Inheritance Tax Limits – Do you Know Them?
Confusion about the operation of inheritance tax (IHT) is growing, with over two thirds of those liable not knowing the threshold for the standard nil rate band of £325,000, according to a survey by Canada Life The insurer found that among adults over the age...
Tax-Free Childcare Opens To Children Under Nine
HMRC has opened its tax-free childcare scheme to parents who have children under the age of nine, with the scheme opening to all remaining eligible families on 14 February, after full rollout was delayed due to the service experiencing IT difficulties Tax-free...
End Of Personal Credit Card Payments To HMRC
From January, individual taxpayers will not be able to use personal credit cards to settle tax bills with HMRC as a result of EU rules on recharging credit card fees From 13 January 2018 HMRC will not accept any personal credit card payments so taxpayers will have to...
New Help to Save Scheme Launched
A new scheme will be launched in 2018, by the Government to incentivise those on low incomes to build up their savings. The Help to Save Scheme will be available to employed people who receive Working Tax Credits, and to those who receive Universal Credit with...
Reasons Why You Should Consider An Apprenticeship For Your Business
Whether your business is small or large, the opportunity to embrace an apprentice into your team is readily available, yet rarely taken by small businesses. They are available to large and small firms, with the former (per a wage bill more than £3 million)...
November 17 Budget Snapshot – What Does It Mean?
The budget was delivered on Wednesday 22nd November 2017 with various rumours flying around from VAT Threshold Reduction and Stamp Duty reduction, freezing of various taxes. We have taken all the points mentioned by Chancellor Philip Hammond on Wednesday and are...
HMRC Increase Interest Rates For Late Paid Tax and NIC
HMRC has increased its interest rates for late paid tax and NIC from 21 November 2017 by 0.25% but no increase to repayment interest rates. The current late payment and repayment interest rates applied to the main taxes and duties that HMRC currently charges...
Taxpayers Warned to Check HMRC Repayment Arrangements
In the run up to January’s online self assessment tax return deadline, the Low Incomes Tax Reform Group (LITRG) is warning of the risk that HMRC will issue any repayments due to last used debit or credit card, rather than the bank payment instructions entered on the...
Base Interest Rates Doubled to 0.5% – How Can It Affect You?
For the first time since July 2007, the Bank of England (BoE) has raised interest rates from 0.25% to 0.5% to help curb high inflation On 1 November, the Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase interest rates to 0.5%. The move reverses...
Introducing Simple Assessment – Who Said Tax Has To Be Taxing?
In a bid to reduce the number of taxpayers compelled to complete Self-Assessment tax returns HMRC has introduced Simple Assessments. The plan is to remove two million taxpayers from the self-assessment system regime. The first tranche targeted are those who have PAYE...
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