Industry News

MPs warn of consequences of ‘digital skills crisis’

MPs have warned that the UK may potentially be left behind if the Government fails to take action to combat a ‘digital skills crisis’. A new report by the Science and Technology Committee revealed that 12.6 million UK adults lack basic digital skills, whilst 5.8 million individuals have never used the internet. The data also […]

Help to Buy ISA holders may be priced out of Government scheme

First-time buyers wishing to save for their first home within a Help to Buy ISA may be priced out of the Government scheme, a recent investigation by the BBC has found. The Help to Buy ISA, introduced in December 2015, allows first-time buyers to get onto the property market by depositing money into a tax-free […]

RTI penalty concession to continue, HMRC reveals

The recent concession for returns submitted late under the new Real Time Information (RTI) regime is to be extended until April 2017, HM Revenue & Customs (HMRC) has revealed. Under RTI legislation, employers are required to make a full payment submission (FPS) detailing payments made to employees, on or before the date of payment. Businesses […]

Pension freedom users being hit by high exit fees, warns Citizens Advice

Individuals withdrawing money from their pension savings may lose up to 10% of their funds, a Citizens Advice survey has suggested. The survey revealed that those using pension freedoms may have had their savings significantly reduced as a result of providers’ charges. The data suggested that individuals with smaller funds have been paying proportionately larger […]

Sugar tax may bring ‘arbitrary burden’, says TPA

The Government’s new ‘sugar tax’ could impose an ‘arbitrary burden’ on many families, the Taxpayers’ Alliance (TPA) has warned. The sugar tax, announced in the 2016 Budget, will be introduced during 2018, and is intended to help reduce childhood obesity. However, the TPA’s research has suggested that the tax does not take into account the […]

Annuities prove popular despite pension freedoms

Annuities are still proving to be a popular choice for retirees despite the introduction of new pension rules over a year ago, according to new research. Financial technology firm eValue analysed data from its Pensions Freedom Planner tool and found demand for products that provide a guaranteed income in retirement has risen from 33% in […]