Nissan boosted UK investment after it ‘got 11th-hour pledge’ it would not be hurt by Brexit

November 12th, 2016

Nissan Sunderland

Nissan demanded and received a guarantee from the Government about the UK’s future post-Brexit before the manufacturer agreed to keep investing in the country, it has been reported.

After the car maker said it would build two new car models at its Sunderland plant, it emerged that ministers were forced to give a last-minute assurance that its UK operations would “remain competitive”.

The Times reported that Business Secretary Greg Clark had written to the board of the Japanese company in what was considered a guarantee that it would not face high tariffs on car exports if the UK leaves the EU customs area without a free trade agreement.

Downing Street has denied that Nissan was offered a “sweetheart deal” as other car manufacturers called for similar pledges, with Toyota saying it trusted the government to provide “fair treatment”.

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UK economy grows 0.5% in three months after Brexit vote

November 5th, 2016

GDP graph

The UK’s service sector helped the economy to grow faster than expected in the three months after the Brexit vote, official figures have indicated.

The economy expanded by 0.5% in the July-to-September period, according to the Office for National Statistics.

That was slower than the 0.7% rate in the previous quarter, but stronger than analysts’ estimates of about 0.3%.

“There is little evidence of a pronounced effect in the immediate aftermath of the vote,” the ONS said.

The stronger than expected growth will further dampen expectations that the Bank of England’s Monetary Policy Committee will cut interest rates next week.

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7 Crucial Money Tips to Failure-Proof Your New Business

October 24th, 2016

7 Crucial Money Tips to Failure-Proof Your New Business

Time is money, and both are especially critical for startups. Practice these skills until they’re second nature so your launch doesn’t crash and burn instead.

It’s easy for new business owners to get overwhelmed. You’ve seized a fantastic idea and you’re bringing it to life, but there’s a lot on your plate. At the same time, if you slouch on record-keeping or don’t spend money judiciously, you’ll crash and burn. And if you focus too much on the finances, your product or service will suffer.

Manufacturing startup Fab provides an infamous example. As Alyson Shontell starkly explained to Business Insider, “Jobs created then lost: 500. Value created then lost: $850 million. Money burned: $250 million.” Shontell also chronicled the end of Clinkle, a payments startup that dramatically failed to build and release an app somewhat like Apple Pay. I’d also bet you’re familiar with statistics that show 50 percent of new businesses fail in the first year and 95 percent fold before the five-year mark.

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The UK’s liberation from the EU demands a global financial investment zone

October 18th, 2016

Dublin

The June referendum result has galvanised thinking about the City of London’s future in a UK that will soon cease to be part of the European Union. While much of the recent discussion has centred on the potential negative consequences of Brexit, greater legislative independence will also mean that there may be new opportunities.

One such possibility is the creation of a UK Global Financial Investing Zone. This would be a cross between a free trade zone and a tax jurisdiction. It would have the power to write local laws, be a tax authority unique in the UK tax system, and a governance authority making judicious use of data.

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Brexit vote ‘will not dent economy this year’ as UK growth forecasts back to pre-referendum levels

October 7th, 2016

The UK’s decision to leave the EU will not dent growth at all this year, according to economic forecasts compiled by the Treasury, in a complete reversal of the gloomy short term forecasts made after the EU referendum. Panic has faded rapidly among the dozens of independent economists consulted by the Treasury as strong data in the three months since the vote reassured the analysts that any shock from the vote was far less severe than first feared. Forecasts for 2016’s GDP growth had been chopped to 1.5pc immediately after the 23 June ballot, but economists have reversed those downgrades and now expect growth of 1.8pc – exactly the same as they predicted before the vote. The study of dozens of analysts’ work also shows that forecasters still expect the economy to slow down next year, but they are increasingly revising those forecasts upward. In July the average prediction was for growth of 0.5pc in 2017, but now it almost doubled to 0.9pc – though it remains below the 2.1pc average forecast before the vote.

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Hard Brexit could cost the UK £10bn in lost taxes

October 4th, 2016

philip-hammond-8-2016.jpg

UK banks fear they may lose passporting, or the ability to do business with the whole of the EU in the event of a ‘hard Brexit’ Chancellor Philip Hammond is to present his first budget statement in November, setting out how the government will use tax and spending plans to shore up the UK economy after the vote to leave the EU Getty. A so called “hard Brexit” deal, which would see the UK drifting away from cooperation with the rest of the EU, could cost the UK billions in lost taxes, treasury officials have privately warned. The hardline approach to UK’s vote to leave the EU – favoured by some leading Conservative Eurosceptic ministers – includes leaving the European single market and ending free movement.

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The deadline to register for Self-Assessment Tax Returns is looming – here’s what you need to know

October 4th, 2016

Looking to file a Self-Assessment Tax Return for the first time? You’ve only got a few weeks left to register

If you’ve recently become self-employed, or you received any additional income during the previous tax year, you’ll be expected to file a self-assessment tax return.

In order to do this, you’ll need to register for self-assessment with HMRC – and the deadline for this is looming.

Here’s all you need to know about registering for self-assessment tax returns.

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One in four homes ‘now over inheritance tax threshold’

October 1st, 2016

One in four homes 'now over inheritance tax threshold'

The government’s changes to the inheritance tax rules are good news as property prices continue to rise. New research has found that the number of homes that are worth more than the current inheritance tax threshold has reached a record high.When you die, inheritance tax is currently due on 40% of the value of your estate above £325,000, or £650,000 for married couples or those in a civil partnership. Saga Investment Services found that, so far in 2016, more than one in four properties were purchased at a value that exceeds the inheritance tax ‘nil-rate band’. This compares to 13% of properties in 2009 when the band was first set. The research highlights how the impending shakeup to IHT rules, which will see a new nil-rate band introduced in April 2017 for those passing on their main home to a direct descendant, is urgently needed.

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Company failures continue to decline

September 30th, 2016

The latest figures show that an estimated 3,617 companies in England and Wales became insolvent between April and June – more than 4 per cent lower than during the previous quarter.

The total number of company insolvencies fell in the second quarter of this year.

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Bank suffers losses over false invoices

September 26th, 2016

Bank suffers losses over false invoices

A father and daughter duo have been disqualified for a total of 16 years for raising false invoices.

Raj Kumar Thaneja, 57, acted as a company director of electrical goods firm Kingsway Lansdown Limited to raise false invoices to a bank that provided invoice discounting facilities, which resulted in the firm receiving at least £190,630 to which it was not entitled. Company director Ellena Jane Kehoe, 35, was found to have failed to prevent the firm from raising the false invoices. Susan MacLeod, chief investigator at the Insolvency Service, said: “The directors did not run their business in accordance with the terms set out in its agreement with the invoice discount facility provider.“The company obtained money to which it was not entitled by submitting details of sales invoices which did not exist, which caused the provider to incur financial losses. “The directors failed to live up to the expectations of the business community.” Bradford-on-Avon-based Kingsway Lansdown raised at least 26 false invoices between 17th December 2013 and 1stMay 2014, with a total value of £238,287.

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