Office of Tax Simplification (OTS) outlines proposals
The Office of Tax Simplification has outlined its initial proposals including a merging of tax and NI systems, a review of IR35 and simplified procedures for small business.
Missing petrol receipts leads to un-reclaimed VAT
A survey by Global Expense revealed that with 41% of mileage claims missing a valid VAT receipt, businesses were unable to reclaim more than £124m in VAT last year.
New tax year brings 45 tax and benefit changes
Over 29 million workers will be affected by the changes in tax and benefit coming in on 6 April with an average loss to families of £200 per year.
Millions face poverty in retirement
According to a Chatham House think tank millions of Britons face a severe drop in standard of living when they retire.
Drivers of large company cars face tax increase
From April the maximum list price for company cars, currently £80,000 will be abolished. This will lead to a tax increase for those driving company supercars.
Base rate held at 0.5%
The Bank of England’s Monetary Policy Committee voted to hold base rate at 0.5%. However, the majority experts are still predicting a rise shortly with May being the favourite.