Prime Minister backs ‘Pensions Dashboards’ initiative

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Prime Minister Theresa May has outlined her commitment to the launch of the so-called ‘Pensions Dashboards’ initiative. The new Pensions Dashboards will enable workers to view their future retirement funds on their mobile phones and tablet computers. A feasibility study on the development of hi-tech tools has been launched, with …

Your financial New Year’s resolutions

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Creating some financial New Year’s resolutions is a good way to help ensure that you are on course for a successful and profitable year ahead. It is important to ensure that you are making the most of your business and personal wealth, as well as capitalising on any available allowances …

Resources News Business News Archive Late payments and restricted access to finance ‘impacting firms’ ability to grow’

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A survey carried out by data provider Dun & Bradstreet has suggested that small firms’ plans for growth are being adversely affected by late payments and restricted access to finance. Overdue payments ‘remain a prevalent challenge’ for many businesses, the survey revealed. The average amount owed to small and medium-sized …

OTS calls for overhaul of inheritance tax regime

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The Office of Tax Simplification (OTS) has urged HMRC to overhaul the UK’s inheritance tax (IHT) regime. In January 2018, Chancellor Philip Hammond commissioned the OTS to carry out a review of the IHT regime, and outline ways in which the tax can be simplified. In its report, which is …

Business groups react to draft Brexit deal

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Business groups have reacted to the government’s draft Brexit deal with the EU. Following a five-hour debate on the matter, Prime Minister Theresa May secured her Cabinet’s backing for the deal. However, a handful of MPs have resigned following the agreement, with some stating that they cannot support the draft …

Government urges small businesses to utilise broadband vouchers

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14 Nov 2018 The government is urging small businesses to make use of so-called ‘broadband vouchers’, which are worth £2,500. The Gigabit Broadband Voucher Scheme helps small firms in covering the cost of installing a full fibre, gigabit-capable connection. The government intended for the scheme to run until March 2021, …

MRC sends MTD for VAT communications to affected businesses

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HMRC recently started to send out so-called ‘encouragement letters’ to businesses within the scope of Making Tax Digital for VAT (MTD for VAT). The letters are being sent to 200,000 businesses which are eligible to join the current MTD for VAT pilot. According to reports, HMRC is also sending letters …

Prime Minister establishes five ‘Brexit business councils’

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Prime Minister Theresa May has created five new ‘Brexit business councils’, which will provide UK firms with advice and support in regard to creating the ‘best business conditions’ post-Brexit. According to the government, each council will meet three times per year in order to supply ‘high-level advice’ on issues surrounding …

Government unveils changes to probate fees

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The government has unveiled significant changes to probate fees, which could result in owners of high-value properties paying nearly £6,000 more. As part of the government’s plans, from April 2019 a banded system of probate fees will be introduced for estates with a value above £50,000. The government stated that, …

ICAEW suggests confidence amongst businesses has ‘slumped’

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The Institute of Chartered Accountants in England and Wales (ICAEW) has suggested that confidence amongst businesses has ‘slumped’ as a result of ongoing Brexit uncertainty. The ICAEW’s Business Confidence Monitor recently revealed that confidence deteriorated from -12.3 in the fourth quarter of 2018 to -16.4 during this quarter. According to …

HMRC delays reform of late payment penalty regime

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HMRC has further delayed the planned reform of the late payment penalty regime. HMRC planned to introduce the new penalty regime alongside Making Tax Digital (MTD) for income tax in April 2018, but the Revenue subsequently pushed its introduction back when MTD for income tax was deferred to April 2020. …