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Accounting
& Financial News
Budget
05 Apr 2013
For key points from the recent Budget, click here.
RTI
31 Mar 2013
RTI
(Real Time Information) comes into effect for most employers from 6
April 2013.
This means that employers (or their accountant, bookkeeper or payroll
bureau) will:
1.) send details to HMRC every time they pay an employee, at the time
they pay them
2.) use payroll software to send this information electronically as
part of their routine payroll process
Click here
to read detailed guidance on getting your business ready to report PAYE
in real time and other PAYE information you may need throughout the
tax year.
Traineeship
scheme for young adults
16 Jan 2013
School-leavers
could be offered a support and skills programme to better equip them
for the job market, under plans announced by the Government.
Skills minister Matthew Hancock said the 'traineeship' programme could
be a crucial stepping stone to an apprenticeship or other opportunities
in a competitive market of experienced adults.
Aimed at 16-24 year olds, the programme would launch later in the year
and offer work placements alongside support - including studies in English
and maths, CV writing and interview preparation. The length of the traineeship
scheme would reflect the specific needs of participants but would be
expected to last around six months.
Inflation
remains at 2.7 percent
10 Jan 2013
Inflation in the UK remained at 2.7 per cent in December 2012 following
an unexpected rise in October, latest figures from the Office for National
Statistics (ONS) show.
The ONS said there were both significant upward and downward pressures,
with a rise in gas and electricity bills cited as the largest cause
of static prices. According to the data, overall fuel prices are 4.6
per cent up on the year, with gas prices up by 5.2 per cent and electricity
up 3.9 per cent.
Air fares provided the largest downward pressure, with prices rising
at a far slower rate than during the same period in 2011.
The Consumer Prices Index (CPI) rate of inflation has remained well
above the Bank of England's 2 per cent target since November 2009. Inflation
has now held at 2.7 per cent for three months in a row. In October 2012
it rose sharply from a 24-month low of 2.2 per cent in September. Inflation
peaked at 5.2 per cent in September 2011.
The Retail Prices Index (RPI) rate of inflation also rose to 3.1 per
cent in December, up from 3 per cent, pushed up by rising housing and
utility costs.
The elderly are the most likely to be affected by the static inflation,
according to the Alliance Trust, as they spending the largest share
of their household budget on utilities - particularly during the current
cold snap.
Single
tier state pension shake up
10 Jan 2013
Plans
for a 'simple' single-tier state pension unveiled by the Government
could leave younger people worse off in the long run, the Institute
for Fiscal Studies (IFS) has said.
The Government's white paper lays out plans to replace the £107.45
a week basic pension, and various means tested top-ups worth up to £142.70,
with a flat rate of £144 from 2017 at the earliest.
It said the single-tier would replace the 'complex system' off add-ons
and mean's testing currently in place, providing greater certainty about
the money individuals receive and a better platform for people to save
for their retirement.
The move will particularly benefit women, low earners and the self-employed,
who under existing rules find it difficult to earn a full state pension.
We can help you save for your retirement. Please get in touch to find
out how.
For
achived news from 2012
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