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
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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
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
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
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
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
New Acas guidance on dealing with stress in the workplace
Following the publication of its guidance for employers on managing staff who are experiencing mental health issues, Acas has now published new guidance for employers on how to support employees who
CGT payable on sale of personal possessions
There are special rules concerning the payment of capital gains tax (CGT) on the sale of personal possessions also known as 'chattels'. Personal possessions are generally defined as possessions with a
Are your earnings approaching £100,000?
For high earning taxpayers the personal income tax allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. Adjusted net income is total taxable
Change to tax relief on re-mortgaged buy-to-let property?
HMRC’s guidance on paying income tax when you rent out a property has been updated to reflect the new restriction on tax relief for finance charges incurred since April 2017. The tax relief on finance