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Regulators warn public of pension scammer tactics as victims report losing an average of £91,000 in 2017

A new campaign to tackle pension scams has launched as the latest figures reveal that victims of pension scammers lost an average of £91,000 each in 2017. The Financial Conduct Authority (FCA) and The Pensions Regulator (TPR) have joined forces to urge the public to be on their guard when receiving unexpected offers about their pension and to check who

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Awards up for grabs for business mentors, bookkeepers, accountants and payroll professionals

The IAB’s annual awards are now open for entries and competition is set to be fierce with a new category introduced for 2018 to celebrate the exceptional people working in the finance industry. The categories this year are; IAB Bookkeeper of the Year IAB Accountant of the Year IAB Payroll Professional of the Year IAB Small Business Mentor of the

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The government wants the power to investigate your finances without your permission

The government wants the power to obtain financial information about self-employed taxpayers without getting their permission first. It’s part of its aim to ‘maximise revenues due’ and tackle non-compliance, but experts say it’s a breach of privacy. HMRC has the power to obtain relevant information from taxpayers to check they’re paying the right amount of income tax, Capital Gains Tax,

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Property income allowance gives £1,000 tax relief

Property owners who receive an income from rent could be missing out on a recently introduced tax-free allowance potentially worth hundreds of pounds provided they have low rental income. Taxpayers can claim the property income allowance, which came into effect in April last year, giving the property owner £1,000 of tax relief on their rental income, provided they have few

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Narcissism is for me

Narcissism has long been categorised as a negative and unwanted personality trait. Research, however, suggests that those of us who are more prone to egotistical tendencies are also more likely to do better at exams. Dr Kostas Papageorgiou, of Queens’s University Belfast, is part of a research team looking into this traditionally taboo behaviour. His research suggests that young people

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HMRC receives a record £5.2bn from IHT

HMRC have received a record breaking £5.2bn from inheritance tax for the 2017/2018 tax year, an 8% increase on the previous 12 months, with London and the south east being the highest paying areas, say accounting, tax and advisory firm Blick Rothenberg. Rebecca Goldring, a manager at the firm, said: “As expected, the burden of IHT lies largely in the

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HMRC late payment interest rates to be revised

HMRC interest rates for late payments will be revised following the Bank of England interest rate rise to 0.75%. The Bank of England Monetary Policy Committee voted unanimously to increase the Bank of England base rate to 0.75% on 2 August 2018. HMRC interest rates are linked to the Bank of England base rate and, as a consequence of the

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Intuit QuickBooks goes live with HSBC Direct Bank Feed

Intuit has announced the availability of a direct bank feed to save time for HSBC UK Business Internet Banking customers. QuickBooks subscribers in the UK can now automatically import transactions from their HSBC account directly, and at no extra charge, to QuickBooks. This direct bank feed features a new web authorisation process, which marks an end to paper-based authority forms,

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Time to declare offshore assets

HMRC is urging UK taxpayers to come forward and declare any foreign income or profits on offshore assets before 30 September to avoid higher tax penalties. New legislation, called ‘Requirement to Correct’, requires UK taxpayers to notify HMRC about any offshore tax liabilities relating to UK income tax, capital gains tax or inheritance tax. However, some UK taxpayers may not

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