Wealth Management News

Number of ISA savers is on the rise

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The latest data from HM Revenue & Customs shows that more than 13 million adults in the UK subscribed to ISA accounts in 2019/2020 – an increase of 1.8 million people on the previous financial year. Of the new subscribers, 1.2 million had opened Cash ISA accounts, while around 300,000 had chosen to invest via […]

Business News

Time to prepare for Corporation Tax changes

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From April 2023, the Corporation Tax rate will rise for companies with profits of more than £50,000, following the Chancellor’s announcement at his Spring 2021 Budget. However, the new higher rate of Corporation Tax will not be the same for all companies and will instead be tied to their profits. Companies generating profits of £250,000 […]

Business News

Making Tax Digital for Income Tax – Get ready now!

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The next big step in the Government’s Making Tax Digital (MTD) initiative is rapidly approaching. From 6 April 2023, MTD is expanding to include businesses and landlords with a combined total gross income over £10,000 per annum, from the following sources: self-employment partnerships UK property overseas property. The changes mean affected taxpayers will have to keep […]

Business News

Points-based system for HMRC late payment penalties

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Penalties for late submission and late tax payments will be determined by a new points system to make them fairer and more consistent, HM Revenue & Customs (HMRC) has announced. Under the new system, penalties will be points-based rather than automatic. This means that those who consistently miss deadlines will accrue more points – and […]