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More than 4.4 million extra people saving into workplace pensions in last four years - January 5, 2017

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The latest figures from the Department for Work and Pensions (DWP) shows that since 2012, the number of people saving into a workplace pension has increased by 4.4 million. This means that by 2015 – the latest date for which data is available – nearly seven million people saved more than £82 billion in to […more]

IHT: Don’t forget to transfer any unused nil rate band - January 5, 2017

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The rules around inheritance tax (IHT) allow spouses or civil partners to transfer any unused nil rate band to the surviving spouse or civil partner, following his or her death. This means that a person’s estate can benefit from twice the nil rate band that would normally apply. However, in order to benefit from this […more]

Reminder: Inheritance Tax nil-rate band on main residence to go up in the new year - December 8, 2016

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A new additional nil-rate band of £100,000 for inheritance tax on main residences, when bequeathed to a direct descendent, is set to come into effect from April 2017. In 2018, 2019 and 2020, this will rise to £125,000, £150,000 and £175,000 respectively, before rising in line with Consumer Prices Index (CPI) in subsequent years. The […more]

Tax avoidance clampdown aims to raise extra £2bn by 2022 - December 8, 2016

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During the last few Budgets and Autumn Statements the government has made moves to prevent tax avoidance and evasion – and the latest fiscal event was no different. During this year’s Autumn Statement the Chancellor Philip Hammond announced a number of new measures to tackle businesses that avoid paying tax. According to Mr Hammond’s new […more]

Making Tax Digital: Update on government plans due in January - December 8, 2016

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Despite being perhaps the most significant change to the UK tax system in decades, Making Tax Digital (MTD) did not receive a single mention from the Chancellor in the Autumn Statement. But the policy was referenced in the supporting documents, revealing that the government will publish its response to recent consultations in January. The documents […more]

Small businesses to see changes to the VAT Flat Rate Scheme - December 8, 2016

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Small business users of the VAT Flat Rate Scheme who have low costs may see the rate they pay drastically increase under new changes. The Flat Rate Scheme was created to simplify businesses’ record keeping, by making it easier for smaller companies to figure out their bill. VAT is usually calculated via a two stage […more]

Goodbye to the Autumn Statement - December 8, 2016

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The most significant announcement at last month’s Autumn Statement was possibly the announcement that this would be the last Autumn Statement. Leading professionals have long made the case for a move to a single fiscal event and this was referenced by the Chancellor in the statement. The Chancellor said: “This change will allow for greater […more]

Government moves to curb salary sacrifice - December 8, 2016

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Ahead of the 2016 Autumn Statement there were rumours that the Chancellor Philip Hammond might limit the perks offered to employees by their employers. However, it soon became clear that he was out to prevent any tax advantage from salary sacrifice schemes when he announced that from April 2017 any tax and employer national insurance […more]

Autumn Statement 2016 - November 23, 2016

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For weeks now, senior figures from the world of business have been at pains to point out just how important this year’s Autumn Statement will be. The new Chancellor, Philip Hammond, stepped up to the despatch box to give his most significant speech since he took charge of the Treasury during the summer. If his […more]

Chancellor urged to reform tax policymaking - November 2, 2016

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A trio of influential organisations has urged the Chancellor to implement a series of reforms to the tax policymaking process. The Chartered Institute of Taxation (CIOT), Institute for Fiscal Studies (IFS) and The Institute for Government (IfG) jointly called on the Chancellor to make five key changes to the process: Publicly state the guiding principles […more]

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