A request under the Freedom of Information Act has revealed that just 1,300 people have claimed National Insurance (NI) credits, which can help them ensure their entitlement to the full state pension when they reach retirement age, if they have left employment to care for grandchildren or other relatives under the age of 12.
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.
If you buy and use cars in your business, you can claim capital allowances on their value, allowing you to deduct part of the value from your pre-tax profits using writing down allowances.
HM Revenue & Customs (HMRC) has been accused of using small and medium-sized businesses to plug the UK’s tax gap, following a report which showed an additional £468 million was generated in tax revenue by SMEs in 2016.
The UK’s large army of small businesses will soon be able to switch their accounts between banks more easily, following changes to bank competition rules.
The Government’s long-awaited responses to six consultations about Making Tax Digital (MTD) which were originally opened in August 2016 were published at the end of January.