Number of 45p taxpayers reaches new high

The number of people paying the additional rate of income tax has risen to its highest ever level, according to new data released by HMRC. The tax authority predicts that around 364,000 people will be subject to the highest rate of income tax in 2017/18, up from a figure of 311,000 in 2013/14. This accounts [&hellip
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New figures show significant rise in contactless card fraud

Figures published by Financial Fraud Action UK (FFA UK) have revealed a significant rise in the amount of money stolen from contactless bank cards and mobile devices. Contactless spending rose from £7.75 billion in 2015 to £25.2 billion in 2016. The data revealed that nearly £7 million was stolen in 2016, compared to £2.8 million [&hellip
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BCC urges businesses to prepare for new data protection regulations

The British Chambers of Commerce (BCC) has urged UK businesses to prepare for the implementation of new data protection regulations. Starting from 25 May 2018, businesses that hold personal information will be required to ensure that their data procedures are adequate and that these comply with the new General Data Protection Regulation. The BCC has [&hellip
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Banks urged to take ‘meaningful action’ to safeguard consumers from fraud

Consumer group Which? has urged banks to take ‘meaningful action’ in order to safeguard consumers from financial fraud. Research published by the group has suggested that banks are leaving their customers exposed to bank transfer scams. The findings revealed that 8% of individuals had made a bank transfer to what they believed was a legitimate [&hellip
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FSB outlines ‘urgent steps’ businesses should take to protect against cyber-attacks

In light of the recent cyber ransomware attack, the Federation of Small Businesses (FSB) is urging UK businesses to take ‘urgent steps’ to protect themselves. The business group is advising businesses to put cyber protection insurance in place, as well as check for updates to their computer operating systems and anti-malware software. Firms should also [&hellip
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New tax and business measures come into effect

Following the beginning of the 2017/18 tax year, a range of new tax and business measures have come into effect. The introduction of the new Apprenticeship Levy is amongst these new measures. This forms part of a government target to create three million new apprenticeships in England by 2020. The Levy requires employers with annual [&hellip
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Making Tax Digital pilot scheme launched by HMRC

HM Revenue & Customs (HMRC) has launched a new Making Tax Digital for Business (MTDfB) pilot scheme, designed to ‘make it easier for customers to get their tax right’. The launch of the pilot scheme represents HMRC’s next step in moving taxpayers to a fully digital tax system. From April, businesses and their agents will [&hellip
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Chancellor scraps Budget plan to increase NICs for self-employed

Chancellor Philip Hammond has announced that the government will not now proceed with the increase in Class 4 national insurance contributions (NICs) proposed in his Spring Budget. The change would have increased Class 4 NICs from 9% to 10% in April 2018, and to 11% in 2019 – with the stated aim of bringing the [&hellip
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2017 Spring Budget – the economic picture

Within his first Budget speech, Chancellor Philip Hammond reported on ‘an economy that has continued to confound commentators with robust growth’. In its report prepared for the Budget, the Office for Budget Responsibility (OBR) now predicts that the UK economy will grow by 2% this year, as opposed to its previous forecast of 1.4%. Economic [&hellip
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2017 Spring Budget: the business reaction

Business groups have responded to the key announcements made in Chancellor Philip Hammond’s Spring Budget speech. Commenting on the controversial issue of the upcoming changes to business rates, Mike Cherry, National Chairman of the Federation of Small Businesses (FSB), said: ‘FSB welcomes the fact that the Chancellor has listened to the small business-led campaign on [&hellip
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