October 2018

Summary of the Budget 29 October 2018

Chancellor Philip Hammond kicked off his Autumn Budget – the first on a Monday since 1962 – by announcing a “new chapter in the country’s economic future”. He hailed his Budget as signalling the “era of austerity finally coming to an end”. Measures outlined include: The National Living Wage to be raised to £8.21 from April, from £7.83. The personal

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Government terminates contracts with apprenticeship provider 3aaa

One of the UK’s biggest apprenticeship providers, 3aaa, has been placed in administration after its ESFA funding was withdrawn The Education and Skills Funding Agency has terminated all its contracts with Aspire Achieve Advance Limited (3aaa), one of the UK’s largest apprenticeships providers. The funding agency said it came to the decision following recent investigations into the apprenticeship provider, which received

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VAT deadline for MTD delayed for ‘small minority’ of firms

HMRC has confirmed that ‘a small minority’ of VAT-registered businesses with more complex requirements will not be required to switch to its flagship Making Tax Digital (MTD) for VAT regime at the deadline of 1 April 2019, but will be given a further six months to prepare. According to an update on its MTD overview, the six-month deferral applies to

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What threat does AI pose to finance jobs?

Opinion among the so-called millennials working in financial services is mixed regarding the impact of emerging technologies on the sector. Financial analytics company Metapraxis anonymously surveyed 402 millennials (those born after 1981) working in the finance sector, half from the UK and half from the US. A significant number felt that the automation of core processes could pose a potential

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Number of ‘millennial’ directors up by a third

The number of millennial directors of SMEs in the UK has increased by more than a third in a year, with ‘generation start-up’ helped by lower costs of entry including the rise of shared workspace and cloud computing, research from Moore Stephens shows. According to its analysis, there was a 37% rise in the proportion of directors born 1981-1996 of

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HMRC publish partnership pack: preparing for a ‘no deal’ EU exit

HMRC has published a Partnership Pack on G‌O‌V.U‌K to help businesses plan for the unlikely possibility of a ‘no deal’ EU Exit. The pack is for organisations, intermediaries and infrastructure providers to use for their own contingency planning and to share with those they represent, their clients and members. It is designed so you can take information from it and tailor it

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Share your views in the consultation on Welsh rate of income tax

HMRC has published the draft legislation needed to introduce separate rates of Income Tax in Wales and would like your views on this.  The consultation is open for responses until 11:45pm on 5 November 2018 and can be accessed at www.gov.uk/government/consultations/clarifying-the-scope-of-the-welsh-rates-of-income-tax-technical-note-and-draft-legislation.  If you have any views or would like to make any comments, please email your responses to technicalconsultation.writ@hmrc.gsi.gov.uk. The

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The Business Show boosts business community

The Business Show is the longest running business exhibition in the UK, representing a community hub for business professionals across the world. Not only is this the premier event to learn and get ahead of the curve, but also for the tangible comradery that comes with being surrounded by peers who are all equally driven. Approaching its 40th edition, The

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HMRC Agent Update – Issue 68

HMRC’s Agent Update 68 is now available and contains a variety of articles and updates. In the latest issue of Agent Update, find out about Venture Capital Schemes process changes and the increase in Student Loan Plan 1 and Plan 2 thresholds from 6 April 2019 and Postgraduate Loans (PGL). There is also guidance on how to complete a return for

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