Benson Wood & Co Blog

Final furlough figures published before end of scheme

As the furlough scheme comes to an end, the latest figures have revealed that almost 12 million workers in England, Wales, Northern Ireland and Scotland have been supported by the Coronavirus Job Retention Scheme (CJRS) since its launch last year.

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Beware of clocking up the penalty points on tax returns

The taxman has confirmed that its new penalty points system for late tax payers will come into effect for the new tax year in April 2022.

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Record numbers return to work ahead of closure of furlough scheme

The number of people returning to work from furlough has reached its highest level since the start of the pandemic in March, the latest figures have revealed.

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Business leader calls for action on skills to support the recovery

The boss of one of Britain’s most influential business organisations has called on the Government to take action to make sure the UK’s economy does not stall because of labour shortages.

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Most businesses repeatedly face one particular task that carries high impact – high probability risks. Things going wrong carries severe consequences and are likely to happen at some point. But, too often, businesses fall into the trap of assuming it carries low impact – low probability risks. Read More

UK house prices hit significant record

According to the UK’s largest mortgage lender, Halifax, house prices in the UK hit a significant record during August but the yearly growth pace in property values slowed.
Last month, the average cost of a home increased by 0.7 per cent to £262,954.
From the start of 2021 until August 2021, UK house prices increased by 7.1 per cent but this was down from July’s rate of 7.6 per cent.
Halifax’s Managing Director, Russell Galley, commented on the figures saying, “Given the rapid gains seen over the past 12 months, August’s rise was relatively modest and, the annual rate of house price inflation continued to slow.”
He also said that other economic factors contributed positively to the housing market, such as high employment vacancies and the return of consumer confidence.
According to Galley, the Stamp Duty Holiday (SDH), aimed to help support the housing market during the pandemic, is no longer influencing the market significantly. (The SDH runs out at the end of September.)
The record buyer seems to be fuelled by a demand for extra space as employees work from home.
“These trends look set to persist and, the price gains made since the start of the pandemic are unlikely to be reversed once the remaining tax break comes to an end later this month,” continued Mr Galley.
Nationwide Building Society provided even stronger figures for the housing market at the start of September. The financial institution revealed that house prices increased by 2.1 per cent in August compared to July – which meant as of August 2021, house prices rose 11 per cent over the last year.
If you need help or advice on any areas of tax relating to property, please contact our experts today.

Personal tax: Thousands of parents “missing out” on Tax-Free Childcare

HM Revenue & Customs (HMRC) has reminded parents that they may be eligible for Tax-Free Childcare ahead of the new academic year.

The tax authority said thousands of families may be missing out on thousands of pounds in tax relief every year.

If you are a working parent, here’s what you need to know.

What is Tax-Free Childcare? Read More

File Companies House accounts online to avoid delays, businesses told

Businesses have been urged to file Companies House accounts online as coronavirus disruption continues to significantly delay processing times.

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UK business confidence hits a four-year high

Business confidence in the UK is at the highest level for more than four years according to a new survey, with nine of the 12 UK regions expecting growth.

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UKCA marking deadline extended by one year following coronavirus disruption

Businesses have been given an extra year to apply new product safety markings for most products placed on the market in England, Scotland and Wales, it has been announced.

The UK Conformity Assessed (UKCA) marking regime will replace the product safety labelling system previously used while a member of the European Union.

Here’s what you need to know.

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