What does the election result mean for your personal finances?

What a few hours it has been! The exit poll has been proved broadly correct, and we now know that the Conservatives will form the next government, albeit with support from the Democratic Unionist Party (DUP). Now that has been confirmed, we can look forward, and ask: How will your personal finances be affected by the result? When the Tories wrote their manifesto a few short weeks ago, they did so in the hope, and probable expectation, of an increased majority. The reality is very different, we can therefore expect some of the ...

Digital tax overhaul will require five returns per year

The upcoming digitisation of the tax reporting system could mean that millions have to file five tax returns a year. The overhaul, called ‘Making Tax Digital’ starts its pilot trial in the 2017/18 tax year, with people being gradually drawn into the system over the following two years. Why is tax going digital? In the ‘Making Tax Digital’ Policy Paper, H M Revenue & Customs (HMRC) states that the new system will save businesses and the self-employed time and money by keeping track of information and fixing any errors in real-time. This ...

Budget 2016: The headlines

Budget 2016 150pxGeorge Osborne stood up today just after 12.30 to deliver his 8th Budget as Chancellor. With the EU referendum looming large and increasing nervousness that much of the developed world is facing an economic downturn, many experts predicted a relatively quiet Budget. Was this the case? Read on to find out. Mr Osborne started bullishly, suggesting he would report on a very positive economic outlook for the UK, which was growing at a faster rate than other developed economies, and is on course for a budget surplus. However, he quickly turned to the “headwinds” ...

How will the Queen’s speech affect your personal finances?

How will the Queen’s speech affect your personal finances?After the shock General Election victory for the Conservatives, the Queen’s Speech, which was delivered yesterday, set out the Government’s plans for the months and years to come. How will your personal finances be affected? Will you be better or worse off? Read on as we reveal all. Tax The legislation likely to have the largest impact on your personal finance is the ‘National Insurance Contributions and Finance Bill’, which includes commitments that: Income tax, VAT and National Insurance will not increase during the next five ...