Chancellor Rachel Reeves delivered her Spring Forecast 2026 – widely referred to as the Spring Statement – in the House of Commons on 3 March. In a deliberately low-key address, she updated MPs on the Office for Budget Responsibility’s (OBR) latest economic projections without introducing any new tax rises, spending commitments or policy shifts. For […]
The National Living Wage (NLW) will rise to £8.21 from April 2019 an increase of 4.9 per cent, while the government has also accepted the Low Pay Commission’s (LPC’s) above inflation recommendations to increase the National Minimum Wage (NMW). Philip Hammond announced the increases in his 2018 Budget speech, stating: “Delivering higher wages for those […]
Read articleThe Employment Allowance (EA), which entitles employers to up to £3,000 a year off their National Insurance contribution (NICs) bill, is to be restricted to smaller employers. Philip Hammond, Chancellor of the Exchequer, explained in his 2018 Budget speech that the allowance was originally introduced to incentivise business to take on employees. “But at a […]
Read articleOff-payroll working rules are to be extended to contractors working in the private sector, announced the Chancellor of the Exchequer in his 2018 Budget. The rules, which have applied to the public sector since April 2017, shift the responsibility for determining the tax status of off-payroll workers from the individual contractor to the hiring organisation. […]
Read articleEmployers have been reminded that they only have until 5 November to submit their responses to the consultation into the scope of the Welsh rates of Income Tax. The Wales Act 2014 introduces the Welsh rates of Income Tax, which will be implemented in April 2019. This requires technical changes to legislation to ensure the new Welsh […]
Read articleHMRC has outlined the Student Loan thresholds from 6 April 2019. The current thresholds for the tax year 2018/19 are: The Department for Education (DfE) has confirmed that from 6 April 2019 the thresholds will increase to: Student loan deductions will remain the same, at nine per cent for Plan 1 and Plan 2 loans. […]
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 […]
Read articleHMRC has released the latest edition of its Agent Update. It includes details on:
Read articleThe Court of Appeal has dismissed the case against the High Court’s decision that Morrisons was vicariously liable for its employee’s misuse of data. Back in 2014 Andrew Skelton, a former senior auditor at the supermarket giant, stole the personal data of more than 100,000 employees and posted it online. Although the individual involved was charged […]
Read articleHMRC’s powers to tackle tax avoidance and evasion undermine the rule of law and hinders taxpayers’ access to justice, found the House of Lords Economic Affairs Committee. In its latest report, the Committee has called for the oversight of HMRC and its powers to be reviewed, arguing that there needs to be a careful balance struck […]
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