statistics include: there continues to be 31.8 million people in work, up by 2.7 million since 2010. the number of women in work is at a record high of […]
HMRC have introduced an online service to apply for a repayment of the higher rates of Stamp Duty Land Tax (SDLT) for additional properties if the property sold was previously a main home. From 1 April 2016 higher rates of SDLT are charged on purchases of additional residential properties. The main target of the higher […]
An investigation by the Information Commissioner’s Office (ICO) has revealed that two national charities, the RSPCA and the British Heart Foundation, secretly screened millions of their donors so they could target them for more money. The ICO said that this practice breached the Data Protection Act as the charities failed to handle donors’ personal data […]
Tax campaigners have warned that the abolition of Class 2 National Insurance contributions from April 2018 could result in the lowest earners among the self employed being hardest hit. Class 2 NICs are flat-rate weekly contributions paid by the self-employed to gain access to contributory benefits. The self-employed also pay Class 4 NICs on profits […]
The government are celebrating the ‘first birthday’ of their award winning Personal Tax Account which recently won Digital Project of the Year at the annual UK IT Industry Awards HMRC have announced that in its first year, the Personal Tax Account has attracted more than seven million users and there have been millions of transactions including: […]
The Apprenticeship Levy is being introduced from 6 April 2017 and will be payable by large employers. The Levy will be 0.5% of the employer’s pay bill, which is explained later in this article, but there is an annual allowance of £15,000.The allowance will be given on a pro-rata basis throughout the tax year. The […]
On 15 December, Finance Secretary Derek Mackay delivered the 2017/18 Scottish Draft Budget setting out the Scottish Government’s financial and tax plans. Scottish Rate of Income Tax On 6 April 2016, a fundamental change was made to the taxation system for Scottish resident individuals. The main UK rates of income tax were reduced by 10p […]
Date What’s Due 1/01 Corporation tax payment for year to 31/3/16 (unless quarterly instalments apply) 19/01 PAYE & NIC deductions, and CIS return and tax, for month to 5/01/17 (due 22/01 if you pay electronically) 31/01 Self-Assessment tax return for 2015/16 due, together with balancing payment and 50% payment on account of 2016/17 tax. 1/02 […]
These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 December 2016. Where there has been a change the previous rate is shown in brackets. Engine Size Petrol Diesel LPG 1400cc or less 11p 7p 1600cc or less 9p 1401cc to 2000cc 14p (13p) 9p […]
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