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Small employers risk losing the employment allowance in 2020

Posted. 16 August 2019

Plans to remove the employment allowance for large employers from April 2020 could have a domino effect on smaller firms.

The employment allowance currently provides employers with a reduction of up to £3,000 to their national insurance contributions (NICs) bill.

From April 2020, employers will only be eligible for the allowance if their total secondary class 1 NICs liability for...

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Number of state pension recipients falls by 120,000

Posted. 15 August 2019

The number of people receiving the state pension has fallen by 120,000 year-on-year, following changes to the state pension age.

Statistics from the Department for Work and Pensions (DWP) show 13 million people received the state pension in February 2019.

It said the fall in numbers was mostly because of the increases in the state pension age beyond 65 for both men and women,...

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Retailers call for business rate reform

Posted. 14 August 2019

More than 50 major retailers have signed a letter to Chancellor Sajid Javid, calling for reforms to the business rates.

Business rates are charged on most non-domestic properties, based on their rateable value and a multiplier set by the Government.

The British Retail Consortium (BRC) and other business groups have campaigned for changes to the rates, saying they place an unfair...

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Most small firms absorb the cost of wage increases

Posted. 13 August 2019

Around 7 in 10 small business owners paid themselves less to absorb increasing employee wages this April, a survey by the Federation of Small Businesses (FSB) shows.

Following the national living wage increase to £8.21 in April 2019, 71% of business owners said they lowered their profits or absorbed the costs, while 45% increased prices.

Other options taken included delaying...

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Number of non-domiciled taxpayers falls

Posted. 12 August 2019

The number of wealthy individuals who are UK-resident but not UK-domiciled for tax purposes has dropped to a record low, according to HMRC figures.

In 2017/18, around 78,300 individuals claimed non-domiciled taxpayer status on their self-assessment returns, down from 90,500 in 2016/17.

HMRC said the decrease could be equally explained by individuals switching to domiciled status...

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