Almost half of UK adults have not written a will Blog

Nov 25

Almost half of UK adults have not written a will

Nearly half UK of adults have not written a will, nor are they currently in the process of doing so, according to research published by life insurer Canada Life. Over a quarter said they do not have enough assets or wealth to warrant making a will, closely followed by 20% who believe they still have […]

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Business frustrated at halt in rollout of digital trade platform blog

Business frustrated at halt in rollout of digital trade platform

Import and export businesses are frustrated by the government’s decision to pause work on the digital trade platform, according to the Institute of Directors (IoD). When fully operational, the Single Trade Window will provide a gateway between businesses and UK border processes and systems, allowing users to meet their import, export and transit obligations by […]

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HMRC warns landlords to disclose earnings

HMRC has warned landlords to disclose their earnings on self assessment tax returns. The tax authority has clarified the guidance on who can participate in the Let Property Campaign, which is targeted at landlords who owe tax through letting out residential property in the UK or abroad. Landlords can report previously undisclosed taxes on rental […]

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Over £570 million stolen by fraudsters in first half of 2024 blog

Over £570 million stolen by fraudsters in first half of 2024

Criminals stole more than £570 million through authorised and unauthorised fraud in the first half of this year, according to data published by UK Finance. 72% of authorised push payment fraud began online and 16% started via telecommunications. Losses due to unauthorised transactions across payment cards, remote banking and cheques were £358 million in the first half of this […]

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Under 100 days to go until self assessment deadline

HMRC has warned taxpayers that the countdown to the self assessment deadline is now underway, with less than 100 days to go. Self assessment taxpayers must file and pay their self assessment tax return before the 31 January 2025 deadline. The tax authority says more than 12 million people need to file a tax return […]

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Employer NICs rise may have unforeseen consequences blog

Employer NICs rise may have unforeseen consequences

The extra costs of the increase in employers’ NICs could cause businesses to respond in ways the government did not intend, the Chartered Institute of Taxation (CIOT) has warned. At the Autumn Budget, Chancellor Rachel Reeves announced an increase to the rate of employer NICs by 1.2 percentage points, to 15% from 6 April 2025. […]

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national living wage blog

National Living Wage rises by 6.7%

Over three million workers will receive a pay boost after Chancellor Rachel Reeves confirmed the National Living Wage will increase from £11.44 to £12.21 an hour from April 2025. The 6.7% increase is worth £1,400 a year for an eligible full-time worker. The National Minimum Wage for 18 to 20-year-olds will also rise from £8.60 […]

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Autumn Budget – the business reaction

Business groups have reacted to Chancellor Rachel Reeves’ Autumn Budget speech. The Confederation of British Industry (CBI) said that the Chancellor ‘had difficult choices to make to deliver stability for the economy’. Rain Newton-Smith, Chief Executive of the CBI, commented: ‘A more balanced approach to our fiscal rules which prioritises capital investment should help to […]

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Chancellor promises to drive growth and raises £40 billion in taxes blog

Chancellor promises to drive growth and raises £40 billion in taxes

Chancellor Rachel Reeves pledged to ‘invest, invest, invest’ to drive growth and ‘restore economic stability’ in the Autumn Budget. The Budget, which was Labour’s first in over 14 years and the first ever delivered by a female Chancellor, saw £40 billion in tax announcements. Ms Reeves repeated her claims that the government had inherited a £22 billion […]

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Nov 01

Sage special Budget edition Double-cab pickups are to be classed as cars

Just in case you haven’t read the latest Autumn Budget summary we sent earlier this week, this is a very relevant change for some of you… Double-cab pickups are to be classed as cars Hidden in the latest Budget report is news that double-cab pickups will soon be taxed as cars, following a series of […]

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Oct 31

Autumn 24 Budget Summary

This Summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances. At the back of the Summary you will find a calendar of the tax year with important deadline dates shown. We recommend that you review your financial plans regularly as some aspects of the […]

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Oct 28

Latest guidance for employers Oct 2024

HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics, including: •         guidance for employers on RTI reporting obligations for payments made early at Christmas •         how salary sacrifice affects National Minimum Wage •         PAYE charge queries •         notice of change to effective date of new data requirements […]

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Make Work Pay threatens employment and growth warns FSB

The government’s Make Work Pay Bill lacks a pro-growth element and will increase economic inactivity, the Federation of Small Businesses (FSB) has warned. The business group says that the legislation, particularly around day one dismissal rights, risks deterring small employers from taking a chance on someone who has had a significant period out of the […]

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Raising CGT rates would not deter investment, says IPRR

Increases to Capital Gains Tax (CGT) at the upcoming Budget would not deter investment into the country, according to the Institute for Public Policy Research (IPPR). The think tank says that low CGT is not an effective way at encouraging entrepreneurship and investment. Equalising CGT to income tax could help the Chancellor’s efforts to close […]

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10,000 boost State Pension with online payments

More than 10,000 payments worth £12.5 million have been made through a new digital service to boost people’s state pension, HMRC has revealed. People have until 5 April 2025 to maximise their state pension by making voluntary National Insurance contributions (NICs) to fill any gaps in their NICs record between 6 April 2006 and 5 April […]

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HMRC agree to make things easier with paper tax returns

HMRC’s decision to make it easier for taxpayers to file a paper tax return has been welcomed by the Low Incomes Tax Reform Group (LITRG). With less than a month until the 31 October deadline for filing a 2023/24 paper self assessment tax return, HMRC have confirmed to LITRG they will accept copies of the […]

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Budget will be ‘pivotal moment’ for new government

The Autumn Budget will be a ‘pivotal moment’ for the new Labour government as it aims for sustainable economic growth, says the Confederation of British Industry (CBI). In its Budget submission, the business group says the task ahead is not without its challenges given the current economic and fiscal constraints. The CBI says the key […]

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New tipping law comes into force

Businesses have been banned from withholding tips or service charges from their staff under new rules that came into force on 1 October. All tips, whether in cash or by card, must now be shared between workers by law in Britain, with millions of workers such as those working for cafes, pubs, restaurants, taxi companies […]

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New Growth and Skills Levy must end ‘cycle of failure’

The new Growth and Skills Levy must end the ‘cycle of policy failure’ in addressing Britain’s chronic skills shortages, according to the Resolution Foundation. The think tank says the government must get its design and implementation right if it’s to boost the number of apprenticeships after years of decline and ensure that Levy funds go to […]

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Chancellor must tackle barriers to growth in Budget

Chancellor Rachel Reeves must tackle barriers to growth in the Autumn Budget, says the Federation of Small Businesses (FSB). The FSB is calling on the Chancellor to deliver a decisively pro-small business Budget, saying SMEs are ‘sick of stagnation’. The business group wants measures to ease employment costs, remove barriers to access finance for investment, […]

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