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Inflation set to hit five-year high


Increasing pressure on the Bank of England to raise interest rates, City economists forecast that the consumer price index will be shown to have risen to 3% in September, up from 2.9% a month earlier, its highest level since 2012. The ONS will release figures today just before the Commons' Treasury...

SMEs ignore credit scores


Research from RateSetter Business Finance has found 44% of SMEs have never checked their company’s credit score. The study also reveals that a further 6% have opted against checking their score in the last year....

SMEs keep faith in apprenticeships


A survey by Close Brothers Asset Finance suggests apprenticeships are still the solution to Britain’s skills shortage, despite official figures showing a sharp fall in the number of new schemes since the government introduced a new levy. More than eight in ten of small businesses polled said that...

Budget tax raid could alienate older voters


Conservative peer Baroness Altmann has suggested that plans for a Budget raid on pensions tax relief to fund tax breaks for young people could trigger a backlash from older voters. Philip Hammond is said to be considering the measure as he looks to "restack the deck for the next generation". But Bar...

Hammond considers 'age tax' raid for older workers


Philip Hammond is said to be planning a Budget raid on older workers to pay for tax breaks for younger people. According to the Telegraph, the chancellor is examining ways to link tax to age in order to promote “intergenerational fairness” in next month’s Budget. It could see tax breaks being...

Pension cap could hit older employees


Older employees earning as little as £25,000 a year could face an unexpected tax bill if they have withdrawn money from one pension but are still contributing to another. A new £4,000-a-year cap on pension contributions for those aged 55 and over who have already drawn out more than the 25% tax-fr...

Hundreds of thousands pay top rate of up to 70%


A report by Royal London reveals 775,000 people are paying more tax on each extra pound that they earn than someone whose income runs into millions. It found that people on higher bands lose up to 70p on each extra pound they earn because of increased NI contributions, loss of child benefit and redu...

HMRC urged to publicise new income allowances


The LITRG is calling on HMRC to publicise new income allowances when they come into force to prevent confusion as to who is supposed to register for Self-Assessment this time next year. The group is concerned that some taxpayers may register for Self-Assessment and complete a tax return when they do...

VAT fraudsters avoid prosecution


HMRC has yet to prosecute a single company or individual for online VAT fraud, despite the offence costing the exchequer £1.5bn a year in lost revenue. In written evidence to parliament, officials at Revenue & Customs revealed that they had investigated more than 2,500 sellers believed to be us...

Workers 'need pension saving targets'


The Pensions and Lifetime Savings Association (PLSA) says more than 13m people may not be saving enough for an adequate retirement. Its research suggested that 78% of those surveyed are unaware of how much they need to save for a comfortable retirement and need targets to help them do so....

Huge majority of tax tribunal appeals fail, research finds


A Tolley analysis of recent appeals to the tax tribunal has found that taxpayers come out on top in just 14% of cases. An analysis of the last 50 appeals to the tax tribunal showed only seven outright wins for taxpayers....

Over-65s enjoying pension freedoms


The Association of British Travel Agents (Abta) has suggested that pension freedoms have contributed to a rise in the over-65s going on holiday. Older people take an average of 4.1 trips a year, compared to 3.6 for 18-to 24-year-olds. In 2015, it was the 18-24s who took the most holidays, averaging...



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