Yearly Archives: 2016

National Minimum Wage

National Minimum Wage increases – 1st October 2016   Age 25 and over – £7.20 per hour (This is the National Living Wage effective from April 2016 and so will not increase in October 2016)   Age 21-24 increases from £6.70 to £6.95 per hour Age 18-20 increases from £5.30 to £5.55 per hour Age 16-17 increases from £3.87 to £4.00 per hour Apprentice rate increases from £3.30 to £3.40… Read Article →

Free pension advisory services to be merged

Pension Wise, the free advice service set up to promote and advise on pensions reform and annuity freedoms, is to be merged with other publically funded advice services on pensions, to create a single website and advisory service. The Low Incomes Tax Reform Group (LITRG) believes that the merger is a great opportunity for the new unified service to better help those on low incomes. Commenting on the merger, LITRG… Read Article →

HMRC go live with Verify identity authentication Verify, the online service taxpayers will need to use to prove their identity before accessing HMRC’s digital services and other government online services, is now live. The central government platform for online identity assurance has been under development for some time by the government digital service (GDS) and has been available in a beta version. It has now passed its service assessment. It should take around ten minutes for… Read Article →

New PSC register requirements to take effect

From 6 April 2016, all unlisted UK companies, limited liability partnerships (LLPs), or societas europaea (SEs) are required tomaintain a register of the people who have significant control over them. This new register of ‘people with significant control’ is known as the PSC register, and its purpose is to identify individuals who ultimately own or control more than 25% of a company’s shares (or more than 25% of an LLP’s… Read Article →

Is the extra you get on your current account tax free?

Is the extra you get on your current account tax free? The answer is maybe If you receive interest on your current account then it will almost certainly be tax free. It will count to your new personal savings allowance which allows basic rate tax payers to earn up to £1000 a year in interest without paying any tax. Higher rate tax payers can receive up to £500 tax free… Read Article →


Queen’s Speech: tax, finance and business | Economia (TAKEN FROM THE ICAEW ECONOMIA PAGE – WRITING CREDIT TO RAYMOND DOHERTY ) Queen’s Speech: tax, finance and business 18 May 2016 Comments (0) An analysis of the tax and finance announcements in the Queen’s Speech Tax evasion The Criminal Finances Bill includes proposals to clamp down on corruption and tax-avoidance. Central is an offence for corporations who fail to stop their staff… Read Article →


<img src=”″ /> ‘Panama Papers’ storm hits home | AccountingWEB iStock_DWRyan_Storm The largest data leak in history has lifted the lid on the shady offshore tax dealings by numerous powerful individuals. So, what happens now? Panama City-based law firm Mossack Fonseca is the fourth largest provider of offshore tax services in the world. A year ago, a whistleblower contacted the German newspaper Süddeutsche Zeitung and unleashed a flood of confidential documents. Over the weekend, the… Read Article →