Business news

Spring Statement 2018

13 Mar 2018

By the time Chancellor Philip Hammond rose to his feet in the House of Commons to deliver the first Spring Statement, he had already offered plenty of hints that this would be a low-key affair. Gone was the primetime Wednesday … Continue reading

Tax-Free Childcare launches for all parents of under-12s

5 Mar 2018

A scheme, enabling parents of children aged 12 and under to benefit from up to £2,000 towards the cost of childcare, has now been extended to all working parents with children in the age group. The scheme provides a Government … Continue reading

SMEs invest three working weeks a year on tax compliance

5 Mar 2018

A new study, prepared by the Federation of Small Businesses (FSB), has found that the UK’s average small business spends nearly three working weeks every 12 months complying with tax rules. This costs SMEs around £5,000 a year on average, … Continue reading

Does Nesquik attract VAT? It depends on the flavour, Revenue says

5 Mar 2018

An apparently counterintuitive judgement was handed down last month by the Upper Tier Tribunal as it ruled VAT should be applied to the strawberry and banana flavours of Nesquik milk powder, but not to the chocolate equivalent. The case arose … Continue reading

Only a third of EIS taken up by companies outside London

5 Mar 2018

New data from HM Revenue & Customs (HMRC) shows that businesses in London and the South East account for 66 per cent of the Enterprise Investment Schemes (EIS) uptake. Despite accounting for 62 per cent of the UK economy, businesses … Continue reading

Cash payments plunge as digital payments become the default for many consumers

5 Mar 2018

New research from finance and banking trade body, UK Finance, has found that debit card transactions will overtake those made with cash this year. Meanwhile, ATM usage peaked several years ago, with more than 2.9 billion transactions taking place in … Continue reading

Chancellor calls for Inheritance Tax review to make regime “fit for purpose”

5 Mar 2018

The Chancellor, Philip Hammond, has asked the Office of Tax Simplification (OTS) to undertake a review of the Inheritance Tax (IHT) system to ensure that it meets the needs of modern households. In a letter to the OTS, an independent … Continue reading

Remain-supporting former minister strikes optimistic note on post-Brexit economy

6 Feb 2018

Former Conservative Treasury Minister, Lord Jim O’Neil has told the BBC that gloomy predictions for the post-Brexit UK economy are likely to be ‘dwarfed’ by global growth figures surpassing expectations. He said: “I certainly wouldn’t have thought the UK economy … Continue reading

Millennials set for ‘inheritance boom’… but not until the 2030s

6 Feb 2018

A new report from think-tank, the Resolution Foundation, predicts that so-called ‘millennials’, those aged between 17 and 35, will receive the biggest inheritance of any post-war generation from their baby boomer parents and grandparents. The think-tank estimates that the average … Continue reading

Ban on passing credit card fees on to consumers hits small businesses in the pocket

6 Feb 2018

A ban on passing on charges from credit card providers to consumers, which came into effect last month, is hitting small businesses in the pocket. Businesses are now faced with the option of either increasing prices for all customers to … Continue reading

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