August 2019

State pension age ‘should rise to 75 by 2035’

The age at which people receive a state pension should go up to 70 by 2028 and 75 by 2035, a think-tank has urged. State pension age is already being increased from 65 to 67 by 2028, but the Centre for Social Justice (CSJ) said it should be “accelerated” to avoid great cost to the taxpayer. “Evidence suggests that the

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Employer handed six-figure fine for pension failures

Employers are being warned not to put their head in the sand after one business ended up with a £350,000 fine for failing to fully comply with its pension duties. The anonymous case study is included in The Pensions Regulator’s (TPR) recent quarterly compliance and enforcement bulletin. Despite warnings from TPR, the employer, which has 5,000 staff, allowed an Escalating

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Devon market trader jailed £900k VAT fraud

A market trader from Devon has been jailed for stealing more than £900,000 in VAT repayments to fund a gambling addiction. Terence Sickelmore, 55, of Honiton, submitted dozens of fake VAT returns for his business to fraudulently claim repayments of £913,729, a HMRC investigation found. Sickelmore was a co-owner of Dairy World, a dairy products business in Exmouth Market. From

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Graduates overpay £28m in student loans

The government is holding more than £28m of overpayments made to the Student Loan Company (SLC) in error, as a result of repayments being deducted from individuals after they have paid off their loans in full. Payments should stop when the debt has been cleared, but more than 510,000 students continued to have deductions made. The average overpayment was around

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HMRC pushing Help to Save account for the lower paid

More than 132,000 people have signed up to the government-backed savings account Help to Save, depositing more than £31.4 million. The account offers working people on low incomes a 50% bonus on what they save –rewarding them with 50p for every £1 they put away. Over four years, a maximum bonus of £1,200 is available on savings of up to

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Domestic reverse charge set to make big impact

HMRC’s new VAT domestic reverse charge for construction services comes into force on 1 October 2019. It will require the recipient rather than the supplier to account for the VAT due on certain construction services. The domestic reverse charge will be introduced without a transitional period and will have a significant impact on the cash flow of businesses in the

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How will 2019/2020 tax year changes affect the self-employed?

We’re now four months into the new tax year, which has seen the introduction of several big changes including some notable increases in tax thresholds. It’s been widely acknowledged that these changes will see millions of employed people paying less tax, but is the news as positive for the UK’s self-employed workforce? If you are self-employed some of the latest

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Chancellor accelerates Brexit preparations for businesses

HMRC is stepping up efforts to ensure businesses are ready to trade post-Brexit by automatically enrolling companies in an important customs system and doubling the numbers registered, the Chancellor has announced. More than 88,000 VAT registered companies across the UK will be allocated an Economic Operator Registration and Identification (EORI) number in the next two weeks in order to keep

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‘Greedy’ Christchurch builder failed to pay tax

A “greedy” builder from Dorset has been jailed after failing to pay almost £110,000 in tax while working on high-end projects in London. Christopher Nash, of Christchurch, pocketed £49,000 in cash and cashed cheques totalling £199,000 as he completed building and construction schemes in the capital over the course of seven years. But he was foiled following an investigation by

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