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What’s happening?

Here you can keep up to date with our latest news, as well as the latest goings-on in the world of accounting.

The High Income Child Benefit Charge (HICBC) applies to taxpayers whose income exceeds £50,000 in a tax year and who are in receipt of child benefit. The charge either reduces or removes the financial benefit of receiving child benefit. Where both pa... Read More

This may come as a surprising fact to many of our readers, but a will can be changed after death. This can be done by using what is known as a Deed of Variation. Any changes to the will must be done within two years from the date of death. However, b... Read More

Is your bank deposit protected?The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies should the institution become insolvent. The Financial Services Compensation Scheme (FSCS) guarant... Read More

The Government has announced that the planned abolition of Class 2 National Insurance Contributions (NICs) is to be delayed for a year. The withdrawal of Class 2 NICs was due to take place from April 2018 but will now take place one year later from A... Read More

The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system, with the objective of reducing burdens on both businesses and individual taxpayers.It was announced as part of the Autumn Statement 2016, that... Read More

The current National Minimum Wage (NMW) hourly rate for adults between 21-24 years old is £7.05, and the national living wage is £7.50 for those aged 25 and over. The Living Wage Foundation (an initiative of Citizens UK), recently announced living wa... Read More

The bank deposit guarantee limit is the amount of money that is guaranteed for savers in UK banks and building societies should the institution become insolvent. The Financial Services Compensation Scheme (FSCS) guarantee amount is currently £85,000... Read More

In a widely expected move, the Bank of England’s Monetary Policy Committee (MPC) voted by a majority of 7-2 to increase the Bank Rate from 0.25% to 0.5%. This is the first increase in interest rates since July 2007 when the rate increased to 5.75%. T... Read More

In a surprising move, the Government has announced that the planned abolition of Class 2 National Insurance Contributions (NICs) is to be delayed for a year. The withdrawal of Class 2 NICs was due to take place from April 2018 but will now take place... Read More

HMRC has won a landmark case after the Supreme Court overturned an earlier decision of the Court of Appeal. The issue at hand concerned historic overpayments of VAT by Littlewoods (a catalogue sales business) between 1973 and 2004. In 2004, HMRC acce... Read More

The Office of Tax Simplification (OTS) provides advice to the Chancellor on simplifying the UK tax system, with the objective of reducing compliance burdens on both businesses and individual taxpayers and will draw together expertise from across the... Read More

Following the publication of its guidance for employers on managing staff who are experiencing mental health issues, Acas has now published new guidance for employers on how to support employees who are suffering from work-related stress.The guidance... Read More