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"Building a Britain Fit for the Future"

This was the main theme of the Chancellor Phillip Hammond’s second budget as he committed to spending more on infrastructure projects and stimulating the housing market. He had to put on a good performance to keep his job after criticism following the Spring Budget.

No Changes in Tax or NIC Rates

The basic rate of income tax and higher rate remain at 20% and 40% respectively and the 45% additional rate continues to apply to income over £150,000.

Although Class 2 National Insurance contributions (NIC) for the self-employed are being abolished from 6 April 2019 and "merged" with Class 4 contributions the Chancellor did not dare mention an increase in the current 9% Class 4 rate this time!

The Importance of Boardroom Diversity

A more diverse team is of great benefit to any business. People with different backgrounds, values, skills and personalities working together as a team can help a business to come up with innovative solutions to complex problems.

Social Media Management with HootSuite

Most businesses are now starting to have some sort of social media strategy. However, managing multiple accounts across various platforms can be complicated.

HootSuite is a social media management tool that allows users to manage, schedule and post updates to any page or profile on Facebook, Twitter, LinkedIn, Google+, Instagram, WordPress and other platforms from a central dashboard.

Value-Based Pricing

A value-based pricing strategy is one which sets prices primarily, (but not exclusively), in line with the perceived or estimated value of a product or service to the customer rather than according to the cost of the product or historical prices.

6 Tips For Being a Better Manager

Not all managers are created equal. There are plenty of good managers and then there are great managers. Here are some key points on how to be a better manager:

HMRC Tackles Employers Who Used EBTs Schemes

With tax planning schemes as with many things in life, what looks too good to be true generally turns out to be so. This seems to be true for tax avoidance schemes using Employee Benefit Trusts (EBTs) as during the summer HMRC won a landmark case at the Supreme Court against Glasgow Rangers Football Club concerning the payment of players and other employees via EBTs.

Furnished Holiday Letting Business is Not a Business for IHT Relief

A furnished holiday letting business is treated as a trade for most tax purposes. For example, capital allowances are available on furniture, and CGT entrepreneurs' relief is available on disposal of the business. 

However, a recent tax case has determined that a holiday letting business in Cornwall did not qualify for inheritance tax business property relief.

Many Will Not Get a Self Assessment Tax Return Next Year

The government are gradually phasing out the self-assessment tax return and replacing it with an individual tax account pre-populated with data supplied by employers, pension companies and State Pension figures from DWP.

HMRC have Updated their Guidance on Salary Sacrifice Schemes

The rules for salary sacrifice arrangements changed with effect from 6 April 2017 and HMRC have updated their guidance for employers. Apart from 5 exceptions, the amount assessed as employment income for new salary sacrifice arrangements is now the greater of the salary foregone and the taxable benefit as set out in the tax legislation.

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