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HMRC approves first MTD for income tax software

Five software packages that are compatible with Making Tax Digital (MTD) for income tax have been signed off by HMRC.

Products include one for individuals to submit digital records for income relating to self-employment and property.

MTD for VAT came into force on 1 April 2019 for businesses with annual taxable turnover above £85,000.

The next milestone will be MTD for...

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Fall in inflation points towards interest rate cut

The prospect of interest rates being cut at the end of the month is edging closer, following a 0.2% drop in the UK's inflation rate last month.

The Office for National Statistics said the Consumer Prices Index (CPI) rate of inflation dropped from 1.5% in November 2019 to 1.3% in December.

Last month's figure was the lowest monthly CPI rate of inflation in the UK since November...

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Over-55s reveal target for retirement

People approaching retirement believe they need an average pot of £114,436 to feel comfortable for the rest of their lives.

SunLife asked more than 1,000 over-55s how much they would need to fund a comfortable retirement on top of any income they already receive.

Responses varied depending on the age of respondents, with those yet to retire citing a higher average target figure...

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Pension tax report due imminently

A report on the tapered annual allowance is expected to be published ahead of the upcoming Budget on 11 March 2020.

Prior to last month's election, the Government's election manifesto vowed to fix the tapered annual allowance.

The issue is particularly prevalent in the NHS, with medical professionals snubbing overtime shifts amid fears of being clobbered with tax charges.

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Retailers suffer ‘worst year on record’

Struggling retailers experienced their worst year on record for annual sales in 2019, according to the British Retail Consortium (BRC).

Total sales among the UK's beleaguered retailers decreased 0.1% last year, compared with 1.2% growth in 2018.

The figures take into account the impact of sales from Black Friday 2019, which was bigger than Christmas for sales of non-food items....

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Please call our office on + 44 (0)20 8445 5500 to speak to one of the EACA team to discuss your accountancy or taxation requirements