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June PAYE payment deadline falls on a weekend

The deadline for making a PAYE payment to HMRC falls on a Saturday this month, meaning employers may have to act sooner to pay on time.

A PAYE bill may include employee income tax deductions, class 1 and 1b national insurance contributions, student loan repayments, construction industry scheme deductions, and apprenticeship levy payments.

Employers can pay this either quarterly...

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Wealth from additional property ownership soars

The number of people who own a second home, buy-to-let or overseas property has risen by about 2 million since 2001, research claims.

A report from the Resolution Foundation shows 11.2% of adults, or 5.5m people, lived in a family with property wealth outside their main residence between 2014 and 2016.

This represented a significant increase over the last two decades, with the...

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HMRC issues new VAT reverse charge guidance

HMRC has made new guidance available about the domestic reverse charge for building and construction services, which is set to take effect from 1 October 2019.

The reverse charge is a major change to the way VAT is collected in the industry, requiring the customer receiving the service to pay VAT to HMRC instead of to the supplier.

It will apply to individuals or businesses that...

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Retirees to outlive savings by 10 years

The average retiree in the UK is likely to outlive their retirement savings by more than 10 years, research from the World Economic Forum (WEF) claims.

Women are expected to be the worst affected, outliving their savings by 12.6 years on average, compared to 10.3 years for men.

The report said both government and employer-sponsored pension plans are under strain around the world...

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NAO: Most buyers did not need help-to-buy equity loan

Most of the households using the Government's help-to-buy equity loan scheme could have bought property without it, a report by the National Audit Office (NAO) shows.

While the scheme had increased home ownership and housing supply since it was introduced in April 2013, only 37% of buyers would not have been able to buy a property without it.

Around 60% could have bought a...

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