HMRC repays record sum from pensions tax trap

The number of over-55s who had to reclaim tax after taking money from their pension hit a record high in June. More than 17,000 savers reclaimed tax worth £46 million in the three months between April and June 2019, according to quarterly figures from HMRC. Around...

The construction industry scheme

The construction industry is growing, with 314,590 firms operating in the UK in 2017 and an economic output of £113 billion. If your business is one of them, it's likely you'll need to register for the construction industry scheme (CIS). This comes with a set of...

Most small firms absorb the cost of wage increases

Around 7 in 10 small business owners paid themselves less to absorb increasing employee wages this April, a survey by the Federation of Small Businesses (FSB) shows. Following the national living wage increase to £8.21 in April 2019, 71% of business owners said they...

Number of non-domiciled taxpayers falls

The number of wealthy individuals who are UK-resident but not UK-domiciled for tax purposes has dropped to a record low, according to HMRC figures. In 2017/18, around 78,300 individuals claimed non-domiciled taxpayer status on their self-assessment returns, down from...

Creative businesses receive £1.1bn tax relief

Companies in the creative industries were awarded a total of £1.1 billion in tax relief in 2018/19, Government statistics show. A range of corporation tax reliefs are available for businesses involved in the development of certain creative productions, including film,...