TB Accountants offers a comprehensive Accounting, Business Advisory, Financial Advisory and Tax Planning services for small and medium sized businesses in the East London & Docklands area. Our approach is to assess our client's challenges through a holistic process and find the right solutions to achieve the desired results they are seeking.
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Workers born between 6 April 1970 and 5 April 1978 will have to remain in employment for an extra year after the government announced it will increase the state pension age to 68.
The decision means an estimated 5.8 million workers – or 1 in 7 – will have to work an additional year before they qualify for the state pension.
However, those born on or before 5 April 1970 will not be affected by the change.
The proposal follows recommendations made by John Cridland CBE in March 2017.
Cridland's review highlighted that by 2036/37, annual spending on the state pension would have increased by 1% of GPD on 2016/17.
To translate this into figures, this would equate to around £20 billion or a tax rise of £725 per household.
David Gauke, secretary of state for work and pensions, said:
"As life expectancy continues to rise and the number of people in receipt of state pension increases, we need to ensure we have a fair and sustainable system that is reflective of modern life and protected for future generations.
"Combined with our pension reforms that are helping more people than ever save into a private pension and reducing pensioner poverty to a near record low, these changes will give people the certainty they need to plan ahead for retirement."
Contact us to discuss the state pension.
You must get Employers’ Liability (EL) insurance as soon as you become an employer - your policy must cover you for at least £5 million and come from an authorised insurer.
EL insurance will help you pay compensation if an employee is injured or becomes ill because of the work they do for you.
You can be fined £2,500 every day you are not properly insured.
You can also be fined £1,000 if you do not display your EL certificate or refuse to make it available to inspectors when they ask.
As your agent, it is our responsibility to send you this friendly reminder. If you need any help in finding a cheaper insurance company, you can contact China Taiping Insurance Group Ltd. China Taiping is a Chinese state-owned Financial and Insurance group. Taiping was awarded the "A" rating from the international authority rating agency; it is the largest insurance group that has obtained the international "A" ratings. Its business scope covers all property insurance, including business insurance, office insurance, real estate insurance and furniture insurance. The aim of the business is to provide customers with one-stop terminal integrated financial insurance, It is not broker (If you buy insurance from broker, claims usually can’t be guaranteed). You can contact with Shawn Tian at 020-74943360 or 07594833617.
We have a very good long-term business relationship with Taiping. If you mentioned that you were introduced by TaxBusters and quote our reference No. D00110 when you make your application, you will definitely get the cheapest quotation in the market. (Anyway, you can compare the quotations with other companies by yourself). Also, if you have already covered by the employer's liability insurance currently, we were told that: you will be given a lower quotation than your current one (at least they will match the lowest market quotation for you) if you could provide the certificate from your current insurance company. If you also need to apply for business insurance, property insurance and employer liability insurance at the same time, they can al provide you with a joint insurance, which will be very competitive.
Anyway, you can make the final decision by yourself for which company that you will chose.