Post-Brexit Budget set for March

Chancellor Sajid Javid has announced a date for his first Budget - on Wednesday 11 March 2020. The fiscal announcement is the first since last month's general election and will be delivered less than a month before the start of the 2020/21 tax year.  It should...

Thousands file tax returns over festive break

Thousands of taxpayers used the Christmas break to file tax returns for 2018/19 through self-assessment. Statistics from HMRC showed that 34,292 taxpayers submitted tax returns between Christmas Eve and Boxing Day. Precisely 22,035 taxpayers filed on 24 December 2019,...

National living wage to rise by 6.2% for 2020/21

The hourly national living wage rate for over-25s will increase from £8.21 to £8.72 for 2020/21. The Low Pay Commission has published recommendations for the new rates, which kick in from 1 April 2020. The increase to the national living wage in 2020/21 will have a...

Economy stagnates in Q4 2019

Statistics released by the British Chambers of Commerce (BCC) suggest that the last quarter of 2019 was tough for UK businesses with "protracted weakness across most indicators of economic health". The BCC's Quarterly Economic Survey suggests that the service sector...

Lifetime ISA withdrawal penalties surpass £9m

Savers have been charged more than £9 million after dipping into their lifetime ISAs, a freedom of information request (FOI) has shown. The lifetime ISA was introduced in April 2017, enabling adults under 40 to save up to £4,000 a year towards either a first home or...