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The Government is facing calls to announce a stamp duty holiday for homeowners who seek to downsize. Saga polled 2,000 people over the age of 50 and found that 73% would support a tax break to help them move into a smaller property. Almost three-quarters (70%) said their motivation for downsizing was because their current… Continue reading Govt. urged to introduce stamp duty tax break for downsizing

Pensioners are paying around £4 billion more in income tax than previously estimated, the Centre for Policy Studies (CPS) has claimed. The latest figures published by HMRC show that pensioners paid £17.9bn in income tax on their pensions in 2016/17, which increased to £18.4bn in 2017/18. A footnote in the paper said the method for… Continue reading Retirees taxed £4bn more than previously thought

Most small business owners in the UK do not think the tax system treats their business fairly, according to the British Chambers of Commerce (BCC). In a survey of 1,000 firms, 58% of SME owners said they think the UK tax system is unfair, with different tax rules applying to different types of business. More… Continue reading Small business owners hit out at ‘unfair’ UK tax system

How to minimise disruption in your business. It has been a challenging and eventful three years for UK businesses with a series of high-profile incidents highlighting how situations can change suddenly and often without warning. From the continued pressure of uncertainty relating to Brexit, terrorism, fire, extreme weather and cyber-attacks, how would your business cope… Continue reading Risk assessment and contingency planning

An overview of accountancy issues in the third sector. If you’re in charge of running a charity, you will know how it differs from operating a business and how its motives and goals vary. Non-profit organisations are treated very differently under the law, and managing a charity’s accounts can offer some unique challenges as a… Continue reading Accounting for charities

Most buy-to-let landlords saw their tax bills increase in 2017/18, suggesting the effects of changes to mortgage interest relief were beginning to be felt one year after they were introduced. In a survey by Paragon, 58% of landlords said their tax bill for 2017/18 was higher than a year before, with an average annual increase… Continue reading Landlords feeling the pinch as tax measures begin to bite

Changes to probate fees – due to take effect last month – have been delayed as Parliament wrangles to resolve the Brexit stalemate. Bereaved families currently pay a flat fee of up to £215 to obtain the grant of probate needed in England and Wales to administer estates worth more than £5,000. That system was… Continue reading Delay to increase in probate fees

The UK’s largest accountancy firms should be split into audit and non-audit businesses, according to recommendations from a Government committee. The Big Four accountancy giants conduct 97% of large companies’ audits, while also supplying those companies with other accountancy services. The Business, Energy and Industrial Strategy (BEIS) Committee published a report highlighting a potential conflict… Continue reading MPs call for break-up of Big Four’s accountancy services

Contractors whose employers paid them through loans from offshore trusts are being urged to speak to HMRC as soon as possible or risk receiving massive tax bills. Up to 50,000 contractors in the UK are believed to have benefitted from the lower income tax rates applied under loan advances, instead of being paid salaries. Those… Continue reading Thousands face huge tax avoidance bills

Fines issued to employers that fail to comply with their auto-enrolment responsibilities have more than doubled over the last two years, a report from the Pensions Regulator shows. In 2017/18, there were 36,137 fines issued to employers for not complying with the requirements of auto-enrolment – up from 14,707 such penalties in 2016/17. The Pensions… Continue reading Auto-enrolment fines rise 146%