The Inheritance Tax main residence additional nil-rate band

The Inheritance Tax main residence additional nil-rate band

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 will rise to £125,000, £150,000 and £175,000 respectively, before rising in line with Consumer Prices Index (CPI) in subsequent years. The change affects estates worth Read more…

Software that makes you WannaCry – The importance of cyber security

Software that makes you WannaCry – The importance of cyber security

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 highlighting the vulnerability of some of the world’s largest IT systems. Through their actions the hackers are believed to have extorted just £60,000 worth of Read more…

The Big Squeeze – Pay and consumer spending to slow down

The Big Squeeze – Pay and consumer spending to slow down

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 Institute of Personnel and Development (CIPD). In its latest report, the CIPD said that this is the lowest figure for the last three years and Read more…

Receipts rise as Corporation Tax rates fall

Receipts rise as Corporation Tax rates fall

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 cent 2008 to 19 per cent in 2017-18. The most obvious driver for this increased take is the growth of the UK economy, but this Read more…

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

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

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. According to the FSB’s data, around eight out of 10 SMEs have tried to access business support services over the past 12 months. Much of Read more…

Can you benefit from capital allowances on your business premises?

Can you benefit from capital allowances on your business premises?

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, plumbing, electrics and fire safety systems. It essentially covers the items that are necessary for the business to be able to function. Capital allowances mean Read more…