Business owners could be facing a difficult few months as the cost-of-living crisis continues to bite alongside the predicted winter recession. After overcoming the difficulties associated with COVID-19, it seems there hasn’t been much opportunity to steady the ship before the next tidal wave of challenges washes over us. The worst thing businesses can do […]
In a busy week for Prime Minister Liz Truss and her newly formed cabinet, her Chancellor has had a meeting with market leaders to set out the Government’s new, pro-growth economic approach. Kwasi Kwarteng began by acknowledging the extraordinary challenges that families and businesses across the UK are facing this winter, exacerbated by Putin’s barbaric […]
Broadband and mobile companies will be forced to adhere to tough new rules to help protect the UK from cyber attacks. The new Government regulations will come into force in October and will be among the strongest in the world. They will provide much tougher protections from cyber threats that could cause network failure or […]
New Prime Minister Liz Truss made the ongoing energy crisis her priority after taking the keys to No 10. She has revealed her plan to support people and businesses with their energy bills with a new Energy Price Guarantee alongside the lifting of a ban on the controversial practice of fracking. Truss aims to tackle […]
NatWest has found itself in hot water after forcing hundreds of business customers to open fee-paying current accounts in order to secure a loan. The high street bank is now having to refund around £600,000 to small and medium-sized business after legal direction from the Competition and Markets Authority (CMA). The CMA found that NatWest […]
There is no tax to pay on trading income or earnings from land and property as long as the income from each source does not exceed £1,000. Trading allowance The trading allowance is a tax exemption of up to £1,000 a year for individuals with trading income from: self-employment. casual services, for example, babysitting or […]
Under present legislation any transfer of assets between couples who are separating, or divorcing are free of any Capital Gains Tax (CGT) liability as long as the assets are transferred during the year of separation/divorce. This places undue pressure on couples to complete these transfers in time to qualify for the CGT exemption. Based on […]
Ukraine has been offered a helping hand by the UK Government to rebuild its economy in the wake of the Russian invasion. Talks between the two nations have led to plans to pursue a new digital trade agreement to help Ukrainian businesses trade more effectively with the UK. International Trade Secretary Anne-Marie Trevelyan met officials […]
The Rent a Room Scheme lets you earn up to a threshold of £7,500 per year tax-free from letting out furnished accommodation in your home. This is halved if you share the income with your partner or someone else. You can let out as much of your home as you want. The tax exemption is […]
Thousands of homeowners who have been paying doubled ground rent on their leasehold properties are to receive a refund. Many of the 5,000 households throughout the UK affected by ‘doubling clauses’ will receive a windfall and will see more money in their pockets each month as ground rents return to their original amount. The announcement […]