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Most small businesses are not ready for MTD

The overwhelming majority of business owners remain in the dark over making tax digital (MTD), according to government research.

Ipsos Mori polled 2,900 small businesses and landlords for HMRC and found that 71% were unaware of the requirement to submit quarterly updates from 2020.

A further 13% had heard of the requirements but knew nothing about them.

MTD will mean most...

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Scotland brings in new income tax bands

Higher earners in Scotland will be paying more income tax in 2018/19 than anywhere else in the UK.

Finance secretary Derek Mackay decided to introduce 2 new Scottish income tax bands in his Draft Budget 2018/19, which was delivered on 14 December 2017.

A new starter rate of income tax will see those earning less £13,850 a year paying 1 percentage point less than in 2017/18, at...

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Scottish businesses oppose income tax rise

Most small business owners in Scotland do not want income tax rates to change, according to a recent survey.

Ahead of the Scottish Budget on 14 December 2017, the Federation of Small Businesses (FSB) polled 315 of its Scottish members and found 58% believe the current rates should stay the same.

Around two thirds (65%) believe an increase would be detrimental to the economy....

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Government urged to ban pension cold-calling

A group of MPs are calling on the government to act fast on banning cold-callers who try to sell pensions.

The Work and Pensions Select Committee want the government to include a ban in the Finance Guidance and Claims Bill, which is before parliament.

The idea was dropped ahead of the general election back in June 2017 and then failed to make it into the original Financial...

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Wales amends land transaction tax

Wales has raised its land transaction tax (LTT) rate from £150,000 to £180,000 for all homebuyers.

The move was announced in response to a stamp duty exemption for first-time buyers spending up to £300,000 in England, Northern Ireland and - until 31 March 2018 - Wales.

As of 1 April 2018, all homes in Wales worth up to £180,000 will be exempt from tax.

According to the...

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