Business news

The Inheritance Tax main residence additional nil-rate band

7 Jun 2017

A new additional nil-rate band of £100,000 for Inheritance Tax (IHT) on main residences, when bequeathed to a direct descendent, came into effect at the start of the new tax year in April 2017. In 2018, 2019 and 2020, this … Continue reading

Software that makes you WannaCry – The importance of cyber security

7 Jun 2017

Last month more than 200,000 computers in 150 countries were infected during the WannaCry ransomware attack, including the systems of a number of NHS trusts. This cyber-attack caused mass hysteria and crippled a number of businesses and organisations – often … Continue reading

The Big Squeeze – Pay and consumer spending to slow down

7 Jun 2017

With inflation hovering around 2.7 per cent, many businesses are facing a period of higher costs and reduced consumer spending – a trend which could see average pay rises this year hit just one per cent, according to the Chartered … Continue reading

Receipts rise as Corporation Tax rates fall

7 Jun 2017

Corporation Tax receipts reached a record high in the 2016-17 financial year, with a total of £56 billion collected, a 21 per cent year-on-year increase. These record figures come despite the main rate of Corporation Tax falling from 30 per … Continue reading

Britain faces ‘a business support black hole’ post-Brexit, according to the FSB

7 Jun 2017

A new study from the Federation of Small Businesses (FSB) has indicated that the UK’s army of small firms will face a funding shortfall of around £3.6 billion by 2021 as a result of the UK’s withdrawal from the EU. … Continue reading

Can you benefit from capital allowances on your business premises?

7 Jun 2017

If you own your own business premises, you may be entitled to claim capital allowances on some of the costs associated with the ‘intrinsic fabrication’ of the building. The ‘intrinsic fabrication’ of a building includes items such as lighting, heating, … Continue reading

Could you benefit from Tax-Free Childcare?

5 May 2017

Last month saw a scheme which has the potential to offer major savings on childcare costs start to be phased in. Tax-Free Childcare will be open to working families – defined as couples or individuals who are each expected to … Continue reading

HMRC goes “nuclear” in pursuit of unpaid taxes

5 May 2017

HM Revenue & Customs (HMRC) issued a record number of court orders to seize company assets in 2016, indicating that the tax office is happy to go after all businesses suspected of tax evasion. The figures, published by Funding Options, … Continue reading

HMRC issuing hefty fines to eBay and Amazon traders who fail to pay tax

5 May 2017

Small-scale internet traders, including individuals and businesses who sell goods on websites such as eBay and Amazon, are being hit with ‘tougher penalties’ than larger businesses if they do not declare their income and pay the appropriate tax on their … Continue reading

Online VAT fraud and error costing UK dear

5 May 2017

A report published by the National Audit Office (NAO) estimates that online VAT fraud and error cost the UK somewhere between £1bn and £1.5bn in lost tax revenue during the 2015/16 financial year. Under current UK tax rules, any traders … Continue reading

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