More guidance on Class 3A NIC

Further guidance has been issued on Class 3A National insurance contributions (NIC). In the autumn of 2013 the Government announced plans to introduce a scheme to allow pensioners to top up their Additional State Pension by paying... Read Full Article...

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Disclosure facility for those with undisclosed second incomes

The Second Incomes Campaign is an opportunity open to individuals in employment who have an additional untaxed source of income. The new facility allows those with untaxed income to get up to date with their tax affairs... Read Full Article...

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Employers no longer able to reclaim SSP

The Percentage Threshold Scheme (PTS), which allows employers to reclaim Statutory Sick Pay (SSP) in certain circumstances, is abolished from 6 April 2014. Under PTS employers have been able to reclaim SSP where the SSP paid is... Read Full Article...

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HMRC guidance on new pension flexibility

Following the Budget announcements regarding pension flexibility HMRC have now issued some guidance for those individuals who may wish to review their pension options. New rules are being introduced to ensure that people do not lose their... Read Full Article...

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Budget 2014

The Chancellor delivered his Budget Speech on Wednesday 19 March and set the scene for the announcements stating that: ‘If you’re a maker, a doer or a saver: this Budget is for you.’ Main Budget tax proposals:... Read Full Article...

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Changes to the ISA regime

From 6 April 2014 the overall ISA savings limit will be increased from £11,520 to £11,880 of which £5,940 can be invested in cash. From 1 July 2014 ISAs will be reformed into a simpler product, the... Read Full Article...

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Savings band and rate for 2014/15

The Chancellor announced changes to the maximum amount of an eligible individual’s savings income that can qualify for the starting rate of tax for savings. The band will be increased to £5,000 from £2,880, and this starting... Read Full Article...

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Pension changes

The Chancellor has announced a range of significant measures to bring greater flexibility to individuals who want to access funds in defined contribution pension schemes. Some changes to the current restrictive rules will come into effect from... Read Full Article...

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Pensions – changes to come

The Government plans to bring even greater flexibility into the pension system from April 2015. In effect an individual will be able to choose what they want to do with their defined contribution pension fund. If they... Read Full Article...

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Doubling of the Annual Investment Allowance

The Annual Investment Allowance (AIA) provides a 100% deduction for the cost of most plant and machinery (not cars) purchased by a business up to an annual limit and is available to most businesses. Where businesses spend... Read Full Article...

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