What CAs need to know this week: 4 April 2016
A look ahead to some of the things happening in business, accountancy and politics this week.
New state pension comes into force
The new state pension will come into effect this Wednesday. Anyone retiring from 6 April onwards will receive the new flat rate or single tier state pension. According to the consumer group Which?, many people are still confused about the changes to the pension. Almost half of the 1,000 people they surveyed said they did not know what the new rate was.
Greek bailout talks resume
Talks resume between the Greek government and creditors to complete a review of the country’s latest bailout. The review has suffered from disagreements between the government and the lenders of the estimation of the country's fiscal gap by 2016 and pension reforms. The IMF will decide whether or not to co-fund the country's third bailout after the review.
Start of the new tax year
The 2016/17 tax year begins at midnight on 6 April. The start of the new tax year will see ISA allowances reset, along with the new 'Innovative Finance ISA' being introduced. Basic rate taxpayers will now be required to pay 7.5% on their dividends, while higher taxpayers will pay 32.5%. The Lifetime Allowance pension allowance will be cut to as low as £10,000 for high earners.
First day of the trial of five Barclays bankers accused of fraud
The criminal trial of five former Barclays bankers continues this Monday. The individuals have been accused of rigging rates. The Serious Fraud Office (SFO) will head the Libor trial and will be under scrutiny after a three month trial of six brokers accused of helping former USB trader Tom Hayes rig rates ended with their acquittal.
New personal savings allowance to start
From 6 April, savers in the UK will have the chance to earn up to £1000 tax free interest a year on their savings. At the moment £20 of tax is taken from every £100 of interest earned by basic rate taxpayers.
Steve Rowe to take over reigns at M&S
The new M&S boss is expected to reveal how he plans to turn around the under-performing clothes division of the retailer this week. Steve, who has worked for the retailer for over 25 years, will face the City for the first time this Thursday when he presents M&S trading results. He took over the top job from Marc Bolland on Saturday.
Results due from Christie Group, AA, Hostelworld, Alliance Pharma
Here’s a list of some of the results due this week:
- Monday: Finals - Christie Group, Belvoir Lettings
- Tuesday: Finals - AA, Hostelworld, EKF Diagnostics holdings
- Wednesday: Finals - HSS Hire, Styles & Wood, ServicePower Technologies
- Thursday: Finals - Alliance Pharma, Ubisense, Belgravium Technologies, NetScientific