Over 55s to see restricted tax breaks

Over 55s will experience restrictions in available tax reliefs as part of the government’s anti-avoidance tax strategy which will close loopholes created in the pensions reform announced in this year’s Budget. The Treasury said that the government will restrict tax reliefs on pension contributions for savers over the age of 55 in order to prevent…

SMEs Lose thousands a year due to unpaid bills

A third of small businesses hesitate to chase late payments from clients because they do not want to antagonise or embarrass them. Credit control firm, Santago, conducted the research which found that 81% of SMEs do not chase payments from late paying clients because they find the task ‘uncomfortable’. 19% of SMEs do not do…

Government announces free advice for pensioners

The Treasury has announced that pensioners will be able to receive free independent advice on their savings and investments from next year. From the 2015-16 tax year, savers from the age of 55 will be able to utilise their pension funds however they wish. Savers have previously purchased annuities upon retirement through participating in defined…

Tax and accounting feature on SME worries list

Small businesses consider tax and accounting among their biggest worries. In a survey conducted by neuroscientist, Dr Lynda Shaw, the biggest concerns and worries of many small business owners have been revealed. Nearly 50% of survey participants said that they struggled with accounting and tax issues, with 23% stating they experienced anxiety over these subjects.…

HMRC updates IR35 guidance

HMRC has updated its guidance notes on IR35 which should help make things clearer for contractors looking for clarification on the often cloudy subject. Nineteen pages of information have replaced the previous FAQs guide, dividing into more accessible sections filed under ‘Intermediaries legislation’, ‘How it applies to you’, How to work out if it affects…