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Grandparents ‘missing out on state pension boost’

Around 90,000 grandparents and family members could be missing out on the national insurance credit that boosts their state pension.

In a freedom of information request, Royal London found that 9,486 family members claimed the credit in the year to September 2017.

While this was a significant increase on the previous year, it only represents around 1 in 10 of those who could be...

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MTD pilot opens to the self-employed

Self-employed businesses can voluntarily use software to manage their business records digitally and send income tax updates to HMRC, following the opening of its Making Tax Digital (MTD) pilot.

The pilot became available to sole traders with income from one business from 15 March 2018.

This means those who participate in the pilot can also see an estimate of how much tax may be...

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New rules to tackle VAT evasion

Online marketplaces that provide a platform for businesses to sell to UK-based consumers may be held liable by HMRC if those traders are not paying the correct amount of VAT.

The joint-and-several liability (JSL) for online marketplaces, which was first announced in Autumn Budget 2017, came into force on 15 March 2018 in a bid to crack down on tax evasion.

The new powers put the...

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Retirement savers struggle to clear debts

Retirement savers face difficulty clearing their debts, according to research by Key Retirement.

A survey of 3,000 adults revealed 38% of workers over 55 struggle to clear their credit card balances every month.

The research also showed a lack of awareness about the cost of credit card debt.

While 43% say they don't know what interest rate they pay, around 1 in 10 (11%)...

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National minimum wage rates from April 2018

The national minimum wage and national living wage rates will rise from 1 April 2018.

Eligible workers aged 25 and over who are not in their first year of an apprenticeship will be entitled to the new national living wage rate of £7.83.

Those aged 21-24 will see their hourly wage rise to £7.38.

Apprentices will benefit from a record rise of 5.7%, according to the...

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