News and Events

HMRC investigates estate valuations as part of IHT campaign

HMRC investigates estate valuations as part of IHT campaign

The number of investigations conducted against estates thought to be avoiding Inheritance Tax (IHT) has increased, according to new data from HM Revenue & Customs (HMRC). The tax authority has revealed that 5,400 estates were investigated during the 2017/18 tax year – a five per cent increase on the previous year’s figure (5,100 estates). This means that nearly a quarter (24 per cent) of all Read more…

Just eight per cent of business loan applications successful with one high street bank

Just eight per cent of business loan applications successful with one high street bank

On average, less than one in 10 SME loan applications to one nameless high street bank are successful. The figures were released by SME funding platform, Code Investing, whose CEO, Ayan Mitra, said: “Due to regulation, due to banks having huge cost structures, due to SMEs not having standardised data, there’s quite a big funding gap.” He added that he expected this low level of Read more…

Employment claims from contractors brought within IR35 expected after HMRC settlement

Employment claims from contractors brought within IR35 expected after HMRC settlement

A freelance marketing and business development consultant has reached a settlement with HM Revenue & Customs (HMRC) after arguing that she should be entitled to holiday pay as she was considered to be a worker for tax purposes. Susan Winchester had claimed £4,200 in holiday pay against HMRC after she was deemed to fall within the IR35 rules, which apply to freelancers working as if Read more…

Budget date 2018 announced, with half the usual notice

Budget date 2018 announced, with half the usual notice

The Chancellor has announced that the 2018 Budget will take place on Monday 29 October 2018, having given just half the usual 10 weeks’ notice of the date. The Autumn Budget, which took place for the first time last year, having been moved from the traditional spring date, was initially trailed to take place annually in November or December, as was the case for the Read more…

Regulator tells banks to stop victim-blaming

Regulator tells banks to stop victim-blaming

The increasing sophistication of bank scams means that customers who lose money to such schemes should not automatically be blamed, the Financial Ombudsman Service has said. Caroline Wayman, Chief Ombudsman and Chief Executive of the Financial Ombudsman Service, said: “It’s not fair to automatically call a customer grossly negligent simply because they’ve fallen for a scam. “That’s especially true in light of the sophisticated way Read more…

One in ten small businesses are concerned about business failure

One in ten small businesses are concerned about business failure

A new study has revealed that in the last three months the number of SMEs predicting they could close has doubled from five per cent to 10 per cent. Produced by Hitachi Capital Business Finance, the report makes for worrying reading as the proportion of small business owners reporting their concerns about business failure have remained consistent at around four to five per cent for Read more…

HMRC releases new advisory fuel rates for company car users

HMRC releases new advisory fuel rates for company car users

With the price of fuel going up, employees and businesses will welcome new changes to the fuel advisory rates, which from 1 September 2018 have slightly increased on the previous quarter for some vehicles. Advisory fuel rates from 1 September 2018 Engine size Petrol – amount per mile LPG – amount per mile 1400cc or less 12p (11p) 7p (7p) 1401cc to 2000cc 15p (14p) Read more…