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The Inheritance Tax residence nil rate band (RNRB) is a transferable allowance for married couples and civil partners (per person) when their main residence is passed down to a direct descendent, such as children or grandchildren, after their death.
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The basis of assessment reforms will change the way trading income is allocated to tax years. The changes will affect sole traders and partnerships that use an accounting date between 6 April and 30 March. There is no change to the rule for
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Most smaller businesses will have spent time chasing customers for payment beyond their agreed payment terms.
These demands take entrepreneurs away from their core tasks of business building and place unnecessary pressures on cashflow.
To assist,
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The government looks likely to accept the recommendations of the Low Pay Commission with a boost to the National Living Wage rate.
In summary:
National Living Wage will rise to two-thirds of average earnings.
Chancellor commits to Low Pay