Smailes Goldie Group says Chancellor’s Autumn Budget offers few treats for SMEs

One of Hull and East Yorkshire’s leading firms of accountants, Smailes Goldie Group, says many small businesses are likely to feel let down by the Chancellor’s latest Budget as it offers little assistance to the nation’s economic backbone. Philip Hammond

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Millennials set for ‘inheritance boom’… but not until the 2030s

A new report from think-tank, the Resolution Foundation, predicts that so-called ‘millennials’, those aged between 17 and 35, will receive the biggest inheritance of any post-war generation from their baby boomer parents and grandparents. The think-tank estimates that the average

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Are you ready for the latest minimum wage rise?

On 1 April 2018, the National Minimum Wage (NMW) and National Living Wage (NLW) will increase for all age groups. Aimed at improving the prospects of young workers, the Chancellor Philip Hammond announced in the Autumn Budget that statutory wage

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Experts predict record tax take as landlords look to offload rental property

HM Revenue & Customs (HMRC) stands to break records this year as sales on houses and flats generate a record amount of tax. NFU Mutual, which published the figures, says the tax office will take more than £8.8 billion in

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Only a third of EIS taken up by companies outside London

New data from HM Revenue & Customs (HMRC) shows that businesses in London and the South East account for 66 per cent of the Enterprise Investment Schemes (EIS) uptake. Despite accounting for 62 per cent of the UK economy, businesses

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Tax-Free Childcare launches for all parents of under-12s

A scheme, enabling parents of children aged 12 and under to benefit from up to £2,000 towards the cost of childcare, has now been extended to all working parents with children in the age group. The scheme provides a Government

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SMEs invest three working weeks a year on tax compliance

A new study, prepared by the Federation of Small Businesses (FSB), has found that the UK’s average small business spends nearly three working weeks every 12 months complying with tax rules. This costs SMEs around £5,000 a year on average,

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Does Nesquik attract VAT? It depends on the flavour, Revenue says

An apparently counterintuitive judgement was handed down last month by the Upper Tier Tribunal as it ruled VAT should be applied to the strawberry and banana flavours of Nesquik milk powder, but not to the chocolate equivalent. The case arose

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Cash payments plunge as digital payments become the default for many consumers

New research from finance and banking trade body, UK Finance, has found that debit card transactions will overtake those made with cash this year. Meanwhile, ATM usage peaked several years ago, with more than 2.9 billion transactions taking place in

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Chancellor calls for Inheritance Tax review to make regime “fit for purpose”

The Chancellor, Philip Hammond, has asked the Office of Tax Simplification (OTS) to undertake a review of the Inheritance Tax (IHT) system to ensure that it meets the needs of modern households. In a letter to the OTS, an independent

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