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News November 2018

National Living Wage to rise in April 2019

In his latest Budget speech to the Commons, Chancellor Philip Hammond announced that the National Living Wage and National Minimum Wage would increase from April next year.

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Entrepreneurs’ Relief rules to be tightened

Despite rumours that the Chancellor might scrap Entrepreneurs’ Relief (ER) all together in the Autumn Budget, Philip Hammond decided to retain the tax relief but has made fundamental changes to who qualifies for it.

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Research reveals Inheritance Tax hotspots across the UK

New research has revealed that the affluent area surrounding Guildford in Surrey has the highest proportion of people paying Inheritance Tax (IHT).

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R&D Tax Credit system to be reviewed in light of fraudulent claims

According to figures released in the Autumn Budget, HM Revenue & Customs (HMRC) has prevented around ÂŁ300 million of fraudulent R&D tax credit claims since the relief was introduced.

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HM Revenue & Customs to review and rework some 2016-17 self-assessment tax returns following error

The Chartered Institute of Taxation (CIOT) has warned that HM Revenue & Customs (HMRC) is to review and potentially rework as many as 30,000 self-assessment tax returns that were filed online for 2016-17 owing to concerns that its tax calculator may have wrongly computed the tax liability.

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Payee names to be required for bank transfers in effort to combat fraud and errors

From next year, payee names will be checked when making bank transfers in order to ensure that funds are being sent to the correct recipient.

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Public pilot of Making Tax Digital for VAT opens

HM Revenue & Customs (HMRC) has opened a public pilot of Making Tax Digital (MTD) for VAT.

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