Latest Business News from Chichester Accountants Evans Weir

January 21, 2020

Interest Rate Cut for the New BoE Governor?

With the inflation rate falling to 1.3% in December, down from 1.5% in November, will the new Governor at the Bank of England have to consider an interest rate cut as one of his first acts? The drop to 1.3% puts inflation 0.7% below the Bank’s target rate (2%) and is the lowest level it has been for over 3 years. Set against a sharp fall in retail sales in December, the markets are suggesting a drop in interest rates could come as soon as the January meeting of the Monetary Policy... read more

2019 A record year for new companies

Companies House data is highlighting that 2019 was a record year for new company formations with almost 700,000 new registrations over 12 months. The data, which has been quoted in research by The Centre for Entrepreneurs shows a rise of almost 3% on the previous year. One of the most notable sectors for new company formations was tech start-ups, making up 6.4% of the 681,704 new companies coming on stream in 2019. This figure was underpinned by a handful of locations that are becoming... read more

December 4, 2019

2019 In Review

When considering 2019 in retrospect, the kneejerk reaction would be to say that it has been a hard year. But when we stop and consider the facts, they might tend to tell a different story. Gretchen Rubin is credited with the quote ‘The days are long, but the years are short’ in the context of raising children, but as quotes go, it feels like the perfect summary of 2019. Brexit, elections, vote after vote after vote and continued uncertainty have filled our days, very few of which have... read more

2020 The Year Ahead

In considering what 2020 holds for our clients and business in general, this has to be written with a general election outcome caveat. Economic analysts are beginning to upgrade their economic forecasts for the country for 2020 which is good news. However, these upgrades are partly based on the spending pledges of the main Political parties currently campaigning for our vote. Assuming it does come down to one of the usual suspects returning to number 10, there will be some major spending on... read more

September 4, 2019

Small Firms Under Attack from Cybercrime

Cybercrime is on the increase according to The Federation of Small Businesses (FSB). The organisation, which represents the interests of the UKs small businesses, is alerting business owners to the growing risk posed by cybercrime after research showed that small companies in the UK are collectively subject to almost 10,000 cyber-attacks a day. In a report, the FSB said that one in five small firms had been the victim of a cyber-attack in the two years to January, with an average of 9,741... read more

September 3, 2019

Cryptocurrencies ‘have no intrinsic value’, FCA warns

In a climate of economic uncertainty and low interest rates, some investors may be inclined to look at alternative forms of investment, in a bid to maximise their returns. With much hype around DIY stock trading and cryptocurrencies these may be perceived as good options for short term gain. But the Financial Conduct Authority (FCA) has warned investors in cryptocurrencies like Bitcoin to “ensure they understand and can bear the risks involved with assets that have no intrinsic value”.... read more

September 2, 2019

DELAYED: New VAT Accounting Procedures for Builders

***UPDATE*** The Government has delayed implementation of reverse charge VAT for construction until October 2020 Original article: Companies in the construction sector need to be aware of changes which are being introduced on 1st October 2019. These changes will affect any VAT-registered construction business that: Buys in construction services from other builders and makes an onward supply of those services to another customer Sells construction services to other builders... read more

September 1, 2019

FreeAgent Small Business Accounting Software

As well as being a strategic partner for Kashflow, we also support a significant number of our clients who use FreeAgent, as a result of them banking with NatWest or Royal Bank of Scotland. The FreeAgent software application was acquired by the Royal Bank of Scotland Group in 2018 and subsequently all NatWest and RBS business banking customers have been able to use it free of charge. FreeAgent is an award-winning accounting system specifically designed to meet the needs of small... read more

June 17, 2019

Looming IHT Tax Bill for the Nation

An increasing number of families across the country are facing the prospect of significant Inheritance Tax (IHT) bills. Chichester is at the forefront of this mounting problem as asset rich, cash poor (relatively) families fail to make use of strategies to mitigate the impact of IHT. Whilst many over 50s will be counting the benefit of decades of property price increases, the result is that it leaves the majority of the family assets tied up in bricks and mortar. For some, it may be the first... read more

Capital Gains Tax Rules on Property Change

Property owners need to be aware of significant changes to Capital Gains Tax (CGT) rules regarding the disposal of property assets. A range of measures were announced in the Autumn Budget 2018 that will impact those selling their main home, second homes or buy-to-let properties. One significant change relates to the sale of main homes. Whilst most people won’t be subject to CGT on their primary residence, because they are entitled to private residence relief, there are a number of... read more