Accountancy Highlights

Reducing Your Marginal Rate of Tax

Umbrella Vs Limited Company set-up

Treasury to clamp down on stamp duty avoidance

Growth in the market for contractors in the UK

Proposal to merge PAYE and National Insurance

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Sterling Weakens due to Brexit Uncertainty

Sterling fell to its lowest levels against the Euro and US dollar for approximately a year. It is believed the uncertainty over the prospect of a no deal Brexit is the main driver for the drop in GBP as companies look to hedge their exposure.

GBP fell to a 10-month low of 1.109 against the Euro.

GBP fell to a 12 month low of 1.285 against the US Dollar.


UK Interest Rates Increase to 0.75%

The Bank of England announced that UK interest rates will rise from 0.5% to 0.75%. This is the second rate increase in 12 months. The last rate increase took place in November 2017 where interest rates were increased from 0.25% to 0.5%.


Carillion Falls into Liquidation

Construction group Carillion falls into liquidation. The public sector contractor was impacted by cost overruns on a number of contracts in the UK and the Middle East and built up debts of over £900m. Carillion employs 20,000 staff in the UK, with a total workforce of 43,000 globally.

Management at Carillion have been criticised for taking on loss making government contracts in the UK. PWC have been appointed as administrators and will liquidate the company.