Wealth Management News

Workplace pensions could help average savers put away additional £100,000 for retirement

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The latest data suggests that this month’s increase in workplace pension contributions will help most workers to save an additional £100,000 towards their retirement. Minimum contributions for workplace pensions have risen to eight per cent this month, with a minimum contribution of three per cent from employers. The five per cent gap between minimum employer […]

Business News

HMRC wins disguised remuneration avoidance case

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HMRC has won a legal case over a contractor loan scheme endorsed by Hyrax Resourcing Ltd. As a result, HMRC will now be able to collect more than £40 million in unpaid taxes. The scheme in question was a disguised remuneration avoidance scheme, which paid users in loans, rather than salaries, to avoid paying income […]

Business News

Changes to income tax for 2019/20

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The new tax year brings changes to income tax bands and allowances. The personal allowance is £11,850 for 2018/19 and increases to £12,500 for 2019/20. There is a reduction in the personal allowance for those with ‘adjusted net income’ over £100,000. The reduction is £1 for every £2 of income above £100,000. So for 2018/19 […]

Business News

Call for tax on social media businesses

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A group of MPs has called on the government to tax the profits of social media businesses. The All Party Parliamentary Group (APPG) on Social Media and Young People’s Mental Health and Wellbeing recently published a report which outlined the impact of social media on the health of young people. The APPG has suggested creating […]

Business News

MTD for VAT

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HMRC is phasing in its landmark Making Tax Digital (MTD) regime, which will ultimately require taxpayers to move to a fully digital tax system. Under the new rules, businesses with a taxable turnover above the VAT threshold (currently £85,000) must keep digital records for VAT purposes and provide their VAT return information to HMRC using MTD functional […]

Press Room

Update on Structures and Buildings Allowance

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Chancellor Philip Hammond delivered the Spring Statement on Wednesday 13 March 2019 amidst all the Brexit debates. In his speech the Chancellor provided an update on the economy and responded to the Office for Budget Responsibility forecasts. In addition he launched consultations on various aspects of the tax system together with updates on earlier consultations. […]

Business News

Delay to rise in probate fees

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The government has delayed its planned increase in probate fees indefinitely. The delay has been attributed to ‘pressure on Parliamentary time‘ caused by Brexit debates and votes. The increase in fees had been set to take effect from 1 April 2019, but HMRC recently made the decision to postpone the rise. Under government plans, the proposed […]

Business News

Additional Brexit advisory documents for small businesses

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The government has published additional documents containing advice on Brexit for UK small businesses. According to the government, the information will help business owners to ‘understand how leaving the EU may affect their business’. The advisory documents cover a range of issues, from changes to UK-EU trade following Brexit, to alterations to how businesses send […]