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The Financial Conduct Authority (FCA) has confirmed it will introduce new rules in April this year that it says will make the costs of overdrafts clearer and easier to compare.

The rules will mean banks can only charge for overdraft users a simple annual interest rate – without additional fees and charges.

Employees are allowed to claim tax relief on their annual professional fees or subscriptions to some HMRC approved professional organisations. The costs are tax-deductible generally where the individual must have a membership to do their job or it is helpful for their work. Where the fees are paid by the individual's employer this will not generally result in a benefit in kind charge.

HMRC has now published draft secondary legislation for the off-payroll working rules that are due to come into force in April this year.

Vengeful witches and pet hamsters feature in HMRC's list of imaginative excuses and expense claims, which has been published in the run-up to the self-assessment deadline.

 

Minister for Public Finance and Digital Economy, Kate Forbes, delivered the 2020/21 Scottish Draft Budget on Thursday 6 February 2020, setting out the Scottish Government's financial and tax plans.

The current Scottish income tax rates and bands for 2019/20 and the proposed rates and bands for 2020/21 on non-savings and non-dividend income are as follows:

The leaders of the UK and European Union signed the Withdrawal Agreement, and the UK left the EU on 31 January 2020. However the UK is now in the transition or implementation period during which time it is 'business as usual' as the UK is covered by EU rules until the end of the year. By 2021 the UK aims to have agreed a deal on future arrangements with the EU and the rest of the world.

Over the past week, the effects of Storm Dennis has had flooding spread across many parts of Shropshire and neighbouring counties along the course of the River Severn. 

The Welsh government has published its Draft Budget, setting out revenue raising and capital spending plans for 2020/21.

HMRC publishes details of deliberate tax defaulters, those people who have received penalties either for:

The Low Incomes Tax Reform Group (LITRG) is calling on the government to address issues with the High Income Child Benefit Charge (HICBC).

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