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Faster tax repayments through personal tax account

Taxpayers using their online personal tax account can receive tax repayments directly from HMRC, without the need of sending a cheque, making a phone call or going to the bank.

Any overpaid tax will be returned directly to their bank account within 3-5 days.

The webchat service is also available for customers who need assistant with their online tax accounts.

Along with...

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Brexit round-up: Hammond guarantees funding

Tourism funding announced 

The prime minister has announced a £40 million funding boost to support the country’s tourism after the Brexit vote. 

New schemes will be unveiled to attract more visitors to the UK, including relaxing licensing laws to allow B&Bs to offer welcome drinks to guests and pickups from train stations.

Funding is scheduled for projects...

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SMEs writing off unpaid debts

82% of SMEs still have outstanding balances from their debtors, with the average owed estimated at £62,957, according to research by Direct Line for Businesses.

When asked about writing off unpaid debts in the 2015/16 tax year, 19% of the 728 SMEs surveyed said that they had written off debts worth an average loss of £31,000. 

9% of businesses claimed that they have written...

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Returning mothers face lower wage growth

Women returning to work after giving birth earn 33% less per hour than men, according to research by the Institute for Fiscal Studies (IFS).

The hourly wage gap for women after childbirth has widened over the last 12 years mainly due to reduced working hours rather than a cut in hourly pay. 

Further causes include missing out on promotions and gathering less labour market...

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Plans to reduce tax savings from salary sacrifice schemes

HMRC has announced plans to reduce tax and national insurance contributions (NICs) savings from salary sacrifice schemes.

Salary sacrifice schemes involve employees agreeing to reduce their cash remuneration in return for benefits in kind (BiKs) such as a company car or health insurance. Salary that is contributed (or ‘sacrificed’) by the employee is not chargeable to income tax or...

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