The energy regulator, Ofgem, has banned energy companies from using confusing and complex tariffs. The new rules came into effect on 2 January 2014 and should make it easier for consumers to compare suppliers and choose the best deal. A second wave of rule changes is due to come into effect on 1 April 2014.[…]
In the run up to the introduction of the Employment Allowance – which will reduce every employer’s national insurance bill by £2,000 – HMRC has released new figures about how much the scheme could save UK businesses and charities. The Government estimates that the tax cut will mean employers are nearly £5.5 billion better off[…]
Pensioners should be allowed to switch to better annuities and escape poor-value schemes, Pensions Minister Steve Webb has suggested. In an interview with the Sunday Telegraph, Mr Webb said that pensioners should be able to change annuities in the same way homeowners can change their mortgage deals. The proposal would prevent retirees becoming trapped in[…]
After a positive end to 2013, research has revealed that UK businesses are optimistic at the start of 2014. However, despite this increased confidence, business leaders remain realistic about the challenges ahead. Almost nine out of 10 members of the Institute of Directors (IoD) expect UK GDP growth to be higher in 2014, according to[…]
Real time information Almost all employers should now be using real time information (RTI). This generally requires payroll information to be provided to HMRC ‘on or before’ payment to the employee. In most cases, the payroll software does this automatically. RTI integrates with the new universal credit which is being introduced over several years. National[…]
Looking back The UK economy gained momentum throughout 2013 with Gross Domestic Product (GDP) growth exceeding earlier forecasts. A rise in GDP in the first three quarters of 2013 saw output grow more quickly than any previous nine-month period since 2010. Growth of 0.4 per cent and 0.7 per cent in Q1 and Q2 was[…]