The Budget

4
Oct

UK Budget date announced: Monday 29 October

The Chancellor of the Exchequer, Philip Hammond, has announced  the Budget date and it will take place on Monday 29 October. Breaking with the tradition of a Wednesday budget date in November, perhaps in a bid to avoid the ongoing Brexit negotiations, the government is expected to set out its plans ‘to build a stronger, more prosperous economy, building on

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11
Apr

Cash and digital payments considerations in the new economy

Cash and digital payments considerations One of the announcements in the Spring Statement was the possible demise of the 1p and 2p coins and the £50 note, but for different reasons. It seems that more and more of us are paying for small transactions such as our morning coffee by using contactless payments. The public preference between cash and digital

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11
Apr

Spring statement 2018: Consultation for VAT registration

  Spring Budget 2018 As announced last year, the Chancellor’s Budget will in future take place in the Autumn each year as opposed to the Spring. There was however a Statement by the Chancellor on 13 March, but he made little mention of tax changes, instead choosing to focus on the state of the economy and stating that there is

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5
Dec

Autumn Statement 2017: “Building a Britain fit for the future”

  This was the main theme of the Chancellor Phillip Hammond’s second budget as he committed to spending more on infrastructure projects and stimulating the housing market. He had to put on a good performance to keep his job after criticism following the Spring Budget. His jokes were better this time but there was very little good news on the

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7
Nov

Increased contributions for workplace pensions in 2018

  Pension auto-enrolment has been on the cards since it was first announced for workplace pensions back in 2014. Auto-enrolment of staff in workplace pension schemes now applies to even the smallest of employers, although there are exclusions. The current minimum contributions are 1% from the employer and 1% from the employee but these limits are scheduled to increase to

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7
Nov

New restriction for those in pension drawdown (SIPPs pension funds)

  £4,000 pension input limit for SIPPs pension funds One of the measures affecting pensions announced in the Spring 2017 Budget that was not included in the first Finance Act, concerns a new £4,000 pension input limit for those who are drawing income from their money purchase pension fund, such as a SIPPs pension fund. Self-Invested Personal Pensions (SIPPs) are esentially a pension investment ‘wrapper’

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7
Nov

Changes to pension tax relief in the budget?

  Changes to pension tax relief in the budget? There is again speculation about further restrictions to tax relief on pensions in the Chancellor’s Autumn Budget. With the Chancellor looking to increase tax revenues without increasing tax rates, a raid on pension savings is an easy target as the cost of pension tax relief is estimated to be in excess

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5
May

U-turn on self-employed NICs – for now

  In his first Budget on 8th March, the new Chancellor Phillip Hammond announced that he would level the playing field between employees and the self-employed by increasing Class 4 National Insurance Contributions (NICs) from 9% to 10% from 6 April 2018 and then to 11% from 6 April 2019. His justification is that the self-employed are now entitled to

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18
Mar

Advisory fuel rate for company cars

    These are the suggested reimbursement rates for employees’ private mileage using their company car from 1 March 2017. Engine Size Petrol Diesel LPG 1400cc or less   11p     7p 1600cc or less     9p   1401cc to 2000cc   14p   9p 1601 to 2000cc     11p     Over 2000cc   22p (21p)

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18
Mar

Business rates relief for small businesses

    There has been much lobbying from the small business sector to reduce business rates. The Chancellor stated that 600,000 small businesses currently benefit from small business rates relief. He also announced that no small business that is coming out of small business rates relief will pay more than £600 more in business rates this year than they did

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