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Employers to pick up the bill for 6.2% national living wage increase
The hourly national living wage rate for over-25s will increase from £8.21 to £8.72 for 2020/21. The Low Pay Commission published recommendations for the new rates, which kick in from 1 April 2020. The national living wage is the Government’s minimum wage for over-25s. The minimum wage for under-25s will also rise. Workers aged between…
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Company car tax
Does it pay off to provide zero-emission cars? Offering a company car as a benefit can be a valuable and attractive perk to any valued employee. Unfortunately, it is not necessarily a tax-free perk and it may be liable for PAYE because HMRC considers the private use of a company car to be a benefit-in-kind.…
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Tracing lost pensions
Billions of pounds lost in unclaimed funds. Helping you plan for your retirement is one of our core services, ensuring you are prepared when the time comes to call it a day. With medical advances enabling more people to live for longer, the average person who retires at 65 lives for another 20 years. According…
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Year end tax guide 2019/20
Year-End Tax Guide 2019/20 The last few months of the tax year are the ideal time to pause and reflect, and to make sure you’ve organised your finances as efficiently as possible before the new tax year begins on 6 April 2020. It’s important to consider this from every angle: have you maximised all of…
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New tax rates for 2020/21
The new government intends to announce the 2020/21 tax rates, bands and allowances in a full Budget next month. Prime Minister Boris Johnson secured a handsome majority on 12 December 2019, and swiftly returned Sajid Javid to the position of Chancellor. Javid was poised to deliver his first Budget speech in November 2019, only for…
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High earners need to read this
High earners could face large tax bills if they fail to declare pension contributions on their 2018/19 tax returns, according to a report. When completing self-assessment, taxpayers are asked if they have put any money into a pension scheme above the annual pensions allowance. For most people, this allowance is £40,000 – but for every…
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IR35 and some changes
The planned extension of the new off-payroll rules to the private sector will be included in a review into how the new government can provide better support to the self-employed. The pre-election admission by Chancellor Sajid Javid increases the prospect of the controversial tax measure, which was contained in Finance Bill 2019, being delayed. “In…
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Cash flow is king to survival
A quarter of small business owners in the UK believe their company will fold in the next four years, research has claimed. Late payments (54%), tax rates (44%) and cyber-attacks (27%) were the biggest concerns among the 500 owner-managers polled by cloud accounting software provider Xero. Other challenges included Brexit (44%), maintaining or boosting levels…
