TWP Accountants has welcomed RHS Chelsea Young Florist of the Year Liz Newcombe as a client as it opens its doors to more local businesses. The firm only opened its office in Cranleigh in November 2019 and is delighted to bring on board Liz as one of its first local clients. The firm has quickly […]
New data obtained from HM Revenue & Customs (HMRC) has shown that Lifetime Isa (LISA) savers have been charged more than £9 million in penalties for accessing their accounts since 2018. According to a Freedom of Information Request, withdrawal charges were first applied in 2018/19 and a total of £4.35 million was paid to HMRC […]
The latest data from banking trade body UK Finance has shown that the British public has more than £870 billion in savings within major high street banks. Savings increased by 2.6 per cent in November 2019 compared to the previous year thanks to higher wages and lower consumer spending. UK Finance said that despite this, […]
As the UK state pension age continues to increase, a new study has found that many savers are looking to retire at least three years before they reach the official threshold – living instead for several years on private pensions. Currently the state pension age is 65 for women and 66 for men, but the […]
The outgoing Governor of the Bank of England, Mark Carney, has said that thousands of UK pension schemes could be at risk of becoming worthless due to the challenges of climate change. Speaking during an interview with Radio 4’s Today programme, Carney said that every investor should be considering their plan when it came to […]
The Welsh government has published its Draft Budget, setting out revenue raising and capital spending plans for 2020/21. The Draft Budget confirms no changes are proposed to Welsh income tax rates, or Land Transaction Tax rates and bands. The Draft Welsh spending plans for the longer term will depend on the next UK Budget and […]
HMRC publishes details of deliberate tax defaulters, those people who have received penalties either for: deliberate errors in their tax returns or deliberately failing to comply with their tax obligations. Internet link: GOV.UK deliberate defaulters
The deadline for submitting your 2018/19 self assessment return is 31 January 2020. The deadline applies to taxpayers who need to complete a tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 National Insurance Contributions (NIC), capital gains tax and High Income Child Benefit Charge liabilities. […]
The Low Incomes Tax Reform Group (LITRG) is calling on the government to address issues with the High Income Child Benefit Charge (HICBC). The HICBC is designed to claw back child benefit where the claimant or their partner earns in excess of £50,000. According to LITRG some households think making a child benefit claim is […]
The latest HMRC Agent Update includes guidance on the Structures and Buildings Allowance (SBA). This capital allowance is designed to provide tax relief for businesses and to support investment in constructing new structures and buildings and improving existing ones. The SBA relieves the construction costs for new structures and buildings used for qualifying purposes and […]
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