9am Lowdown: Barclay brothers, junior tax facts & credit cards

9am Lowdown
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Good morning! Here is your daily digest of the news hitting the profession.  

News round-up

The Scottish government is to set out options for future income tax rates ahead of budget negotiations. (BBC News)

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The billionaire Barclay brothers have lost a legal battle with HMRC, after the supreme court ruled that they are not owed £1.25bn related to tax overpayments. (The Guardian)

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The number of investors putting small sums into tax-efficient funds jumped sharply last year, in a sign of the growing popularity of crowdfunding platforms. (Financial Times)

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More than 200 trainee teachers, studying at the University of South Wales (USW), will be trained to teach ‘Junior Tax Facts’ to primary school children in English and Welsh-medium schools. (HMRC)

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Commenting on HMRC no longer taking payments from a business owners’ personal credit card, Henry Ejdelbaum, managing director of AIMS Accountants for Business said “Small businesses just want to pay the right amount of tax in the easiest possible way.

“This will inevitably lead to some being penalised with late payment fines. To change the goalposts for taxpayers in this fashion is just not fair.”

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