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Rise of self-employed could result in retirement problem

Increasing self-employment could lead to long-term retirement problems in the future, the Federation of Small Business (FSB) has warned.

Less than a third (31%) of the 1,600 self-employed workers surveyed reported that they were saving into a private pension, while 27% are planning to rely on their business to fund their retirement.

15% suggested that do not currently have...

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Daily penalties date for late tax returns approaching

Those who have yet to file their online tax return with HMRC for the 2014/15 tax year are being urged to do so by the end of this month.

The additional £10 daily charge will be levied on taxpayers for 90 days if they failed to submit their return by the end of April 2016. 

The legal filing deadline for online self-assessment is on 31 January. Those that fail to file their...

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Wedding season 2016 – gifts and tax relief

With wedding season fast approaching, the Institute of Chartered Accountants in England and Wales (ICAEW) is reminding guests of the tax relief available if they choose to make a gift to a married couple.

Gifts to married couples or civil partners are exempt from inheritance tax (IHT) as long as the couple have a UK residence.

The tax relief available on wedding gifts varies...

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Businesses falling behind on digital technology adoption

A ‘digital divide’ is opening up between the 55% of businesses that are adopting digital technologies and the 45% who are falling behind, according to research by Confederation of British Industry (CBI) and IBM.

Firms cited connectivity challenges and security concerns as barriers to adopting digital technologies in the workplace. 42% reported a lack of appropriate skills inside their...

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Register of persons with significant control requirement introduced

As of 6 April 2016, all companies and limited liability partnerships (LLPS) must now keep a register of persons with significant control (PSC).

A PSC register is required for those who have ‘significant control’ over the company and come under the conditions listed in the legislation.

For companies these are:

  • owns 25% of the company shares
  • owns 25% of the...
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