Business News
Late payments affect half of businesses
Almost half of small and medium-sized businesses have struggled with late payments in the last year, according to research by the Institute of Directors (IoD). Of the 787 business leaders surveyed, 48% have faced issues with late payments since April 2017. About 3 in...
Disincorporation relief set to expire
Businesses will no longer be able to claim dis-incorporation relief from 31 March 2018. The relief is being withdrawn after fewer than 50 businesses attempted to access the scheme 3 years after its launch, despite more than 610,000 UK businesses being eligible....
Reduced dividend allowance edges closer
From 6 April 2018, the tax-free allowance on dividends will be reduced from £5,000 to £2,000. Owner-directors have used the dividend allowance to extract profits from their business, but changes over recent years have seen the advantage of this tax-efficient strategy...
Home ownership falls for middle-income young adults
Young adults with middle incomes are considerably less likely to own their own home than those born 20 years earlier, new figures show. Research by the Institute for Fiscal Studies (IFS) found that from 1995/96, 65% of 25 to 34-year-olds with incomes in the middle 20%...
Firms face fines for failing to report gender pay gap
Employers could face unlimited fines if they fail to comply with gender pay gap reporting regulations, the Equality and Human Rights Commission (EHRC) has warned. After the deadlines pass – 30 March 2018 for public sector organisations and 4 April 2018 for businesses...
Freelancers drive self-employment growth
Freelancers in highly-skilled occupations have driven growth in the UK self-employment sector over the past decade, according to a report. Drawing on data from the Office for National Statistics, the Association of Independent Professionals and the Self-Employed...
MTD pilot opens to the self-employed
Self-employed businesses can voluntarily use software to manage their business records digitally and send income tax updates to HMRC, following the opening of its Making Tax Digital (MTD) pilot. The pilot became available to sole traders with income from one business...
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%...