According to a new report by Hymans Robertson, the future cost of paying private pensions to the estimated 11 million people in the UK who are in defined benefit schemes is now greater than the country’s gross domestic product (GDP). In the space of just one year, the price tag has risen from £1.7trn to […]
The UK currently has one of the lowest corporation tax rates within Western Europe, at just 20%. However this could change, as Germany and France (both of whom have considerably higher rates at 30-33% and 33-36.6% respectively) push forward plans to introduce a minimum corporation tax rate across the EU. Whilst the aim of this […]
HMRC have been attacked for their self-assessment penalty regime, with the Low Incomes Tax Reform Group (LITRG) claiming that it is ‘nothing short of oppressive’. Despite the increased advertising and awareness strategies put in place by HMRC, for the year ending 5 April 2014 over 890,000 taxpayers failed to submit their returns on time (between […]
As the election campaign heats up, Ed Miliband has announced that if he is elected to Number 10, the current non-domicile rules, which allow some UK residents to limit their tax liability, would be abolished. Normally, UK residents pay UK tax on all their earnings, regardless of where they originated from. The current rules for […]
As the more eagle eyed of you will no doubt have noticed, Chancellor George Osborne presented his 2015 Budget to Parliament this week. The 2015 Budget will affect both this coming tax year and the following – and if you live in the UK it is likely to have a profound impact on your life. […]
Marriage Allowance is a scheme that helps married couples in reducing their annual tax bill by up to £212. From 20 February 2015 married couples paying tax at the basic rate are entitled to apply for Marriage Allowance. How does Marriage Allowance work? If one of the partners has income less than £10,600 (the tax-free personal […]
Changes are being made that will affect VAT on B2C ‘e-services’. For the uninitiated here are some services that will be affected:- Telecoms (telephone, fax, internet access) Broadcasting (radio, TV, live internet broadcasts) E-services (video on demand, downloads of music and apps, online gaming, e-books, software and online auctions) (A more extensive list can be […]
The reduction in employers’ National Insurance Contributions (NICs) due to come into force next month means there may never be a cheaper time to bring fresh blood into your business – particularly the blood of young’uns. So, with a reduction in NICs for under 21s and youth unemployment at approximately 20% – much higher than […]
Most businesses incur expenses and losses while they are getting off the ground. Losing money can be a bit of a reality check at times but if you know the tax regulations it’s not all bad news. Any losses you make can be used to offset other profits in order to reduce your corporation tax. […]
The number of Brits affected by inheritance tax is set to double to 42,000 by the year 2016-17 according to experts, but it seems worryingly few of us know much about the tax at all. We’re here to put that right. Crowd pleasers to a fault, we’ve put together this guide to help you understand […]
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