Wealth Management News

Workplace pension contributions more than double

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The percentage of salary employers and employees must contribute to a workplace pension has increased from 6 April 2018. Employees will now contribute three per cent (up from one per cent) of their annual salary into a personal workplace pension, while employer contributions have increased from one to two per cent. Under the new rules, […]

Wealth Management News

Millennials’ pension saving falls

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The total amount saved by millennials for their retirements fell between 2010 and 2016, despite a marked increase in the proportion saving for old age. Analysis of Office for National Statistics (ONS) data by Equinity found 35 per cent of individuals aged between 25 and 34 were contributing to a pension between 2010 and 2012, […]

Wealth Management News

Cut to Stamp Duty benefits 70,000 first-time homeowners

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Almost 70,000 individuals have benefited from average savings of around £2,300 since Chancellor Philip Hammond introduced a new Stamp Duty Land Tax (SDLT) relief for first-time buyers in his autumn 2017 Budget. Purchases of up to £500,000 by first-time buyers qualify for the relief, with purchases of up to £300,000 no longer attracting SDLT. Purchases […]

Business News

VAT fuel scale charges

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HMRC have issued details of the updated VAT fuel scale charges which apply from the beginning of the next prescribed VAT accounting period starting on or after 1 May 2018. VAT registered businesses use the fuel scale charges to account for VAT on private use of road fuel purchased by the business. Please do get […]

Business News

P11D deadline approaching

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The forms P11D which report details of benefits and some expenses provided to employees and directors for the year ended 5 April 2018, are due for submission to HMRC by 6 July 2018. The process of gathering the necessary information can take some time, so it is important that this process is not left to […]

Business News

EMI options may not qualify for tax relief

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The Enterprise Management Incentive (EMI) allows selected employees (often key to the employer) to be given the opportunity to acquire a significant number of shares in their employer through the issue of options. An EMI can offer significant tax advantages as the share option scheme allows options to be granted to employees which may allow […]

Business News

Tax reliefs following the Scottish Budget

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The Government has stated that it will ensure that tax reliefs continue to work as they were intended as the new Scottish Income Tax rates and bands are introduced from 6 April 2018. The Government has confirmed: Marriage Allowance Marriage Allowance allows taxpayers to transfer 10% of their tax-free Personal Allowance to their spouse or […]

Business News

GDPR compliance deadline looms

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With less than one month until the introduction of the new General Data Protection Regulation (GDPR), the Federation of Small Businesses (FSB) is warning small and medium-sized enterprises (SMEs) that time is running out for them to prepare. The business group stated that small businesses face an ‘uphill challenge’ in ensuring that they are compliant […]

Business News

Changing priorities at HMRC

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Over the coming years, the government plans to phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system. However HMRC has shared a statement about how they are prioritising change in the department and as a result some parts of MTD will be delayed. HMRC […]