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16 February 2016
Welcome to your February 2016 insider newsletter
In this edition, the following topics are discussed:
Digital tax accounts to replace annual tax return
HMRC has launched a digital accounts system for businesses and individual taxpayers. The new system will allow people to see their tax details and make payments at any time during the year.
Uncertainty over quarterly system
The Low Incomes Tax Reform Group (LITRG) has expressed concern that non-digital literate businesses may face charges from HMRC due to the introduction of the new quarterly system. These people could become accidentally non-compliant and face penalties.
Early pension exit fees capped
The Financial Conduct Authority (FCA) will be given the power to cap “excessive” early exit fees on pension pots.
Lack of flexible working hampers employers
Employers may be missing out on the best skilled workers by not offering flexible working. By offering more flexible jobs, businesses could not only have a positive impact on individual people’s earnings, career progression and job mobility, but it would also allow them to get the best workers for each vacancy.
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