UK House Prices Surge in 2013

UK House prices have risen to a 3 year high off the back of the government’s controversial Help To Buy scheme which served to boost prices through cheap lending. The average house price in the UK is currently £173,000.

2013 has been relatively successful with the UK emerging out of recession and showing signs of relative growth compared to the rest of the European Union. The fourth quarter of 2013 has seen a strong rise in employment in the UK, both for permanent and interim staff, particularly in the IT sector.

With both UK and US stockmarkets at all time highs, it has been a good year for investors and provides a positive outlook for the new year.

Self Assessment Tax Returns Due By 31 January 2014

The deadline for online Self Assessment Tax Returns for the fiscal year 2012/2013 are due by midnight on 31 January 2014. Any tax due must be paid by the 31 January deadline.

We recommend that individuals should leave sufficient time to complete their self assessment tax submissions due to the large number of users expected to log on at the last minute. This is especially important for individuals completing their self assessment online for the first time as you will need to register and apply for your username and password several weeks before the submission can be made.

HMRC have enforced tougher penalties since 2011 with fines for late submission together with daily interest accruing for every day that the payment is late.

Limited Company Contractors will note that all directors of UK businesses are required to submit a self assessment tax return regardless of whether they have drawn a dividend or not. If you have not prepared for this you must act now in order to ensure that you will have sufficient time to meet the deadline.

For Self Assessment enquiries, please contact Belsize Accountancy Limited on 0207 043 0052.

Funding For Lending Scheme Withdrawn For Homebuyers

Bank of England governor Mark Carney withdrew the Funding for Lending Scheme for homebuyers following signs of economic recovery in the UK. Now that the UK housing market has recovered, the full weight of the funding for lending scheme will be directed towards the promotion of lending to small businesses.

The basis of the funding for lending scheme has not changed. The Bank of England will continue to provide cheap finance to UK banks provided that the money is used to lend to small businesses. This is good news for UK business with the UK economy showing signs of recovery and the promotion of increased lending to small businesses.