Cyber-Attacks on Small Firms
Insurer Hiscox has published data which reveals that 61% of small UK firms have experienced a debilitating cyber-attack in the last year. The data found that the cost of dealing with a cyber-attack has sky rocketed for many small businesses. It also suggested that...
Child Benefit Penalties Refunded to Almost 5,000 Parents
HMRC has repaid £1.8 million in tax penalties to 4,885 parents who were fined for failing to register for the High Income Child Benefit Charge. The High Income Child Benefit Charge is payable by a taxpayer who has 'adjusted net income' in excess of £50,000 where...
Rental Costs on the Rise, Less Young People Moving for Jobs
The Resolution Foundation has carried out research which suggests that young people are 'less likely to move around the country for a better job' as rental costs have risen considerable The research showed that the number of people aged between 25 and 34 that move...
Is a ‘Cashless Life’ the Life for You?
Trade association UK Finance has produced research which suggests that a large amount of individuals in the UK are choosing to live a 'largely cashless life'. Digital technology is 'transforming the world of payment' which allows consumers to 'take advantage' of a...
Data Protection Fines ‘rise by 14% in a year’
Law firm RPC have published research which suggests that the average data protection fine collected by the Information Commissioner's Office (ICO) has risen by 14% since the introduction of the General Data Protection Regulation (GDPR) just last year. The GDPR was put...
‘Increased protection from criminals’ With new Banking Code
From May 2019, a new 'banking code' was implemented to give consumers 'increased protection from criminals'. Consumer group Which? recently revealed that transfer scams cause £674 to be lost every minute. The new code requires banks and payment providers to follow a...
Think Tank Claim That Millenials are Living in ‘relative poverty’
In a report published by the Resolution Foundation claims that 22% of 'millennials' (people born between 1981 and 2000) are living in 'relative poverty'. This implies that 22% of millennials are living on less than 60% of median income. It has been highlighted that...
Grants for Buyers of Green Cars Slashed
The European Automobile Manufacturers' Association (EAMA) have reported that sales of electric cars in the UK are being affected by the governments' decision to cut the grant for buyers of 'green' vehicles. The grant for buyers of electric cars was cut from £4,500 to...
Confirmed Implementation of Pensions Dashboards
The government has recently confirmed that the initiative to introduce a pensions dashboard will go ahead. Those saving for retirement will be able to use the pensions dashboard to view information from multiple pensions in one place. It has been stated that the...
MTD for VAT
HMRC's have begun the introduction of their landmark Making Tax Digital (MTD) regime. This means that tax payers will be required to move to a fully digital tax system. With the new system, businesses with a taxable turnover above the VAT threshold of £85,000 must...