Accounting Roundup : Business news, updates and advice – July 2018

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05 July 2018

Welcome to July’s Accounting Roundup where we explore the latest real world and local news, tax updates, financial and business advice and accounting matters.

General

The amount of goods Yorkshire exports rose by 8.7 per cent last year to a value of £16.9bn, Treasury figures have shown.

The region outperformed the national average, which reported a 6.5 per cent increase to £244.6bn in the year ending March 31, 2018.

Figures for the first quarter of 2018 also show that the Yorkshire and the Humber is now home to more than 7,416 exporters, an increase of 3.5 per cent when compared with the same period in 2017, with an average value per exporter of £585,000.

The majority of UK small and medium-sized enterprises (SMEs) are failing to generate any return on their business savings, according to new research.

A survey conducted for challenger bank Aldermore found that 62 per cent of SMEs, equivalent to three million businesses, are not earning any interest on their savings.

Rail bosses have apologised to MPs for the botched introduction of new train timetables last month.

Charles Horton, outgoing chief executive of Govia Thameslink Railway (GTR) and David Brown, managing director of Arriva Rail North, had been summoned to face the Transport Select Committee over the thousands of delayed and cancelled trains since 20 May.

Tax

Expenditure on consultants by HM Revenue and Customs (HMRC) in April rose by 9,000 per cent, compared to the same period in 2015!

HMRC spent £844,188 on consultants in April - the highest monthly amount since 2011 and more than HMRC’s entire annual spending on consultants in 2015, official figures published recently show.

MPs will call for an investigation into HMRC's use of external consultants after its increased reliance on them for its IT systems.

HMRC are planning to introduce new rules in relation to the sale of residential property and the date to which Capital Gains Tax will be paid. A payment on account system is to be introduced which will include the submission of a new payment on account return.

If you or any of your contacts require any tax advice simply contact us on 0113 398 1100 or email leeds@hwca.com

Pensions

See our recent blog Your pension, finance and investments – when was your last review?

We recommend our clients to Tilney, one of the UK’s leading private client investment and wealth management company who provide top quality, solid and practical pensions advice You can sign up to their newsletter and financial planning magazine.

For pension and retirement advice, or to book a no obligation review, please contact Charles Coade direct on 0113 224 5544 or email charles.coade@tilney.co.uk or via our Leeds office on 0113 398 1100 or email leeds@hwca.com

We also support a wide range of businesses with online Payroll outsourcing. Our managed payroll services also make all necessary submissions to the tax authorities on your behalf.

If you feel you have comments, questions or thoughts on our Accounting Roundup please let us know – honest feedback is always welcome!