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Wage growth rises in Q3 2018

UK wage growth increased at the highest rate since 2008 in the three months to September 2018, according to data from the Office for National Statistics (ONS).

Excluding bonuses, average weekly earnings grew by 3.2% in Q3 2018 compared with the same period in 2017. The ONS says this has not been higher since October to December 2008.

Adjusted for price inflation, this was an...

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Cost of moving rises above £10,000

Homebuyers need to cover more than £10,000 on top of their deposit to move house, a study by Post Office Money and the Centre for Economics and Business Research has revealed.

The most significant costs making up this figure are estate agent fees, at an average of £4,815, and stamp duty at £2,019, but other expenses include surveyors, conveyancing and removals.

This adds up to a...

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AIA rise ‘may bring only complexity’ for SMEs

Increasing the annual investment allowance (AIA) to £1 million will not help most small businesses, and may even be harmful for them, the Association of Taxation Technicians (ATT) has said.

In Budget 2018, the AIA was temporarily increased from £200,000 to £1m over two years from 1 January 2019.

Businesses investing in plant and machinery can use the allowance to deduct the full...

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Quarter of over-55s unaware of pension tax

More than a quarter of people approaching retirement are unaware of the tax charge they will face if they withdraw their pension savings as cash.

According to a survey of more than 2,000 over-55s by Legal & General, 27% believe they can access their pension pot tax-free, while 21% say they would be ‘shocked' at having to pay tax on it.

In fact, pension withdrawals are only...

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Most firms plan to invest in training

The majority of UK businesses are planning to invest in training their workforce in the next few years, according to research by the Confederation of British Industry (CBI).

A survey representing more than 28,000 employers found that 85% expect to either maintain or increase their investment in training.

Despite this trend, the number of firms offering apprenticeship programmes...

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