Business News
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Couples could be missing out on tax breaks
Couples may be missing out on tax breaks without realising it, according to HM Revenue & Customs (HMRC). Savings can be made both with Income Tax and Capital Gains Tax (CGT) by using their personal tax allowance. For CGT, a couple’s two allowances (each equal to £12,300) can be combined to reduce the final tax… Read more
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New weapons in the war on cybercrime
It is a nightmare that plagues both business and private users alike, but cyber security experts are continuing to fight back against the online crooks using email scams targeting their organisations. The UK’S cyber police force, the National Cyber Security Centre (NCSC), has published guidance for businesses on a new reporting tool that can be… Read more
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Beware of rising house prices increasing Inheritance Tax liability
While rising property values may seem like good news, as prices go through the roof it could land you with a hefty Inheritance Tax (IHT) bill. The latest data from HM Revenue & Customs (HMRC) show that the average IHT tax bill stood at nearly £210,000. IHT is a charge on the value of the… Read more
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Frustrated SMEs turning to unsecured loans to grow businesses
As the UK emerges from the economic crisis caused by the pandemic there are many positive indicators of financial recovery, such as a fall in COVID-induced public spending, a rise in job vacancies and a decline in unemployment, all of which are encouraging businesses to grow. The economic indicators are good news for SMEs with… Read more
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HMRC auto-correcting 2020-21 SEISS tax returns
Where grants claimed under the self-employment income support scheme (SEISS) do not correspond with records held by HM Revenue & Customs (HMRC), it will auto-correct 2020-21 tax returns and issue a new SA302 calculation to both taxpayer and acting agent. Corrections may be necessitated if: The grant amount was omitted; The amount received appears in… Read more
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SMEs optimistic and frustrated as economy set to thrive
With predictions that the UK economy is set to grow at its fastest pace in 80 years and could recover to its pre-pandemic size by the end of this year, SME owners are feeling more optimistic and are keen to invest in growth. However, they are also frustrated by the mix of financial options open… Read more