“Real test” for auto-enrolment ahead

Auto-enrolment has been a success for larger employers, but the “real test” lied ahead as smaller employers begin to enrol their employees, a report by the Public Accounts Committee has concluded. 1.8 million smaller employers will soon begin the process, but the committee notes that The Pensions Regulator does not yet have access to the[…]

Self-employed workforce continues to grow

The number of people choosing to become self-employed has continued to grow, making up 15% of the total workforce. Now numbering a record 4.6 million, the self-employed population has increased by 80,000 since 2008. The analysis by the Department of Business, Innovation and Skills also shows that becoming self-employed is proving increasingly attractive to older[…]

Government productivity plan lacks focus

The government’s productivity plan has been described as a “vague collection of existing policies” by the Business, Innovation and Skills (BIS)Committee. The committee has questioned whether the plan has enough focus and said that results will not be guaranteed in areas such as skills and education. Plans to increase apprenticeships to 3 million by 2020[…]

Pension freedom barriers to be removed

The government has introduced a range of measures aimed at removing barriers that may be stopping people from being able to access their pensions. In January, the Chancellor announced that he would be giving the Financial Conduct Authority (FCA) the duty to cap excessive early exit charges.  FCA data shows that around 16% of customers[…]

Salary or dividend?

What’s the most tax-efficient way to pay yourself in 2016/17? Owner-managers and contractors often pay themselves in a combination of salaries, bonuses and dividends. A common strategy is to draw a salary of around £8,000 while also extracting profits from the business as a dividend. A salary of £8,060 (for the 2015/16 tax year) preserves[…]

Residence and domicile

A guide to understanding the terms residence and domicile as well as their legal and tax implications. A large part of a person’s legal identity is based upon where they live at any one time and how long they will be staying there. If you stay in the UK for a prolonged period of time,[…]