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Workplace pensions £17b
£17 billion extra a year will be saved into workplace pensions as a result of auto-enrolment by 2019/20, according to the Department for Work and Pensions.
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Business rate changes April 2017
Two changes to business rates are due to come into effect from 1 April 2017.
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Small business finance options
Small businesses that have been rejected for finance by banks may be matched with alternative finance providers under a government scheme.
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Autumn Statement 2016
Chancellor Philip Hammond delivered Autumn Statement 2016 to parliament on 23 November 2016.
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Starting a business
Things to consider when starting a business. Last year 608,110 businesses were incorporated according to data from Companies House. This is a year-on-year increase of 26,937 on the 581,173 businesses started in 2014. However, figures from the Office for National Statistics show that 55% of new businesses fail within 5 years. In order to avoid…
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IHT and the nil-rate band
A detailed guide to the residence nil-rate band for inheritance tax. The rise in property prices throughout the UK means that even those with modest assets may find that their estate exceeds the £325,000 nil-rate band for inheritance tax (IHT). The percentage of properties sold for more than £325,000 has doubled since the current nil-rate…
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Autumn Statement 2016
Chancellor Philip Hammond is due to deliver his Autumn Statement on 23 November 2016. Speaking at the Conservative party conference in October, Hammond said the government will prioritise spending on housing and business investment to boost the economy. Here is a round-up of some of the potential measures that could be announced.
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Higher earning parents use flexible working
Parents who earn more are more likely to work flexibly, according to the charity Working Families. 69% of parents who earn more than £70,000 a year work in a flexible way, compared to 47% of those earning between £10,000 and £40,000. More than two thirds (68%) of all working parents said their work interferes with…
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Businesses lack export ambition
Most businesses don’t currently export and don’t intend to start, according to research by the Institute of Chartered Accountants in England and Wales (ICAEW). 69% of businesses have never traded overseas and have no plans to do so in the future despite high-profile government campaigns.
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Pension reforms could cost £5 billion
The pension reforms introduced by George Osborne could cost £5 billion and push house prices up in the long term, according to the Office for Budget Responsibility (OBR).
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VAT after Brexit
What could happen to VAT after the UK has left the European Union? On 23 June 2016, the British public voted in one of the most important referendums of modern times. The public’s decision to leave the EU will have an impact on almost every aspect of economic life. Trading relationships will need to be…
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Employee benefits & rewarding staff
A guide to rewarding your staff and the tax treatment of employee benefits. Many of us do not really think about the commitment that employees make to their employers in terms of time. The average 9 – 5 worker with their 5.6 weeks of statutory holiday is likely to work around 1,880 hours a year.…
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Paper tax return deadline
The deadline to submit your self-assessment paper tax return for the 2015/16 tax year is 31 October 2016. Tax returns must account for all income received during each tax year running from 6 April to 5 April.
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Tax-free childcare scheme 2017
The government’s tax-free childcare scheme is due to launch in early 2017. As part of the scheme, parents will be able to set up an online account with HMRC to pay for childcare with a registered provider. The government will top up the account by 20% up to a total of £10,000. The maximum government…
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EU employees & residency
EU employees are concerned about their residency status following the EU referendum. A British Chambers of Commerce (BCC) survey of 800 companies who employ EU workers found that 41% of businesses say their EU staff are worried.
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Corporation tax & allowances
Businesses paid £44.4 billion in corporation tax in 2015/16, according to figures from HMRC.
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Personal financial planning – what you need to know
No one should be without a financial plan. Read our guide to get started. Achieving your financial goals is made harder when you don’t have a plan laid out on paper. Without a timescale, a sense of priority and an idea of how you will use your money in the future, how can you be…
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National insurance planning
An overview of the types of national insurance and advice on how to make sure you don’t pay too much. Since its introduction in 1911, national insurance (NI) has changed from a form of protection against ill-health and unemployment to include a wider range of benefits. Today it helps people build entitlement to the state…
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IHT receipts increase year on year
Inheritance tax (IHT) receipts totalled £4.7 billion in 2015/16, a 22% increase on the previous year. Without taking inflation into account, this is the highest receipts have been since the IHT system was introduced in 1986.
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Hourly minimum wage 1st October 2016
New hourly national minimum wage (NMW) rates come into effect on 1 October 2016. Employers are already legally required to pay eligible workers who are 25 or over the national living wage (NLW) of £7.20 an hour.
