Business News
Government launches VAT review
The government has launched a “call for evidence” on the design of the VAT registration threshold, amid concerns that the current system dis-incentivises small business growth. In November 2017, the £85,000 threshold at which businesses are required to register for...
Mothers “lack financial protection”
Many mothers in the UK are failing to protect themselves financially, according to research published ahead of Mother’s Day on 11 March 2018. Scottish Widows surveyed 5,077 adults, and revealed that 3 in 5 women with dependent children have no life cover, and only 13%...
Savings rates cut on growth and income bonds
National Savings & Investments (NS&I) has reduced the interest rate it pays on Guaranteed Growth and Income Bonds for new customers. Interest on the 3-year Growth Bond has been reduced from 2.2% to 1.95%, while interest was also lowered from 2.15% to 1.9% for...
Chancellor calls for IHT review
Chancellor Philip Hammond has called for a review of inheritance tax (IHT), to make it “fit for purpose”. In a letter to the Office for Tax Simplification on 19 January 2018, he asked for proposals to be put forward to improve the “particularly complex” system. The...
Buy-to-let mortgage costs starting to rise
The cost of most mainstream buy-to-let mortgages has increased following November 2017’s interest rate rise, according to figures from Mortgage Brain. A 2-year buy-to-let tracker mortgage with a 60% and 70% loan-to-value (LTV) ratio is now 3% higher in cost than it...
Productivity growth ‘strongest since 2008’
UK productivity showed the strongest successive quarters of growth in the second half of last year, according to data from the Office for National Statistics (ONS). In the 6 months to December 2017, productivity growth saw higher levels than any 2 consecutive quarters...
Scottish income tax changes approved
The Scottish government has approved an overhaul of the Scottish income tax system, which will introduce new rates and bands from 6 April 2018. Under the new system, most taxpayers in Scotland will fall into one of 5 income tax bands, following the introduction of 2...
More workers aim to become self-employed
The number of workers in the UK who plan to become their own boss has almost doubled in the past year, according to research. Aldermore polled 2,003 adults and found that 29% aim to start their own business in the future, up from 15% in 2017. Some 18% of those intend...
Firms urged into agency worker rethink
The majority of firms that use agency workers have maintained or increased their use in the last 5 years, according to research. A survey by the Resolution Foundation of 500 firms found that 43% had increased their share of agency workers since 2012, and 46% had kept...