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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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Unfair contract terms cost small firms

52% of small firms have felt the negative consequences of unfair contract terms with their suppliers in the last 3 years, the Federation of Small Businesses (FSB) has found.

In a survey of 971 of its members, the FSB found that 40% of small businesses felt powerless to do anything about unfair contract terms because the supplier was too important to them.

The most common unfair...

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Brexit round-up: retail sales up in July

Here is a round-up of the top Brexit-related stories this week.

Retail sales exceed expectations

Figures from the Office for National Statistics show that retail sales increased by 5.9% in July 2016 following the EU referendum. 

Compared with June 2016, volume bought increased by 1.4% and all sectors showed growth with the main contribution coming from non-food...

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Reminder: changes to interest rates on late payments

The late payment and repayment interest rates charged for the main taxes and duties will change on 23 August 2016.

The changes are:

  • the late payment rate of 3.0% will be cut to 2.75% 
  • the repayment rate will remain at 0.5%.

The change to the interest rates HMRC charges will apply to the following tax duties:

  • income tax
  • ...
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Digital tax account consultation launched

The smallest businesses will be exempt from quarterly reporting to HMRC, government proposals about the transition to digital tax accounts have revealed.

The 6 consultation papers detail plans to allow the majority of businesses, self-employed people and landlords to manage their tax affairs digitally by 2020.

Businesses will be required to submit quarterly updates to HMRC as...

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