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British businesses will suffer if there is an out migration of skilled foreign workers. A Trades Union Congress spokesman observed strong migration levels is an indicator of an economy that is performing well. He added if people seem to be considering...
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People should not be carried away by strong second quarter gross domestic product (GDP) results, one expert has claimed. Jonathan Loynes, chief European economist for Capital Economics, noted it is still too early to say any risk of a double-dip recession...
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It can be difficult to decide whether to buy a business property in your own name or within your company, which will use the property for its trade. If the cash for a purchase is available for either route, the decision will turn on the tax implications....
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Did you know that new businesses set up in some parts of England on or after 22 June 2010 can claim exemption from paying employer’s Class 1 NICs for the first ten employees hired in the first year of trading? The idea is to help boost employment....
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June’s Emergency Budget means that tax planning is more important than ever.
In the fortnight before the Emergency Budget, the Government issued many warnings of a period of austerity and the pain that was to come. In the event,...
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We are now used to conducting so much of our lives online that we tend to forget electronic information can be easily lost due to an error, computer malfunction or theft of a laptop. Is everything on your computer system securely backed up?
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The higher personal allowances for people aged 65 or over are valuable – but they can cause some complications.
If you are at least 65 years old (but under 75) by 5 April 2011 then for the current tax year (2010/11) you are entitled...
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The Government has announced that children born after 31 December 2010 will no longer qualify for a child trust fund account. Children born between 1 August 2010 and 31 December 2010 will receive a voucher worth £50 instead of £250 as previously,...
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The news that a value added tax (VAT) inspection is due still strikes fear into the hearts of many business owners and managers. If you have been accounting for VAT correctly and kept the necessary records, there should be no cause for worry. Even if you...
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Capital gains tax (CGT) has become more complicated following the Budget on 22 June. For gains made since that date, only basic rate taxpayers pay CGT at 18%. Everyone else will pay CGT at 28%, although a 10% rate can apply where the disposal qualifies for...
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If you have made a capital gain that will be taxed at the new higher rate of 28%, you might decide to defer it to a later tax year. This will reduce the tax payable if your future marginal rate of capital gains tax (CGT) is lower, or you have more losses or...
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Where an individual lets property, the profit or loss is calculated just like for any other trade (there are different rules for companies). All expenses, including interest paid on loans used to fund the property business, are deducted from the rental...
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Did you know that the Government has announced that it will bring in regulations to remove the tax charge imposed where a person aged between 50 and 55 transfers his or her pension to another pension provider? From 6 April 2010 the general rule is that only...
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The new Chancellor delivered the promised post-election pain.
In the fortnight before the Emergency Budget in June, there were plenty of warnings about the period of austerity and the pain that the country faced. In retrospect, the...
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Revised plans for pensions tax reliefs have been welcomed by the Chartered Institute of Taxation (CIOT). The body has said the new strategy is an improvement on the blueprint devised by the Labour government before it lost power, suggesting the original idea...
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The level of gross mortgage lending by mutuals has hit its highest level so far this calendar year, it has been revealed. Data from the Building Societies Association has revealed the sector collectively lent £2 billion in July, an 11% rise on...
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The short-term prospects for the UK have improved, according to one organisation. It comes after the British Chambers of Commerce (BCC) released its latest economic forecast, which increased UK gross domestic product (GDP) growth to 1.7% for this year and to...
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A reduction in the confidence of landlords has been reported for the first time in almost two years, it has been revealed. The National Landlords Association (NLA) Landlords' Optimism Index second quarter results have been published today (September 1st)...
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Pensions tax relief restriction plans have been welcomed by the National Association of Pension Funds (NAPF). The British government is currently planning to limit pensions tax relief for high earners in the hope of raising revenue and targeting it away from...
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Mortgage lending approvals in the UK are currently "subdued", according to one expert. Simon Rubinsohn, chief economist at the Royal Institute of Chartered Surveyors (RICS), advised the UK is experiencing a restrained "level of activity"...
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Companies are considering reducing the benefits offered in their pension schemes in order to mitigate the affect of upcoming rules that will require then to auto-enrol millions of extra employees into pension plans. This is according to new research from the...
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Small and medium-sized enterprises (SMEs) are becoming more confident as business activity picks up in the UK and across Europe, the managing director of UKTI has stated. Rosa Wilkinson, speaking ahead of the European Business Awards, suggested the firms...
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House prices rose by 0.4% in July from the previous month, figures released by the Land Registry have shown. The average price for a property in England and Wales now stands at £166,798, after year-on-year costs increased by 6.7%. Data compiled by the...
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The lettings market has retained its buoyancy as rent continues to get higher, it has been discovered. This is according to the latest Royal Institution of Chartered Surveyors (RICS) Residential Lettings Survey. It discovered 26% more chartered surveyors...
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There was good news for retail businesses as high street sales increased for the second month in a row. According to the Confederation of British Industry's quarterly Distributive Trades Survey, sales volumes were higher in August than they were 12...
