Business news week round up

UK economy at a glance

Indicator Value Change on week Change on month Change on year
FTSE 100 7120.59 + 42.62 – 156.59 – 434.58
£ against US 1.30 + 0.02 – 0.01 – 0.01
£ against € 1.14 + 0.02 none + 0.01
UK inflation 2.4% none – 0.3% – 0.6%
UK interest rates 0.75% none none + 0.5%

* Figures are as at midday on 5th November 2018

Budget 2018: What you need to know, incl changes to tax, benefits, Premium Bonds & more

Income tax cuts will be brought in a year earlier than planned and an extra £1 billion spent to help protect those moving onto universal credit, as part of the 2018 Budget unveiled by the Chancellor Philip Hammond.

Here’s a summary of the key announcements:

https://www.moneysavingexpert.com/news/2018/10/budget-2018/

Budget tax on landlords could cost them £13,000

Thousands of “accidental landlords” could be clobbered with much higher tax bills when they come to sell their properties as a result of measures in the budget.

Based on the government’s own scenario, someone selling a property they once lived in – but then rented out for a while – could typically end up more than £13,000 worse off than under the current rules.

https://www.theguardian.com/money/2018/nov/03/budget-tax-on-landlords-could-cost-them-13000

SUSTAINABILITY

This section covers topics on Business environmental sustainability

BP aims to invest more in renewables and clean energy

BP has declared it is looking to acquire more green energy firms, as the British oil giant pledged to set carbon targets for its operations.

However, while the chief executive, Bob Dudley, said the industry was in a period of major change, he made clear that hydrocarbons would remain the core of BP’s business.

“It’s not a race to renewables, it’s a race to lower greenhouse gas emissions.

https://www.theguardian.com/business/2018/feb/06/bp-aims-to-invest-more-in-renewables-and-clean-energy

SELF ASSESSMENTS /TAX SERVICE

Plans to encourage self-employed to save for retirement

NEST Insight (which is the research arm of workplace pension scheme NEST) has announced plans to trial different ways to encourage self-employed people to save for retirement. NEST Insight will work with pension providers to develop solutions that meet the needs of low-income workers who supplement their income through self-employment, along with people who are self-employed out of choice and those who plan to remain self-employed in retirement.

Read more about the plans at:
http://www.pionline.com/article/20181023/ONLINE/181029960/nest-insight-to-explore-different-retirement-saving-approaches-for-the-self-employed-workers

MTD delayed for businesses with complex requirements

HMRC has confirmed that businesses with complex requirements will be given more time to prepare for the introduction of Making Tax Digital (MTD), which will require most businesses operating above the VAT threshold to keep digital records for VAT purposes from April 2019. HMRC has announced that a small number of businesses that file more complex VAT returns, such as trusts and certain not-for-profits, will have until 1 October 2019 to comply with MTD. Overall, around 3.5% of VAT-registered businesses are expected to benefit from the extended deadline.

Read more about MTD at:
https://www.accountancydaily.co/mtd-deadline-pushed-back-small-minority

Plans to introduce mandatory tax checks

HMRC is set to announce plans to introduce mandatory tax registration checks for anyone who applies for certain trading licences. The plans are expected to be confirmed in the Finance Bill 2019 and will affect applicants for street and market trading licences, taxi and private hire driver and operator licences, and massage and special treatment premises licences. Under the plans, applicants would need to provide proof that they are registered with HMRC for tax purposes before they are granted a licence.

Read more about the plans at:
https://www.instituteoflicensing.org/NewsJobsArticle.aspx?NewsOrJob=news&NewsID=15280

 

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