Accountants Somerset

Low business confidence points to a return to negative growth

UK business confidence reached a 26 month low in August, according to the latest figures from the BDO Trends Report. The figures suggest that the likelihood of a return to negative growth has increased, as short-run turnover expectations dropped to the lowest level since June 2009, below the level that indicates growth. In addition, the Optimisim index, which predicts business confidence two quarters ahead, is hovering at the cusp of the

Last updated: 2:19 Wednesday, 14th Sep 2011 | Read Article

Inflation rises to 4.5%

CPI inflation increased to 4.5 per cent in August. The latest statistics from the Office for National Statistics (ONS) show that inflation rose by 0.1 per cent in August, spurred by clothing and footwear prices. An increase in energy bills is also expected to have contributed to this latest increase in the rate of inflation. This is the seventh consecutive quarter that the rate of inflation has remained above the Bank of

Last updated: 2:17 Tuesday, 13th Sep 2011 | Read Article

HMRC issues reminder on new tax return penalties

HM Revenue and Customs (HMRC) has issued a reminder on new tax return penalties that come into effect this Autumn. The changes will affect self assesment returns for 2010/11, and all future financial years. The new penalties for late self assessment returns are: An initial £100 fixed penalty, which will now apply even if there is no tax to pay, or if the tax due is paid on time; After 3 months,

Last updated: 9:41 Tuesday, 13th Sep 2011 | Read Article

State pension age could rise faster than planned

The state pension age could rise even faster than set out in the Pensions Bill, according to pensions minister Steve Webb. In an interview with the Observer, Webb said that further moves were necessary, and that timescales for increasing the retirement age to 67 and 68 - currently not planned until 2036, and 2046 respectively - are too slow. The most likely date for a rise to 67, is 2026, according

Last updated: 9:37 Tuesday, 13th Sep 2011 | Read Article

Living standards will continue to fall, experts warn

The standard of living in the UK will continue to fall over the next three years, a report from the Institute for Fiscal Studies (IFS) suggests. The report, which looks into the effects of the 'great recession', found that UK households were relatively insulated from the immediate effects of the recession as household incomes continued to grow slightly between 2007-2008 and 2009-2010. However, as the UK Government attempts to reduce

Last updated: 11:21 Monday, 12th Sep 2011 | Read Article

Banking report reveals major shake ups

The Independent Commission on Banking released its final report today, outlining a series of shake ups for the banking industry. The report was met with support from the Government, who have confirmed their intentions of implementing the recommendations. A deadline of 2019 has been given for full implementation of the reforms. The recommendations laid out in the report are intended to reduce the probability and impact of systematic financial crises in

Last updated: 10:24 Monday, 12th Sep 2011 | Read Article

Guide to social media policy for businesses launched

A guide to social media policy for businesses has been launched. The guide, from employment relation experts Acas, is designed to help businesses, staff and trade unions develop a policy on the use of internet, blogs and social media websites like Facebook and Twitter in and outside of work. According to Acas, 55 per cent of staff are now using social media at work, either on computers or mobile phones. But

Last updated: 2:38 Friday, 9th Sep 2011 | Read Article

HMRC gives VAT rule breakers registration deadline

VAT rule breakers have been given until 30 September to register to pay VAT. The HM Revenue and Customs (HMRC) campaign - VAT Initiative - focuses on individuals and businesses that are trading above the VAT registration threshold of £73,000, but who have not registered to pay VAT. Sectors that are being targeted include construction, business services, hair and beauty, hotels and catering, retail distribution, recreational services, motor vehicle distribution and

Last updated: 10:10 Friday, 9th Sep 2011 | Read Article

Interest rates remain at record low while Bank resists cash boost

The Bank of England's Monetary Policy Committee has voted to keep interest rates at their record low of 0.5 per cent for another month. The base rate was cut in March 2009 and has remained there ever since. The decision was also made to keep the quantitative easing programme at £200 billion, despite growing pressure to extend it in a bid to give the economy a cash boost. The news follows

Last updated: 12:43 Thursday, 8th Sep 2011 | Read Article

Recession caused pension contributions to tumble

Contributions into personal pensions have taken a tumble as a result of the economic crisis. The total amount saved fell from £20.9 billion in 2007/8, to £18.7 billion in 2009/10 according to the latest Pension Trends data from the Office for National Statistics (ONS). The recession is largely to blame for this decrease, the ONS states, as many people who had previously made small contributions stopped contributing. Commenting on the data, Darren

Last updated: 10:15 Thursday, 8th Sep 2011 | Read Article