Almost two-thirds of over-50s will ‘retire later than expected’, survey suggests

A survey carried out by insurance firm Aviva has found that 63% of over-50s in work are planning to retire later than they previously intended. Of the 2,497 people polled, 38% of those aged over 50 have ‘insufficient retirement savings’, while 40% cited the rising cost of living as a reason for extending their working [&hellip
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HMRC urges taxpayers to declare offshore assets

HMRC is urging UK taxpayers to declare foreign income or profits on offshore assets ahead of the 30 September 2018 Requirement to Correct (RTC) disclosure deadline. The RTC legislation requires taxpayers to inform HMRC about any offshore tax liabilities in relation to income tax, capital gains tax (CGT) or inheritance tax (IHT). Renting out a [&hellip
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CIOT welcomes MTD for VAT ‘soft landing’ concession for taxpayers

The Chartered Institute of Taxation (CIOT) has welcomed the legal status given to the Making Tax Digital for VAT (MTD for VAT) ‘soft landing’ period, which is intended to help taxpayers who may find it difficult to comply with the IT demands associated with the initiative. The MTD for VAT regulations are set to take [&hellip
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IoD states UK businesses ‘left in the dark’ in regard to Brexit plans

The Institute of Directors (IoD) has stated that UK businesses have been ‘left in the dark’ in regard to the government’s Brexit plans. An IoD survey of 800 business leaders revealed that less than a third of firms have conducted Brexit contingency planning. According to the survey, half of businesses do not intend to create [&hellip
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Official data reveals ‘record amount’ of inheritance tax collected by HMRC

Official figures have revealed that HMRC collected a ‘record amount’ of inheritance tax (IHT) in the 2017/18 tax year. IHT receipts totalled £5.2 billion in 2017/18, the data showed – a rise of 8% when compared to the amount collected in 2016/17. It also revealed that the total number of UK estates liable to IHT [&hellip
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Business groups respond to interest rates rise

Business groups, including the Confederation of British Industry (CBI), the British Chambers of Commerce (BCC) and the Institute of Directors (IoD) have responded to the Bank of England’s decision to raise interest rates for the second time in a decade. Members of the Bank’s Monetary Policy Committee (MPC) voted to raise interest rates from 0.5% [&hellip
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New review to consider the impact of ‘cashless technology’

An independent review has been set up to examine the impact and implications of using new technology to make payments over the course of the next five to 15 years. The Access to Cash Review will look at the effect of increasing contactless card and digital payments on consumers and small businesses, and review the [&hellip
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Treasury Committee calls for reformation of tax relief on pensions

In a new report, the Treasury Committee has called for the government to reform tax relief on pensions. The Committee reviewed the current state of UK household finances, and suggested that many households are presently ‘over-indebted’, and are without a ‘rainy day savings buffer’. According to the Treasury Committee, tax relief is ‘not an effective [&hellip
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BCC urges HMRC to ‘cut the complexity’ associated with tax administration

The British Chambers of Commerce (BCC) has urged HMRC to ‘reverse the burden and complexity’ associated with tax administration and compliance. A survey carried out by the BCC and software company Avalara revealed that 75% of businesses believe the overall burden of tax administration and compliance has increased, when compared to five years ago. 64% [&hellip
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OBR warns tax rises will be required to fund health service spending

In its latest Fiscal Sustainability Report (FSR), the Office for Budget Responsibility (OBR) has warned that tax rises or spending cuts will be required in order to fund planned increases in the NHS budget. The government recently outlined plans to boost its health budget partly by way of a so-called ‘Brexit dividend’ – by 2023/24, [&hellip
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