News Archive – 2015

The strength of the pound and a weakening global economy is having a significant impact on UK manufacturers, leading to a decline in demand for their goods overseas, according to a new report. The Confederation of British Industry’s (CBI’s) latest study into the state of British manufacturing has revealed that companies in the sector expect
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A new report by insolvency trade body R3 has revealed that as many as one-in-five businesses might find themselves in difficulty if interest rates were to rise by at least one percentage point in the next 18 months. The findings from R3’s latest Business Distress Index, a long-running survey of a nationally representative sample of
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According to new research, more than half of pension savers are unsure of the tax rules surrounding the pension freedoms introduced earlier this year. A study conducted by employee benefits consultancy Portus found that 53 per cent of retirement savers are unsure about the taxation of pensions, while only 26 per cent were aware that
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UK businesses only need to change the way that they account for VAT on transactions between overseas members of the same corporate group if they operate in countries whose tax laws work the same way as in Sweden, HM Revenue & Customs (HMRC) has confirmed. The changes, which apply to transactions on or after 1
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The Financial Reporting Council (FRC) is calling on smaller listed companies to write concise and understandable year-end reports with clear explanations of how they generate cash flow as well as detailed information about accounting policies. The call is part of the FRC’s year-end advice aimed at 1,200 smaller listed and Alternative Investment Market-quoted companies as
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HM Revenue & Customs (HMRC) has announced that it has doubled the number of inspectors trawling through the tax files of individuals earning £150,000 or more. Until recently, the taxman was mainly investigating ‘high net worth’ individuals – those earning £1 million or more – but now HMRC’s attention has moved to those a little
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The OBR figures handed Mr Osborne around £27billion wriggle room and he moved to depict the Government as “the guardians of economic security.” He used the room for manoeuvre to ditch his controversial cuts to tax credits and protect police budgets, perhaps hoping to neutralise his opponents’ main lines of attack. For employers there were
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Mr Osborne pledged to tackle tax avoidance and announced that the Government would work to create one of the most “digitally advanced” tax systems on the planet. By the end of this Parliament, everyone in the UK will have digital tax accounts. The reduction in administration costs form part of £1.9billion savings for HMRC. Back
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The Chancellor announced that school funding would get a “real terms” increase of £10billion and that both free school meals and the pupil premium will be maintained. As part of an ongoing initiative to end local authority control, sixth form colleges will be able to become academies, meaning they will no longer have to pay
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The Chancellor said that the NHS was a priority for the Government and that spending on the health service would be increased in England. In total, funding will rise from £101billion this year to £120billion by 2020-21. There will also be an extra £600million investment in mental health services and councils will be able to
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There was good news for pensioners, with the Chancellor’s announcement that the basic state pension will rise by £3.35 a week next year – hailed as the biggest real terms increase in half a century. This will mean a basic rate of £119.30 a week. There will also be a new single-tier pension payment of
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A new, increased rate of stamp duty land tax is to be introduced for buy-to-let and second homes. This will be three per cent higher than the normal rate and takes effect from April next year. The Chancellor said this will raise £1billion by 2021, although there are concerns it will have a significant impact
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All unincorporated businesses, including sole traders, the self-employed and trading partnerships, will be taxed on profits generated in the 12 months to 5 April (or 31 March) each year from 2024-25. Here is what you need to know: The Government has proposed changes that will move the tax basis period for all unincorporated businesses This
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Victor Benigson – Managing Partner, The MBS Group Ltd

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Liz Jones – HR Manager, Asustek (UK) Ltd

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Jon Lidbury, European Managing Director, Configure One™

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