Articles

Labour-only Vs Bona-fide subcontractors – are you insured correctly?
Labour-only Vs Bona-fide subcontractors – are you insured correctly?
Correctly identifying sub-contractors within your business can be complex, but because there are different risks of both labour-only and bona-fide subcontractors, it is vital to get it right. Knowledge of these two classifications and their differences can benefit you and help to protect you from costly and damaging risks, such as fines up to £2,500 from [..]
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05 December 2017
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Insurance premium tax to rise to 12%
Insurance premium tax to rise to 12%
Standard insurance premium tax (IPT) rate will increase from 10% to 12% In his Autumn Statement the UK Chancellor Philip Hammond announced that the IPT rate will increase from from 10% to 12% on 1 June 2017. This increase means the UK’s IPT rate will have doubled since summer 2015, and will be the sixth highest rate in Europe. Unlike the previous [..]
admin
05 June 2017
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What is the difference between Buildings Sum Insured and Declared Value?
What is the difference between Buildings Sum Insured and Declared Value?

Insurance Premium Tax (IPT) is charged on insurance premiums and covers most general insurance (such as buildings and contents), though life insurance and most other long term insurance is exempt. IPT is chargeable where the risk is located in the UK (this does not cover either the Channel Islands or the Isle of Man).

The UK Government announced on 8 July 2015 that with effect from 1 November 2015 the standard rate of UK IPT will increase by 3.5% from 6% to 9.5%. [..]

admin
14 March 2017
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