Government outlines reforms in response to Taylor review of employment practices

In response to Matthew Taylor’s Review of Modern Working Practices, the government has outlined a series of reforms, designed to give ‘flexible workers’ new employment rights. Published in July 2017, Mr Taylor’s Review examined modern-day working practices, and outlined key principles for providing ‘fair and decent work for all’. One of its main areas of [&hellip
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Research suggests 70% of individuals ‘unaware of inheritance tax nil-rate band’

Research carried out by Canada Life has suggested that a significant amount of individuals ‘do not know the threshold’ for the standard inheritance tax (IHT) nil-rate band. Canada Life found that 70% of those surveyed did not know the standard nil-rate band threshold, which currently sits at £325,000. 55% of those questioned do not know [&hellip
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Research suggests lack of savings putting individuals ‘at risk of financial hardship’

Research carried out by banking group Aldermore has suggested that a lack of business savings is putting a strain on self-employed individuals in the UK. Aldermore’s data suggested that poor business resilience is putting sole traders and freelancers ‘at risk of financial hardship’. It found that 22% of individuals have no business savings at all, [&hellip
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Chancellor commissions OTS to review inheritance tax rules

Chancellor Philip Hammond has commissioned the Office of Tax Simplification (OTS) to review the UK’s inheritance tax (IHT) regime, and outline ways in which the tax can be simplified. In a letter to Angela Knight, Chair of the OTS, and its Tax Director, Paul Morton, the Chancellor acknowledged that the existing IHT regime is ‘particularly [&hellip
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HMRC reveals ‘record number’ of taxpayers submitted tax returns before deadline

A ‘record number’ of taxpayers submitted their self assessment tax returns before the 31 January deadline, HMRC has revealed. Of the 11,433,349 tax returns that were due, 10,687,761 were filed before the deadline of midnight on 31 January. 758,707 individuals finalised their return on the day before the deadline, the statistics showed. HMRC’s online filing [&hellip
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Two thirds of businesses ‘unprepared for GDPR’, survey suggests

A survey carried out by professional services firm EY has suggested that two thirds of businesses are ‘unprepared’ for the upcoming introduction of the General Data Protection Regulation (GDPR). The GDPR will come into effect on 25 May 2018, and will strengthen the obligations on all businesses in regard to the safeguarding of individuals’ personal [&hellip
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New centre designed to improve UK tax system launched by NAO

The National Audit Office (NAO) has launched a new tax centre with the University of Birmingham, which will seek to inform improvements in the administration of the UK tax system. The new body, termed the NAO – University of Birmingham Tax Centre, will provide economic, financial and legal evidence in order to achieve this. It [&hellip
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Government self assessment letters ‘lack a sense of urgency’, research suggests

Research carried out by Ipsos Mori on behalf of HMRC has suggested that self assessment tax return letters sent to taxpayers by the Revenue take ‘too long to get to the point’. HMRC sought to discover whether the tone and content of its self assessment letters was correct, how easy the letters were to understand [&hellip
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Government moves to tackle the sending of scam text messages to taxpayers

HMRC has moved to block the sending of unsolicited scam text messages to taxpayers, the government has revealed. It said that 90% of the ‘most convincing’ scam text messages claiming to have come from the tax authority were blocked before they reached individuals’ devices. Within the scam text messages, criminals often make false claims, such [&hellip
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Employers call for apprenticeship levy reform

More than half (53%) of employers currently paying the apprenticeship levy would like to see it replaced with a ‘training levy’, according to a new survey carried out by the Chartered Institute of Personnel and Development (CIPD). Of more than 1,000 employers questioned, just 17% of those paying the levy said they supported it, while [&hellip
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