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News Stories

New National Minimum Wage rates

  • Posted On: 29 September 2016
New National Minimum Wage rates The new National Minimum Wage (NMW) rates come into effect on 1 October 2016. The hourly rate of the NMW will increase to £6.95 (a rise of 25p) for adults 21-24 year olds. This is a rise of 3.7% over the current rate. The rates for 18-20 year olds

More taxpayers sign up to use Personal Tax Accounts

  • Posted On: 29 September 2016
More taxpayers sign up to use Personal Tax Accounts Over 5 million taxpayers have signed up to use HMRC’s Personal Tax Account (PTA) since the service was launched in December 2015. The PTA will eventually allow taxpayers to manage their tax affairs online and allow taxpayers to review all their

Inheritance Tax main residence nil-rate band

  • Posted On: 29 September 2016
Inheritance Tax main residence nil-rate band Inheritance Tax is levied on a person’s estate when they die at a rate of 40%. There is a nil rate band, currently £325,000, below which no Inheritance Tax is payable. A surviving spouse or civil partner receives the benefit of the nil rate band

New consultation on the definition of financial advice

  • Posted On: 29 September 2016
New consultation on the definition of financial advice HM Treasury and the Financial Conduct Authority (FCA) have been working together since August 2015 examining various options to improve access to financial advice for individuals especially those who have significant wealth or income. This research

Business Premises Renovation Allowance (BPRA)

  • Posted On: 29 September 2016
Business Premises Renovation Allowance (BPRA) The Business Premises Renovation Allowance (BPRA) is a special capital allowances scheme to encourage the conversion and renovation of empty business properties in specified assisted areas (i.e. deprived areas in the UK). The use of the BPRA

Finance Bill receives Royal Assent

  • Posted On: 22 September 2016
Finance Bill receives Royal Assent The Finance Bill 2016 received Royal Assent on 15 September 2016 following agreement by both Houses on the text of the Bill. The Bill is now an Act of Parliament (law) known as Finance Act 2016. The Bill contains the legislation for many of the tax

Lifetime ISA launch

  • Posted On: 22 September 2016
Lifetime ISA launch The new Lifetime ISA, that will help those aged between 18 and 40 to save for a new home or for their retirement, is expected to be available from April 2017. The legislation necessary to bring about the introduction of this new flexible savings plan

EU Payments Account Directive

  • Posted On: 22 September 2016
EU Payments Account Directive The EU Payments Account Directive more commonly known as PAD sets a European wide standard on the services provided to EU residents by banks. The directive is meant to ensure that services, including an account switching service, the right of access

Non-Resident Landlords Scheme

  • Posted On: 22 September 2016
Non-Resident Landlords Scheme The Non-Resident Landlord (NRL) Scheme is a special scheme for the UK rental income of non-resident landlords. This includes companies or trustees whose 'usual place of abode' is outside the UK. As a general rule, basic rate tax (currently 20%) must

The marriage allowance

  • Posted On: 22 September 2016
The marriage allowance The marriage allowance came into force on 6 April 2015 and allows lower earning couples to share part of their personal tax-free allowance. The marriage allowance is available to married couples and those in a civil partnership where a spouse or