Mullen Stoker - Durham Accountant, Business Advice, Tax Advice, Tax Returns, Durham, Uk

Posts Tagged ‘British Business’

UK investment shows signs of slowing, says ONS

Saturday, January 28th, 2017

The Corus steelworks in Port Talbot, South Wales. The ONS said there were signs business investment growth was starting to slow.

Consumer spending and retail growth are stronger but manufacturing is falling back, figures show.

British businesses are becoming more reluctant to spend, according to the Office for National Statistics, as the UK relies heavily on consumers to prop up the post-Brexit vote economy. In its latest monthly snapshot of the UK economy, the ONS said there were signs that business investment growth was starting to slow. Investment by companies grew by 0.9% in the third quarter, down from 1% in the previous quarter. It fell by 1.6% on an annual basis.

“While there has been stronger consumer spending and retail growth, the contribution from investment has showed signs of waning slightly in recent quarters,” the ONS said.

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

Tuesday, 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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Jane Ellison takes over from Gauke as ‘tax minister’

Thursday, August 18th, 2016

HMRC banknotes

A new ‘minister for tax’ has been appointed following the government reshuffle by new prime minister Theresa May. Jane Ellison, Conservative  MP for Battersea, has been named financial secretary to the Treasury – under which tax policy is likely to come under her remit. Ellison has served as public health minister for the past three years. She takes on the Treasury-based remit from David Gauke, following a successful term in which he has been well-received by the tax profession for his efforts. He steps up to chief secretary to the Treasury, a role that will see him support new chancellor Philip Hammond.

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U.K. economy grows 0.4% in Q1, business investment falls

Thursday, August 18th, 2016

© Reuters. U.K. GDP unrevised as expected

Investing.com – As expected, growth in the U.K. economy in the first three months of the 2016 went unrevised, although business investment suffered a downward revision in the final estimate released on Thursday. In a report, the Office for National Statistics said gross domestic product (GDP) expanded by a seasonally adjusted 0.4% in the first quarter, unchanged in this final estimate and in line with expectations. The U.K.’s economy grew by 0.6% in the preceding quarter. Year-over-year, U.K. economic growth grew 2.0% in the three months ended March 31, also in line with forecasts and unchanged from the prior estimate. The U.K. economy expanded at an annualized rate of 2.1% in the fourth quarter of 2015. Meanwhile, business investment fell by a seasonally adjusted 0.6% in the first quarter, below forecasts for the prior drop of 0.5% to be revised upwards to a 0.4% decline. That followed a decline of 2.0% in the preceding quarter.

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Cut stamp duty in half, axe buy-to-let hike, and relax rules so developers can build ‘taller and denser’, campaign group urges

Thursday, August 18th, 2016

Time for cuts: Stamp duty should be immediately cut in half and eventually abolished, The Taxpayers' Alliance Claims

Stamp duty rates should be cut by 50% now and later abolished, group say

April’s 3% stamp duty hike will hurt tenants facing rent rises, group claim

Declassify green belt land and build ‘taller, denser’ homes, report suggests 

Stamp duty on homes should be slashed in half and eventually abolished, a campaign group is urging. Blasting stamp duty as a ‘badly-designed tax which gums up property markets’, The Taxpayers’ Alliance suggested that it should gradually be phased out. It added that the extra three per cent stamp duty surcharge for buy-to-let and additional homes in particular should be abolished, warning that it will drive up rents for tenants as investors pass on costs. Declassifying some green belt land, while allowing ‘taller, denser construction’ in urban areas will also be necessary to resolve Britain’s housing shortage, a report by the campaign group claims. Describing stamp duty as a ‘disastrous, unfair and unnecessary tax’, the report suggests the additional stamp duty hike will exacerbate supply shortages and drive up rents for tenants. Jonathan Isaby, chief executive of the TaxPayers’ Alliance, said: ‘For decades politicians have failed to tackle the root causes of the housing crisis: a chronic lack of supply.  ‘What’s more, stamp duty is still punitively high and gimmicky tweaks to the tax system will ultimately end up penalising tenants and increasing rents.

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Owen Smith would slap wealth tax on top earners and scrap cuts to inheritance and capital gains levies if he became PM

Thursday, August 18th, 2016

Owen Smith

Jeremy Corbyn’s rival tried to seize some of the leader’s socialist ground with the idea, which would also end cuts to inheritance levies

Labour leadership hopeful Owen Smith would slap a wealth tax on top earners and scrap cuts to inheritance and capital gains levies if he became Prime Minister, he revealed. Jeremy Corbyn ’s rival for the top job vowed to raid the biggest wallets as he tried to seize the socialist mantle from the current party boss. Mr Smith also pledged to axe the Department for Work and Pensions and replace it with a Ministry for Labour and a Department for Social Security. But he faced sexism claims after using his speech to say Labour should take on Theresa May and “smash her back on her heels”. Questioned over his language, the former Shadow Work and Pensions Secretary insisted: “We should be smashing the Tories back on their heels. “Their ideals, their values – let’s smash them, let’s get Labour in. It’s rhetoric, I don’t literally want to smash Theresa May back on her heels. “I’m not advocating violence in any shape or form.”

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‘Abolish IMMEDIATELY’ Calls for inheritance tax to be SCRAPPED intensify

Thursday, August 18th, 2016

Funeral

CAMPAIGNERS last night renewed calls for inheritance tax to be scrapped after it emerged nearly 30,000 families face huge bills because of simple “bad luck”.

The “unlucky generation” of families are among those paying inheritance tax in the two years from April 2015 who will miss out on new legal changes because tax inspectors are taking too long to implement them. While some campaigners called for the 28,000 families affected to be compensated by the Government, others claimed the situation showed it was time for the duty to be scrapped altogether. Jonathan Isaby of the TaxPayers’ Alliance said: “Inheritance Tax is a pernicious tax which hits families at the worst possible time.

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British business needs investment and vision. But most of all it needs purpose

Monday, May 23rd, 2016

British business needs investment and vision. But most of all it needs purpose

There is a quiet crisis in British business. The number of quoted British public companies has halved over the past 15 years. Too many famous names among those that are left – from oil to retailing – have been embroiled in scandals or have profound problems with their business model. There are only two hi-tech companies – ARM and Sage – represented in the FTSE 100. Fifty years ago there were dozens.

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