News

Banks will no longer be able to charge exorbitant amounts for unauthorised overdrafts, following the announcement by the City regulator, the Financial Conducts Authority (FCA), of radical reforms to try to fix a dysfunctional market. The changes will come into force next year in April 2020 and apply to personal bank accounts. Currently, bank customers can be charged if they accidently go over their account limit. The FCA’s proposal will limit the banks’ ability to penalise customers to the extent that they currently. The banks will only be able to charge the same amount as authorised overdrafts. The FCA expects...

PAYSLIPS REQUIRED... FREELANCERS and GIG economy are now entitled to payslips. The requirement, which extends to all workers, including casual and those on ‘zero-hour’ contracts, and not just employees, came into force on 6 April this year. There are several key details that must be included on the payslip, such as: Gross pay and salary Varied rates of pay and hours worked  The amount of any deductions and what they relate to Net wages or salary payable; and The amount and payment method The more complex question is, however, determining whether someone is an employee, worker or self-employed contractor. G...

As members of the European Union (EU), UK dogs, cats and ferrets, armed with their own passports have been channel hopping for years aided by the EU initiative known as ‘Passports for Pets’. Currently, pet owners can take their dogs, cats and even ferrets to any EU country provided they have a valid passport, are micro-chipped and vaccinated against rabies. Pet owners outside the EU jurisdiction face more stringent regulations, including quarantine in some cases. Basically, the rules governing animal movement depend on whether a country is in the EU (a listed country) or outside the EU (an unlisted country)....

From July 2019, name checks will be used on bank payments. Under plans from the UK’s payments operator, the sender will be alerted if the name does not match the account.  Currently, the account holder’s name is not needed to make a money transfer. All that is required is a sort code and account number. As of July 2019, the account name will be added to transactions requiring the sender to provide the account name, account number and sort code.  If the name does not match the account holder’s details, the sender will be alerted. The revisions are designed to...

Interesting article from The Times regarding the warnings from the Federation of Small Businesses NO DELAY TO MTD PLANS Business minister Kelly Tolhurst has told small businesses that there will be no further delay to “making tax digital” despite warnings from the Federation of Small Businesses and others that SMEs are not ready for moving tax compliance online and are having to deal with uncertainties around Brexit at the same time. Last month, the ICAEW said 40% of affected businesses were not aware of the change. Kelly Tolhurst and Theresa May Ms Tolhurst said: “We're making sure the communication is there...