The UK government led by Chancellor Rachel Reeves, has launched a comprehensive review of pension schemes. This initiative is part of a broader strategy to enhance the efficiency and effectiveness of the UK’s pension system, particularly focusing on defined contribution (DC) schemes and the Local Government Pension Scheme (LGPS). The review seeks to address the […]
Read articleWage growth outpaced inflation for an eighth month in a row, rising 0.9 per cent in real terms (against CPIH inflation), while regular pay before inflation grew at its fastest in almost a decade at 3.2 per cent. The latest figures from the Office for National Statistics (ONS) also revealed the employment rate remains high, […]
Read articleEdinburgh City Council has been heavily criticised after it emerged that it had overpaid staff by around £700,000 during the past two years. The council’s director of resources, Stephen Moir, explained to The Scotsman that the council has a highly complicated set of pay arrangements, with a range of variable payments and around 5,000 individual shift patterns […]
Read articleThe Living Wage Foundation has announced its new Living Wage rate at £9 per hour and £10.55 per hour for those living in London. The rates are independently calculated based on what people need to live in the UK and London. This year’s increases, of 25p per hour and 35p per hour respectively, have been […]
Read articleChanges to the van benefit and car and van fuel benefit charge from 6 April 2019 have been outlined in the 2018 Budget. This measure increases the van benefit charge by the Consumer Price Index and the car and van fuel benefit charges by the Retail Price Index from 6 April 2019. The flat-rate van […]
Read articleChancellor Philip Hammond has fulfilled his party’s manifesto pledge to raise the Personal Allowance to £12,500, a year ahead of schedule. From April 2019 the Personal Allowance will be £12,500 and the higher rate threshold will be set at £50,000. The basic rate limit will be increased to £37,500. Hammond then plans to index both rates in […]
Read articleA joint regulatory strategy aimed at strengthening the relationship between the Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) has been launched to deliver better outcomes for pension savers and those entering retirement. The strategy identifies key issues which contribute to the prospect of people not having adequate income, or the income they expected in retirement. […]
Read articleA pilot for a new online VAT service has been launched, with HMRC inviting more than half a million businesses to try the service ahead of new rules coming into force in April 2019. From 1 April 2019, under Making Tax Digital, around one million businesses registered for VAT with a taxable turnover above £85,000 […]
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