The Financial Conduct Authority (FCA) has confirmed it will introduce new rules in April this year that it says will make the costs of overdrafts clearer and easier to compare. The rules will mean banks can only charge for overdraft users a simple annual interest rate – without additional fees and charges. According to the… Read more…

Employees are allowed to claim tax relief on their annual professional fees or subscriptions to some HMRC approved professional organisations. The costs are tax deductible generally where the individual must have membership to do their job or it is helpful for their work. Where the fees are paid by the individual’s employer this will not… Read more…

HMRC has now published draft secondary legislation for the off-payroll working rules that are due to come into force in April this year. In 2017, HMRC introduced new off-payroll rules to the public sector, which saw some contractors’ net income cut significantly. HMRC also shifted the responsibility for compliance from individual contractors to public bodies… Read more…

Vengeful witches and pet hamsters feature in HMRC’s list of imaginative excuses and expense claims, which has been published in the run up to the self assessment deadline. HMRC has compiled a list of the weirdest unsuccessful excuses from the last decade. The list includes one taxpayer who claimed their mother-in law was a witch… Read more…

Chancellor Sajid Javid has announced that he will deliver the 2020 Budget on Wednesday 11 March 2020. The 2020 Budget will be the first to be delivered after the UK’s departure from the EU on 31 January 2020. It is also Mr Javid’s first Budget as Chancellor, following the cancellation of last November’s planned Budget… Read more…

Minister for Public Finance and Digital Economy, Kate Forbes, delivered the 2020/21 Scottish Draft Budget on Thursday 6 February 2020, setting out the Scottish Government’s financial and tax plans. The current Scottish income tax rates and bands for 2019/20 and the proposed rates and bands for 2020/21 on non-savings and non-dividend income are as follows:… Read more…

The leaders of the UK and European Union signed the Withdrawal Agreement, and the UK left the EU on 31 January 2020. However the UK is now in the transition or implementation period during which time it is ‘business as usual’ as the UK is covered by EU rules until the end of the year.… Read more…

The Welsh government has published its Draft Budget, setting out revenue raising and capital spending plans for 2020/21. The Draft Budget confirms no changes are proposed to Welsh income tax rates, or Land Transaction Tax rates and bands. The Draft Welsh spending plans for the longer term will depend on the next UK Budget and… Read more…

HMRC publishes details of deliberate tax defaulters, those people who have received penalties either for: deliberate errors in their tax returns or deliberately failing to comply with their tax obligations. Internet link: GOV.UK deliberate defaulters