Income tax warning: OBR chairman Robert ChoteThe Treasury is likely to see less income tax than expected flowing in to elite escort girl its coffers due to a mix of low wage growth and a large number of people employed in low paid jobs, the Office for Budget Responsibility warned today.Speaking on a BBC Radio 4 programme this morning, Robert Chote, chairman of the OBR, said the shortfall was coming despite unemployment continuing to fall.‘From the perspective of the public finances, thats not particularly good news,’ he said.‘The Chancellor of the Exchequer gets more bang for his buck if wages and salaries rise as a result of peoples earnings going up than if employment goes up.‘If earnings go up you are taking more people into higher income tax brackets whereas if employment is going up you are perhaps bringing in more people at the bottom.‘This continued story of earnings growing less rapidly than expected and employment growing more rapidly than expected does perhaps suggest that were more likely to be disappointed than to over-achieve on income tax receipts this year.’With the economic recovery, employment has been growing while the jobless rate has been falling.
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Official figures showed last month that in July some 73 per cent of the UK population was employed, with the number of people in work having risen by 74,000 from the previous quarter to 30.61million.Meanwhile, just over 2.02million people are out of work, 6.2 per cent of the workforce, the lowest unemployment rate since 2008.The latest set of UK labour market data will be unveiled this Wednesday. But the rise in employment has been fuelled by an increase in workers on low paid jobs, as well as a rise in freelancers. This factor, coupled with low wage growth, means more people are bringing home lower salaries and are therefore paying less income tax.
Low pay: The rise in employment has been fuelled by a rise in workers on low paid jobsThe Bank of England halved its forecast for average wage growth last month, saying it now expects average salaries to rise by 1.25 per cent this year.And recent official data showed average wages rose by just 0.6 per cent in August – the slowest pace of growth since records began in 2001.Treasury Chief Secretary Danny Alexander said the figures were, in part, a reflection of the numbers of young people entering the workforce.‘One of the things we are seeing in the UK is a very large fall in youth unemployment,’ Alexander also told the BBCs Today programme.‘Young people at the start of their careers tend to earn significantly below the median income. That doesnt mean that those are low-quality jobs.‘It does mean that those are people who are able to start out in life in the workplace, which is something that is hugely important.’
Prosecutions: During 2013-14, the taxman prosecuted 795 individuals through the courts, up from 615 the year before, a report from financial news agency Thomson Reuters out today showsThe expected fall in income receipts comes as Britains public finances have deteriorated in recent months. Public sector borrowing soared to £11.6billion in August – up 6.1 per cent or £700million compared with the same month last year, recent figures from the Office for National Statistics showed.It means the government has borrowed £45.4billion in the first five months of the fiscal year – some £2.6billion or 6.2 per cent more than between April and August last year. Todays OBR warning comes as the taxman is accused of ramping up prosecutions against individuals suspected of tax dodging while letting corporate giants off the hook. During 2013-14, the taxman prosecuted 795 individuals through the courts, up from 615 the year before, a report from financial news agency Thomson Reuters out today shows.The figure is almost a three-fold increase on the 302 cases it won in 2011-12, Each case can, however, take months to process, so it is not known how many of these it won.But the revenue has been accused of ‘hypocrisy’ for allowing multinational corporations such as Google, Amazon and Microsoft to pay tiny tax bills, while hammering individuals and small firms. HM Revenue & Customs is soon to be granted highly controversial powers that will allow it to raid bank accounts directly.But a history of mistakes and blunders by revenue officials have led to fears that the new powers could lead to innocent people having their savings taken.Last week it emerged that nearly 100,000 of people were to receive a third tax statement in the coming weeks after information about them was miscalculated twice. In June, HMRC revealed that 5.5million customers either paid too much or too little tax in 2013/14 by an average of £300.Most were sent new bills but a leaked email has revealed that some of these were also inaccurate and will be recalculated for a third time because of IT problems.
A law firm set up by insurer Admiral to get round a ban on selling customers’ details has made almost bayan escort £3million in its first seven months of trading.Admiral Law, a joint venture between the insurer and Bristol law firm Lyons vip eskort Davidson, is handed details of Admiral customers who have been in accidents.Previously, insurers had been selling customers’ details to ambulance-chasing escort law firms until the practice – known as referral fees – was banned under 2012 rules to rein in spiralling escort bayan motor insurance costs, including thousands of hard-to-disprove whiplash claims.
Sea change: Admiral has got round the ban on referral feesMany insurers set up legal subsidiaries to take on claims referrals without breaking the ban, and Admiral’s profits from its legal arm suggest the insurers will manage to recoup much of the revenue lost by the ban.Admiral Law’s first accounts show turnover of £6million and profits before tax of £2.8million for the seven months to the end of last year.
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The huge profit margin – 45 per cent – compares very favourably with the thin profits made by car insurers from their core business. The major motor insurers only recently started making more from premiums than they paid out in claims, after years of losses.Admiral said in 2012 that it earned £7 in referral fees for every car it insured, implying that it earned almost £25million from referral fees that year.Admiral was one of the first to set up a law firm, under separate legal changes that allowed new ownership forms for legal practices. Previously only qualified lawyers could have owned and run law firms.It set up a separate law firm, BDE Limited, which handles claims from its other brands – Bell, Diamond and elephant.co.uk.Accounts for BDE show it made £273,000 in profits on £1.5million of turnover in its first seven months, up to the end of December 2013.Admiral declined to comment.
Millions of savers could miss out on the chance to pass on their nest egg tax-free simply because they’ve failed child porno to tick a box on a pension form.Last week it was revealed that a 55 per cent tax on pension escort bayan funds passed on to relatives as an inheritance was going to be axed.From next April, anyone who has not touched porn their savings will be able to leave them as an inheritance.
Death duty: escort Those who fail to fill in a nomination form when they take out a pension could see their family having to pay inheritance tax on the pension potBut experts are concerned that many who hope to leave their retirement pots to a loved one may find it instead falls under inheritance tax rules – and so incurs a 40 per cent charge.This is because they failed to fill in a form stating their wishes when they took out the pension. As a result, the pension may be paid out to their estate, rather to an individual.
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Once this happens, the pension – which is normally exempt from inheritance tax – will suddenly be charged the death duty.
Inheritance tax is paid on 40 per cent on any assets over £325,000 for individuals and £650,000 for couples.Danny Cox, head of financial planning at investment company Hargreaves Lansdown says: ‘It is absolutely vital to state who you want your pension to go to when you die.‘That means filling in the nomination form when you take out your pension. Otherwise on your death the money could end up being paid into your estate and your family could have to pay inheritance tax on it.’Technically, pensions are exempt from inheritance tax. But few people pass them on because money left after a saver’s death is subject to a punitive 55 per cent charge.The only exceptions are if the person receiving the cash is the saver’s husband or wife or a dependent child aged 23 or under.If the saver dies under the age of 75 and the money in the pension fund is untouched, it will escape the charge. But under the new rules from April, the only tax charge will be the beneficiaries’ standard rate of income tax when they draw the pensions. 5 TRICKS TO BEAT INHERITANCE TAX by Rosanna Spero ■ SHARE YOUR ALLOWANCEEveryone has a £325,000 inheritance tax allowance that they can leave without their estate having to pay tax.But your partner can inherit all your estate without any tax bill because they can share your allowance — doubling it to £650,000.Inheritance above these limits is taxed at 40 per cent – so if your family inherits £500,000, the inheritance tax bill would be £70,000 if you didn’t share your allowance, but nothing if you did.■ GIVE AWAY YOUR MONEYAnything you gave away in the last seven years of your life is counted towards the value of your estate. But possessions handed over to friends and family before this aren’t.Start passing over those trinkets, expensive items and cash lump sums. If you live for another seven years, it won’t be counted.■ BE GENEROUS, TOOAnnual gifts to friends and family won’t be counted – even if you die before seven years pass. One person is entitled to a big gift of up to £3,000. You can also give any number of gifts to other people of up to £250.Family members marrying? Give your children up to £5,000; up to £2,500 for a grandchild; and up to £1,000 for anyone else.■ HAND OVER YOUR HOMEIt is likely to be your biggest asset pushing you into inheritance tax, so consider giving it away. Live for seven years after doing it and it will fall outside of inheritance tax, regardless of value.But you cannot be seen to benefit from the transfer by living in it for free.You’d have to pay market rent to the new owner of your home or income tax on the notional rent you’d pay. Beware if you’re gifting it to a married child – if they divorce, your home becomes part of their assets and will be included in any settlement.If a local council thinks you’ve given away your home to get round paying your care home fees, it could still ask for money.■ WRITE A TRUSTAlternatively, you could put your home into trust. But the taxman has strict rules if you make a gift into any type of trust, but then continue to benefit from it.Say you give away your house, but still live in it. In these circumstances, you pay 20 per cent on the transfer and the gift still counts as part of your estate. These are known as gifts ‘with reservation of benefit’.When you die, only the higher of two charges applies: the original transfer charge or the subsequent inheritance tax charge.
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Plus-size clothing retailer N Brown has issued a profit alert blaming unseasonably mild autumn temperatures for recent weak sales.Shares fell porno 13 per cent as the owner of Simply Be, JD Williams and Jacamo stressed very difficult market conditions across the porno clothing sector in recent weeks, echoing the message from Next which recently warned it would cut profit forecasts if Autumn weather continued to be so warm.The setback comes as N Brown tries to reposition the group, including shifting its business model towards online sales from traditional mail orders, hiring TV presenter Lorraine Kelly and model and actress Kelly Brook as brand ambassadors, and opening its first London store.
Image overhaul: N brown has hired TV presenter Lorraine Kelly and model and actress Kelly Brook as brand ambassadorsN Brown stock dropped 44.9p to 303.30p on the FTSE 250 index as it forecast pre-tax profits would fall in a range of £88-92million in the financial year ending next March – undershooting City estimates for around £103.4million.Like-for-like sales were down 0.5 per cent and pre-tax profit fell 3.2 per cent to £42.7million in the 26 weeks to August 30, the company reported.
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Half-year revenues were down 0.6 per cent at £407.3 million, reflecting lower sales at JD Williams ahead of its recent relaunch.The company added that online sales grew to 58 per cent of its business in the first half, with its stores accounting for 3 per cent of revenues.N Brown said: In common with a wider clothing sector which has been adversely affected by unseasonably mild autumn temperatures in September and so far in October, our own performance has also been impacted.
Chief executive Angela Spindler said the board believed it was prudent to re-set expectations for the groups performance because it was a transitional year for the company.Changes have included the slashing of marketing investment in its catalogues by almost a quarter during the half-year period, which contributed to a drop in sales, particularly in the most recent quarter.Income shares watch: N Brown froze its half-year dividend at 5.67p today. The shares yield 4 per cent.View from the CityN Brown must win some sort of prize today for complaining about the mild weather so far in October, but, although it is wet and windy, it is still relatively warm, said independent retail analyst Nick Bubb.In its pre-close update home shopping group N Brown had said that although interim profits would be down a bit, because of the repositioning of the business, full-year profits would be fine.But it now says that second half profits will be down as well, because….the unseasonably mild autumn temperatures in September and so far in October has hit fashion sales!However unconvincing an excuse that is, the City is bound to be get nervous again about other fashion retailers today, with more sale activity taking place on the High Street.Bubb noted that Debenhams seemed to have reverted to type after a weak September, and after a brief attempt at reducing its dependence on discounting has launched another Mid-Season Half Price Sale this week.Kate Calvert, analyst at Investec, said: (N Browns) first half results were slightly better than lowered expectations, but the surprise is management guiding to an 11-15 per cent downgrade on full-year profit before tax due to warm weather after just three weeks ago saying it was comfortable with the then market consensus.While we believe management’s strategy is right for the businesses long term, arguably management has been too ambitious in its change programme, [and] anticipated customer response and execution has been poor.
Stock watch: N Brown shares have fallen sharply from peaks seen at the start of the yearShe went on: According to management, £8million of the downgrade is due to 1) warm weather with sales 18 per cent behind expectations in September, which they are unlikely to get back; 2) lost postage and packing revenues; 3) no return on its new marketing campaign.A further £3-5million of profit impact is likely for the rest of the half as N Brown will not get financial income on lost sales and higher marketing/markdown is likely to clear the surplus stock it now has.It is hard to believe that a 13 per cent downgrade is just down to the weather. While we believe management is doing the right things to reposition the business for the future, the restructuring strategy has repeatedly not delivered to expectations.While we could be blamed for being too early in calling the turn, we believe management has to take responsibility for either poor communication or execution, and perhaps trying to undertake too much at once.Brokers at Shore Capital said: Such an outcome is clearly disappointing, doubly so, given the crossover with the JD Williams re-launch.Whilst so, for us it is not a surprise, especially following Nexts update, albeit the magnitude of our profit cut is greater than we expected.
Toddlers who dont feel guilty after misbehaving or who ignore affectionate parents could be headed for trouble in later life, eskort researchers have warned.They say the signs could lead to behavioral issues as early as the first grade.Affected children are more escort likely to become aggressive and violent as teens and adults.
Adults escort bayan who are aggressive or violent have often shown early-starting behavior problems as young children, the reseachers said. bayan escort HOW THEY DID IT The data came from 240 children and their parents who were part of the Michigan Longitudinal Study, an ongoing study of young children at risk for behavior problems. Data were collected from parents when children were 3 years old and again by teachers when they were 6 years old. Parents completed questionnaires about their childrens behavior, while the children completed six tasks that were videotaped and coded by researchers. The findings come from a new University of Michigan study that identifies different types of early child problems.Early preschool behavior problems often improve over time. When that doesnt happen through grade school, children are more likely to become aggressive and violent as teens and adults.Previous research on these different types of behavior problems has focused on older children and teens.Little analysis had been done among preschoolers, who undergo rapid physical and psychological development, making this a difficult time for parents to manage behaviors and an important time to help children improve their behavior, said Rebecca Waller, a U-M psychology research fellow and the studys lead author.Adults who are aggressive or violent have often shown early-starting behavior problems as young children. Thus, a focus on understanding the emergence and development of behavior problems before they become severe is important for creating new treatments that could help prevent children following a lifetime of violence or crime.
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The study identified three types of early behavior problems at age 3, including oppositional behaviors, ADHD behaviors, and callous and unemotional behaviors. For oppositional behavior, parents reported that their children were often angry, frustrated and had difficulty regulating their emotions.Not surprisingly, children whose parents rated them high on ADHD behaviors had difficulty maintaining their focus and attention during tasks. Finally, if parents reported callous and unemotional behavior in their preschooler, the children were reported to have less empathy, guilt and moral regulation of their behavior. Waller said that those with the highest levels of these kinds of behaviors were more likely to show this behavior during 1st grade and were also more likely to have continued behavior problems as rated by their teachers.
Adults who are aggressive or violent have often shown early-starting behavior problems as young childrenA key thing for parents and educators to take from this work is that many children during the preschool years show normative levels of behavior problems and aggression, but there may be different types of behavior problems that may need different interventions if the behavior is not declining as children get towards school age, said study co-author Luke Hyde, U-M assistant professor of psychology.For example, children with callous and unemotional behavior may be the most at risk and need treatment that focuses on the childs emotional understanding of others, he said.The good news is that we know from other work that early interventions are very successful and helpful with early child behavior problems, Hyde said. If parents or teachers are concerned about a childs behavior, they should seek out a mental health provider such as a clinical psychologist, who is trained in a treatment called Parent Management Training. This treatment is very effective and can help a child learn better behavior, particularly early in childhood.
A happy couple have tied the knot – despite the fact the husband is just two days younger than the bride’s father.
Annie and Gary Reed met three years ago when Annie was 18 and Gary was 49, while when Annie was a barmaid in Gary’s pub.
Despite their 31-year age gap the couples relationship has gone from strength to strength. They have two children together – Teagan, two, and Kai, seven months and last month tied the knot in their hometown of Doncaster.
Annie and Gary Reed met three years ago when Annie was a barmaid in Garys pub and married this August (pictured cutting the cake left)
The happy couple tied the knot – despite the fact that Gary is just two days younger than Annies dad
Speaking of how members of her family felt about the union Annie said: My dad walked me down the aisle – he’s two days older than Gary.
thought he would have issues with the two of us being together at first, but the
first time he met Gary he shook his hand and they’ve been fine ever
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Stay-at-home mum Annie, 21, said: We didn’t tell anyone about our relationship for the first three months though because we wanted to make sure it was the real thing, and we were worried what people would say.
But friends and family were really supportive, especially when they could see how happy we were.
Left: Annie and Gary with their two children Tegan, 2 (right) and Kai, seven months (left); Right: The couple, who have been together for three
When Annie and Gary first met when she started working in a pub where Gary was the landlord, they hit it off straight away
Annie adds: My ex was older than me too so no-one was really surprised that I’d gone
for an older man, they just didn’t expect him to be that much older.Gary got jokes from people saying you’ve done alright there and stuff like that, but no-one said anything offensive to our faces.
But Annie suspects not everyone was as open-minded about their relationship as they seemed. Although customers claimed to be happy for them,
business at the pub declined and Gary was forced to sell up.
Annie said: A lot of people stopped coming in which was a real shame.
don’t know for sure if it was because of our relationship- because
everyone was nice to our faces, but the timing matches up.
Gary wore a kilt to the ceremony and the couple released white doves as a sign of their love
They kept their relationship a secret for the first three months, before telling family and friends
When Annie and Gary first met, when she started working in a pub where Gary was the landlord, they hit it off straight away, but Annie was already in a relationship with someone 20 years older.
She said: Things with him were always rocky and Gary was always there for me.
One night my partner went too far and we broke up. I called Gary to tell him I’d have to leave the pub because I thought I was going to have to move back with my mum who lives in a different part of Doncaster. Instead, he invited me to stay for a while until I got myself sorted.Annie says she hadn’t thought about Gary in that way before but when she moved in the pair grew closer.
Annie and Gary Reed at home: Annie says friends and family were supportive but suspects customers at the pub were not so open-minded
Gary made me breakfast one morning and drove me to work and we kissed – it was clear then that we both felt the same way, she said.
After that, I just never left.
The pair did keep their age-gap love quiet to begin with Annie said: I wanted to make sure it was something worth telling people about first.
The couple got engaged after they had been together six months and tied the knot this August in front of all their friends and family and could not be happier.I can talk to Gary about anything at all – that’s what attracted me to him.
Of course, Gary and I do have some issues sometimes because he thinks he knows more because he’s done it before, but we don’t argue any more than a regular couple.
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(CNN) — Its been 15 long months since he lifted a trophy and Andy Murray certainly did it the hard way.
The Scot survived five match points against Tommy Robredo in the Shenzhen Open final Sunday before closing out a grueling three-set victory in two and a half hours.
Following his 2013 triumph at Wimbledon, Murray had back surgery later that year and has struggled to match those heroics this year.
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He opted to play at the inaugural even in China and after battling to the final found himself a set down and trailing 2-6 in the second set tiebreaker.
Showing typical fighting quality he saved the initial four match points and another at 7-6 down, before claiming the tiebreaker to level.
The third set was one-sided as Murray won 5-7 7-6 6-1 and moves up to 10th in the race to make the ATP Tour Finals in London in November, with the top eight qualifying.
Its been a long time since I won a tournament, Murray told the official ATP Tour website.
The way that the match was won doesnt happen very often. Its rare to win a match like that. I was very close to losing.
It was an emotional week for me. I managed to fight my way through it, win the title, and hopefully I can win another one before the end of the year.
Murray will stay in China for the ATP World Tour 500 tournament in Beijing and the ATP World Tour Masters 1000 event in Shanghai, hoping to reach the finals for a seventh year in a row.
He was claiming his 29th career title, the first since beating Novak Djokovic in last years Wimbledon final.
Robredo was also looking for his first title since last year and was disappointed to lose out after having so many chances.
In a match like today that was so close, its tough to accept it. But Andy did a great job. He was pushing right till the end and in the end, he deserved it, the Spaniard added.
Madrid (CNN) — A referendum over Catalonias future as a part of Spain has been put on hold.
Spains Constitutional Court on Monday suspended the planned referendum on independence for Spains Catalonia region set to happen on November 9, a court spokeswoman told CNN.
The court has suspended the referendum as it consider the grounds of a lawsuit issued by Spains federal government that challenged the planned independence vote as unconstitutional.
The President of the Catalonia region, Artur Mas, on Saturday had signed a decree setting the date for the vote.
Even before the Constitutional Court suspended the plan, the federal government had made it clear that it any such referendum. A legal and political confrontation was expected.
The next move is in Catalonias hand — and whether its leaders decide to go ahead with the vote anyway.
The holding of Scotlands independence referendum earlier this month buoyed other separatist movements around the world, despite Scottish voters opting to remain part of the United Kingdom.
Mas has said that Catalonia wants to speak, wants to be heard and wants to vote.
On September 11, Catalan national day, hundreds of thousands of people took to the streets of Barcelona for the third year running demanding a vote on independence be held.
But Madrid argues that Catalonia, which represents one fifth of Spains economy, already has broad home-rule powers, including its own parliament, police force and control over education and health. And it insists that the Spanish Constitution does not allow any of Spains 17 regions to unilaterally break away.
Catalonia is a region of northeastern Spain, with Barcelona — the second-largest city in Spain — as its capital.
A referendum is expected to ask a two-part question: Should Catalonia be a state? And those who vote yes to that can then go to vote on the second question: Should that state be independent?
Polls indicate that a majority of Catalans want to have a chance to vote but that less than a majority would vote for independence, given the chance.