Monthly Archive: February 2017

So why does our tax year end on 5th April?

There are only two ways you could know the answer to that question. The first is that you were around in the mid-18th century. Unlikely … unless you are devotee of ‘Highlander’. The second is that you have a working…
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Legal Tender & the old £5 Note

From 5 May 2017, the old paper £5 note will no longer be legal tender and may not be accepted in shops and could be refused by banks. After this date retailers and banks need only accept or swap old…
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Estates & ISA’s

The government has published draft legislation extending individual savings account (ISA) tax advantages to investments held in an account after the death of the accountholder, as promised in the 2015 Autumn Statement. It means that personal representatives and beneficiaries or…
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Will the new £1 coin be a success?

It is now less than two months until the new £1 coin enters circulation on 28 March 2017. The new £1 coin will be 12-sided and will replace the round shaped £1 coin that has been in use for 30…
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Six-fold increase in penalties issued by HMRC

According to a Freedom of Information Act disclosure obtained by chartered accountants RSM, the number of penalties imposed by HM Revenue & Customs (HMRC) for deliberate understatement of income increased to 28,663 in 2015–2016. The figure was 5,162 in 2012–2013.