Blogs

Saving for your retirement as a contractor

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There are currently more than 4.8 million self-employed workers in the UK alone, and this number only increases every year. We know entrepreneurs to take the leap to self-employment at all stages of life, but what happens when they reach retirement age? A surprising 45% of contractors aged between 35 and 55 have no private […]

Blogs

Keeping out of the taxman’s gaze

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In last week’s TWP blog post, we looked at the rise in the number of businesses being investigated by HMRC. More small businesses than ever before are being scrutinised and picked apart by the taxman in order to close up what they call the “tax gap”. What is the tax gap? £34 billion was not […]

Blogs

Rise in number of HMRC investigations

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Last month, HM Revenue & Customs revealed to the Treasury that one in ten small businesses is under investigation at any one time. That is equivalent to more than half a million SMEs across the UK. The sharp rise in investigations comes as HMRC attempts to recover the £34 billion in tax it failed to […]

Blogs

Tax-free childcare for freelancers

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Working as a freelancer is no easy feat, and when you throw children into the mix, things can get even more complicated. You may have found yourself ineligible for many government childcare schemes when you’ve applied for them in the past. But, as of October 2018, the old childcare voucher system will no longer be […]

Wealth Management News

Workplace pension contributions more than double

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The percentage of salary employers and employees must contribute to a workplace pension has increased from 6 April 2018. Employees will now contribute three per cent (up from one per cent) of their annual salary into a personal workplace pension, while employer contributions have increased from one to two per cent. Under the new rules, […]

Wealth Management News

Millennials’ pension saving falls

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The total amount saved by millennials for their retirements fell between 2010 and 2016, despite a marked increase in the proportion saving for old age. Analysis of Office for National Statistics (ONS) data by Equinity found 35 per cent of individuals aged between 25 and 34 were contributing to a pension between 2010 and 2012, […]

Wealth Management News

Cut to Stamp Duty benefits 70,000 first-time homeowners

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Almost 70,000 individuals have benefited from average savings of around £2,300 since Chancellor Philip Hammond introduced a new Stamp Duty Land Tax (SDLT) relief for first-time buyers in his autumn 2017 Budget. Purchases of up to £500,000 by first-time buyers qualify for the relief, with purchases of up to £300,000 no longer attracting SDLT. Purchases […]

Business News

VAT fuel scale charges

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HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2018. VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. Please do get […]