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Retirement won’t bring tax respite


Pensioners are handing over an average of £7,400 each year, or about a third of their income, in direct and indirect taxes. Analysis of ONS figures by Prudential shows that the total bill for the UK's retired households in the 2015-16 tax year was £52.7bn. However, the average retired household in...

SMEs unaware of new data protection rules


New data protection rules coming into force next May will change how companies are required to process information, such as customer lists and employee records. But a survey of more than 1,000 small companies, commissioned by Irwin Mitchell, found that 78% had not heard of the new rules, while 86% w...

Hammond confirms UK will leave EU customs union and single market


Chancellor Philip Hammond has quashed speculation that he would pressure Theresa May to abandon plans for a hard Brexit. Mr Hammond told the BBC’s Andrew Marr Show that the UK would be leaving both the single market and the customs union. The key question he said, is what is put in place to ensure...

Confidence ebbs away from small firms


The Federation of Small Businesses has said small companies are reporting weakening confidence as rising prices and fears about the health of the domestic economy begin to bite. Some 52% of smaller employers see a slowdown in the UK economy as a barrier to growth. The FSB added that operating costs...

Government to step up business funding


The Government is to increase the level of financial support it provides to business ahead of the UK leaving the EU. Ministers are in discussion with the European Investment Bank to ensure UK projects can access its funds during the remaining period of Britain's EU membership. And the British Busine...

Fraudsters ‘conned HMRC out of £10m’


A group of alleged fraudsters stole the identities of MPs, judges, soldiers and police officers and conned HMRC out of £10m, a court has heard. Personal details were stolen to order from the files of the Civil Service Sports Council, which has a 10,300-strong membership list, with the gang making s...

FSB warns against NI hike


The number of self-employed people has risen by 103,000 to 4.8m, accounting for 15% of all people in work, according to the ONS. In response to the figures, the FSB is calling on the Government not to revisit failed plans for a NI hike. Mike Cherry, national chairman at the FSB, said: “The self-em...

Half of SME owners neglect company shares in will


Legal & General’s ‘State of the Nation’s SMEs’ report reveals 51% of small business owners have left no instructions in their will or made any special arrangements regarding shares. Only 26% of shareholders said that they would buy the shares left following the death of a fellow sharehol...

Tax scam warning


Taxpayers are being warned to ignore scam text messages claiming to be from HMRC following a spate of attempted frauds....

Bank of Mum and Dad risks IHT trap


A survey by Key Retirement has found half of parents and grandparents do not understand the tax rules on gifting. Nearly three out of four (73%) say the rules are very complicated, while nearly two out of five (38%) are not aware their estate might be liable for IHT on gifts to family members. The r...

SMEs missing out on tax relief


Research by Catax has found that 39% of UK SMEs that own their own business premises are unaware they can claim Capital Allowances tax relief. The survey of 500 SME business owners and senior managers also revealed that 46% of everyday companies that own their own business premises have never had ca...

New tax offence will be a game changer


Paul Marshall of Brodies' corporate crime and investigations team looks ahead to the government’s proposed new tax offence in the Criminal Finances Act 2017. He explains that the new offence will make a business guilty as a result of the criminal conduct of its employees and others who act on its...



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