The off-payroll rules, commonly known as IR35, are due to be extended to the private sector from April 2020. The new legislation has already sparked controversy in the public sector where it has been implemented, leading to several high-profile legal battles. The introduction of the new rules will have an immediate impact on those contracted […]
According to the latest UK Finance Household Finance Update Gross mortgage lending across the residential market saw a yearly increase of 3.7 per cent. Mortgage approvals for new purchasers were also 13.5 per cent higher and remortgage approvals rose by 23.4 per cent since the previous year. The update showed that 85,880 mortgages in total […]
Michael Saunders, a Bank of England (BoE) policymaker, has said that regardless of what direction Brexit does or doesn’t take in the coming months, the Bank is already considering cutting interest rates. Interest rates in the UK have been on hold at 0.75 per cent since August 2018, when they increased from 0.5 per cent […]
The Retirement Living Standards report has revealed that in order to enjoy a ‘comfortable’ retirement couples may need to save up to £1 million. Prepared by the Pensions and Lifetime Savings Association, the report found that for people to enjoy a consistently high standard of life, that would match expectations during a person’s working life […]
HMRC has updated their guidance on how to recognise when contact from HMRC is genuine and how to recognise phishing or bogus emails and text messages. Internet link: GOV.UK recognising phishing emails
With less than 100 days until the self assessment tax return deadline of 31 January 2020, HMRC is urging taxpayers to complete their tax returns early, in order to avoid the last minute rush. HMRC report that last year more than 2,000 people submitted their tax returns on Christmas Day. Taxpayers should consider submitting their […]
HMRC has published the October 2019 issue of the Employer Bulletin which contains guidance on a number of issues relevant for employers. Topics in this edition include: Changes for UK employers sending workers to the EU, the EEA or Switzerland PAYE Settlement Agreements and Welsh rate of Income Tax Guidance for employers on reporting PAYE […]
According to a report published by the Charity Commision, the majority of UK charities admit fraud is a major risk, but are still failing to carry out basic tasks in order to protect themselves. More than 3,300 charities took part in the Charity Commission’s survey into fraud awareness, resilience and cyber security in the sector. […]
The government has abandoned its planned increase in probate fees. The increase in fees was originally expected to take effect from 1 April 2019. However, in March 2019 HMRC postponed the introduction of the increase, attributing the delay to pressure on Parliamentary time. As part of the government’s plans, estates that are valued between £50,000 […]
HMRC says it is clamping down on the promoters and enablers of tax avoidance schemes in the wake of the loan charge controversy. Penny Ciniewicz, Director General of Customer Compliance at HMRC, told the Treasury Select Committee that HMRC is ‘doubling the resources’ to tackle those in the ‘avoidance supply chain’. In response to questions […]
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