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Skilled Migration Set To Fall Further
Businesses that employ foreign workers will be among the worst hit by Brexit, according to research from academic think tank The UK in a Changing Europe. The report suggests that skilled immigration increases productivity, with a rise in the skilled migrant share of 1 percentage point linked to a productivity…
Read More »OTS Recommends Digital Inheritance Tax System
The Office for Tax Simplification (OTS) has urged the Government to implement a digital system for inheritance tax, following complaints that the current form-filling system is too complex. On average, there are around 570,000 deaths in the UK every year, and inheritance tax is due on less than 5% of…
Read More »Peers Issue Warning On MTD
The economic affairs committee of the House of Lords has called for a delay in the rollout of Making Tax Digital (MTD) for VAT-registered businesses, currently scheduled to take effect on 1 April 2019. Among other recommendations, it calls for MTD for VAT to be delayed until April 2020, and…
Read More »R&D Investment Grows To £23.7bn
Businesses spent £23.7 billion on research and development (R&D) in 2017, according to the latest data from the Office for National Statistics (ONS). This was an increase of £1.1bn, or 4.9%, compared to statistics for 2016. Pharmaceuticals had the highest level of R&D spending of all product groups, at £4.3bn.…
Read More »Retirees ‘Not Fazed’ By Market Volatility
Most retired people are choosing to keep their pension savings invested in the same place, despite worries about volatile market conditions. Research by Aegon found that 43% of retirees are concerned about the impact of current market conditions on the sustainability of their retirement income. However, 67% aren’t taking any…
Read More »Directors Back Brexit Deal
The majority of directors support getting a Brexit deal approved, according to a survey following the publication of a draft withdrawal agreement on 14 November 2018. A poll of 816 Institute of Directors (IoD) members revealed that 72% think it’s important a withdrawal agreement is ratified before the UK leaves…
Read More »Properties Take Longer To Sell In 2018
It takes more than a week longer to sell a property in 2018 compared to last year, according to research by Post Office Money and the Centre for Economics and Business Research. The report, which looks at housing data in 35 major cities across the UK, found that it takes…
Read More »Draft Brexit Deal Published
Prime Minister Theresa May agreed a controversial draft agreement on the UK’s withdrawal from the European Union with her cabinet on the evening of Wednesday 14 November. Several ministers have since resigned in protest at the terms of the draft deal, including Brexit Secretary Dominic Raab, arguing that it concedes…
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Weber Floor Screed keeps everyone on their toes
In the first phase of improvements to Watford Woodside Leisure Centre in Hertfordshire, one of two state-of-the-art facilities in the town managed by Everyone Active, high performance weberfloor 4310 fibre flow by Saint-Gobain Weber has been specified by main contractor Bosun Design & Construction Limited (BDC), Chandlers Ford, Hampshire. Everyone…
Read More » Employee Earnings Grow By 3.2%
UK wage growth increased at the highest rate since 2008 in the three months to September 2018, according to data from the Office for National Statistics (ONS). Excluding bonuses, average weekly earnings grew by 3.2% in Q3 2018 compared with the same period in 2017. The ONS says this has…
Read More »AIA Rise ‘May Bring Only Complexity’ For SMEs
Increasing the annual investment allowance (AIA) to £1 million will not help most small businesses, and may even be harmful for them, the Association of Taxation Technicians (ATT) has said. In Budget 2018, the AIA was temporarily increased from £200,000 to £1m over two years from 1 January 2019. Businesses…
Read More »Quarter Of Over-55s Unaware Of Pension Tax
More than a quarter of people approaching retirement are unaware of the tax charge they will face if they withdraw their pension savings as cash. According to a survey of more than 2,000 over-55s by Legal & General, 27% believe they can access their pension pot tax-free, while 21% say…
Read More »Most Firms Plan To Invest In Training
The majority of UK businesses are planning to invest in training their workforce in the next few years, according to research by the Confederation of British Industry (CBI). A survey representing more than 28,000 employers found that 85% expect to either maintain or increase their investment in training. Despite this…
Read More »Self-Employed Face High Levels Of Debt
Thousands of self-employed people and small business owners are facing high levels of debt, according to research by the Money Advice Trust. Of around 36,000 people who contacted the trust in 2017, almost half (49%) had debts of £10,000 or more, with nearly a quarter (23%) owing more than £30,000.…
Read More »Important Dates And Deadlines For November 2018
With only a couple of months to go until the New Year, here are the main deadlines to keep in mind this November. 7 November 2018 VAT return Due date for September VAT returns unless exempted. 14 November 2018 EC sales list Deadline for paper monthly or quarterly return filing.…
Read More »IR35 Reforms To Be Extended To The Private Sector
Contractors could face a higher tax bill from April 2020, when reforms to IR35 legislation are set to take effect in the private sector. This is expected to raise more than £3 billion between 2020 and 2024, as self-employed individuals who fall within the rules and the businesses engaging them…
Read More »Higher-Rate Earners Hit By NICs Rise
Individuals set to benefit from an increase to the higher-rate threshold in 2019 will only see half of the tax reduction expected, as a result of a measure not mentioned in the Budget speech. In Budget 2018, the Chancellor announced that the higher-rate income tax threshold would increase from £46,350…
Read More »Business Rates Cut For Small Retailers
Small retail businesses in England are set to benefit from a reduction to business rates, as announced in Budget 2018. Business rates will be reduced by a third for many retail properties with a rateable value below £51,000 for two years from April 2019, subject to state aid limits. The…
Read More »Budget 2018: Reactions
Business Rates Relief For Small Retail Businesses Cut By A Third From 2019 To 2021 Mike Cherry, national chairman at the Federation of Small Businesses, said: “Small businesses on our high streets that cannot get small business rate relief will be delighted with the significant discount for the next 2…
Read More »Budget 2018: Business
IR35 Extended To The Private Sector Medium-sized and large businesses will become responsible for assessing an individual’s employment status and determining whether the off-payroll rules apply. The reform will not apply to the smallest 1.5 million businesses and will be introduced in April 2020. Business Rates For Smaller Firms Small…
Read More »Budget 2018: 5 Things We Already Know
With only a few days until Budget 2018 on 29 October, it’s still hard to say what kind of surprises might be in store. However, there are a few changes already set in stone for the 2019/20 tax year. Here’s what we know already. Auto-Enrolment Under auto-enrolment rules, employers are…
Read More »99 Days Left To File Your Tax Return
Anyone required to complete a self-assessment tax return for the 2017/18 tax year has only 99 days left to file it before the midnight deadline on 31 January 2019. Individuals or businesses whose income is not automatically taxed, and those who have earned additional untaxed income, will usually have to…
Read More »Ending Austerity ‘To Cost £31bn By 2022’
Bringing an end to austerity would cost an additional £31 billion in Government spending – making tax hikes likely if Budget 2018 is to achieve this goal, analysis by the Resolution Foundation shows. The think tank calculated that an end-of-austerity package, which includes halting spending cuts for public services and…
Read More »Most Firms Braced For No-Deal Brexit
Brexit uncertainty is having a negative impact on investment decisions for 80% of businesses in the UK, a survey by the Confederation of British Industry (CBI) has shown. Carolyn Fairbairn, director-general of the CBI, said negotiations are being “outpaced by the reality firms are facing on the ground”, with many…
Read More »More SMEs Consider Changing Workplace Pension Provider
Increasing numbers of small businesses are looking to change their workplace pension scheme, data from Aviva has show In the 12 months to September 2018, the insurer saw an 80% year-on-year increase in enquiries from SMEs about moving to a new auto-enrolment pension provider. The rise in enquiries has been driven…
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