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News Stories

Disguised remuneration settlement opportunity

  • Posted On: 15 November 2017
Disguised remuneration settlement opportunity A new measure to tackle disguised remuneration tax avoidance schemes was announced as part of the Autumn Statement 2016. The new measure will introduce a loan charge on disguised remuneration avoidance schemes that remain unpaid on 5 April

How much statutory redundancy pay should you receive?

  • Posted On: 15 November 2017
How much statutory redundancy pay should you receive? If you have been in the same job for two years or more and are made redundant you will usually be entitled to a redundancy payment. The legal minimum that you are entitled to receive is known as ‘statutory redundancy pay’. There are exceptions where

Changing a will after death

  • Posted On: 15 November 2017
Changing a will after death This may come as a surprising fact to many of our readers, but a will can be changed after death. This can be done by using what is known as a Deed of Variation. Any changes to the will must be done within two years from the date of death. However,

Are you caught by the High Income Child Benefit tax charge?

  • Posted On: 15 November 2017
Are you caught by the High Income Child Benefit tax charge? The High Income Child Benefit Charge (HICBC) applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge either reduces or removes the financial benefit of receiving child benefit. Where both

OTS publishes new report on the VAT system

  • Posted On: 08 November 2017
OTS publishes new report on the VAT system The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system, with the objective of reducing compliance burdens on both businesses and individual taxpayers and will draw together expertise from across the

Delay in withdrawal of self-employed NIC contributions

  • Posted On: 08 November 2017
Delay in withdrawal of self-employed NIC contributions In a surprising move, the Government has announced that the planned abolition of Class 2 National Insurance Contributions (NICs) is to be delayed for a year. The withdrawal of Class 2 NICs was due to take place from April 2018 but will now take place

HMRC win Littlewoods’ tax case

  • Posted On: 08 November 2017
HMRC win Littlewoods’ tax case HMRC has won a landmark case after the Supreme Court overturned an earlier decision of the Court of Appeal. The issue at hand concerned historic overpayments of VAT by Littlewoods (a catalogue sales business) between 1973 and 2004. In 2004, HMRC

Are your bank deposits protected?

  • Posted On: 08 November 2017
Are your bank deposits protected? The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies should the institution become insolvent. The Financial Services Compensation Scheme (FSCS) guarantee amount is currently £85,000

Interest rates start to rise

  • Posted On: 08 November 2017
Interest rates start to rise In a widely expected move, the Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the Bank Rate from 0.25% to 0.5%. This is the first increase in interest rates since July 2007 when the rate increased to 5.75%.

UK Living Wage rates rise

  • Posted On: 08 November 2017
UK Living Wage rates rise The current National Minimum Wage (NMW) hourly rate for adults between 21-24 years old is £7.05, and the national living wage is £7.50 for those aged 25 and over. The Living Wage Foundation (an initiative of Citizens UK), recently announced living