Changes to overdraft fees The Financial Conduct Authority (FCA) has confirmed it will introduce new rules in April this year that it says will make the costs of overdrafts clearer and easier to compare. The rules will mean banks can only charge for overdraft users a simple annual interest rate – without additional fees and charges. According to the FCA,
New right to paid parental bereavement leave The government has confirmed that parents who suffer the loss of a child will be entitled to two weeks’ statutory leave. Under the new entitlement working parents who lose a child under the age of 18 will get two weeks’ statutory leave and where they meet the necessary conditions a legal right to
Tax relief on professional fees and subscriptions Employees are allowed to claim tax relief on their annual professional fees or subscriptions to some HMRC approved professional organisations. The costs are tax deductible generally where the individual must have membership to do their job or it is helpful for their work. Where the fees are paid by the individual’s employer this will
Off-payroll working HMRC has now published draft secondary legislation for the off-payroll working rules that are due to come into force in April this year. In 2017, HMRC introduced new off-payroll rules to the public sector, which saw some contractors’ net income cut significantly. HMRC also shifted the responsibility for compliance from individual contractors to public bodies or recruitment agencies.
A decade of bizarre excuses and expense claims Vengeful witches and pet hamsters feature in HMRC’s list of imaginative excuses and expense claims, which has been published in the run up to the self assessment deadline. HMRC has compiled a list of the weirdest unsuccessful excuses from the last decade. The list includes one taxpayer who claimed their mother-in law was
Budget Day 11 March UPDATE – 13th February 2020 Following Mr Javid’s resignation amidst the Prime Minister’s cabinet reshuffle on the 13th February, the 2020 Budget will now be delivered by the newly appointed Chancellor Rishi Sunak. ‘I am honoured to be appointed as Chancellor of the Exchequer. My predecessor and good friend Saj did a fantastic job in his
Brexit – transition period The leaders of the UK and European Union signed the Withdrawal Agreement, and the UK left the EU on 31 January 2020. However the UK is now in the transition or implementation period during which time it is ‘business as usual’ as the UK is covered by EU rules until the end of the year.
Welsh government publishes Draft Budget The Welsh government has published its Draft Budget, setting out revenue raising and capital spending plans for 2020/21. The Draft Budget confirms no changes are proposed to Welsh income tax rates, or Land Transaction Tax rates and bands. The Draft Welsh spending plans for the longer term will depend on the next UK Budget and
Retiring clinicians payments The Secretary of State has confirmed that the commitments being entered into, to make payments to clinicians affected by annual allowance pension tax, will be honoured when clinicians retire. In a written statement Matt Hancock, Secretary of State for Health and Social Care stated: ‘I have agreed to support this proposal from NHS England and NHS Improvement
Current list of deliberate tax defaulters HMRC publishes current list of deliberate tax defaulters, those people who have received penalties either for: deliberate errors in their tax returns or deliberately failing to comply with their tax obligations. Internet link: GOV.UK deliberate defaulters ROBINSONS LONDON ACCOUNTANTS – ACCOUNTING DONE DIFFERENTLY At Robinsons we work hard to understand, communicate, interact, engage and, above
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