House Prices Continue to Rise in the UK

Good news continues from the housing sector, as home prices continue to rise in all of Britain. According to Nationwide, house prices rose by 4.3% in Britain over the past year. The increase in London was 10%. Both the property and construction industries have benefitted significantly in 2013 with a significant rise in demand for Limited company contractors in these sectors.

British Pound Strengthens against Dollar and Euro

The British pound reached its highest level this year peaking at 1.20 against the Euro during overnight trading. The pound has been supported by a recent run of strong UK economic data which has added to expectations that the Bank of England will raise interest rates earlier than it has flagged, possibly in early 2015.

The pound rose to its highest level in nine months against the US dollar as the US government slipped into a partial shutdown. The pound hit $1.62 against the dollar in the morning, its highest level since January as the troubled political situation across the Atlantic intensified.

This is welcome news for UK contractors and small businesses looking to invest overseas. The UK market has shown strong signs of recovery with interim contractor positions on the rise in the latter half of 2013.

5 October Deadline for Self Assessment Registration for Child Benefit Claimants

Higher rate taxpayers must register for self assessment with HMRC by 5 October 2013 if they receive child benefit payments. Parents receiving child benefit from 7 January 2013 will be liable to pay additional tax on income over £50,000 per annum. The child benefit is effectively tapered for earnings above £50,000 and reduced to nil for incomes above £60,000. The tax is payable based on the earnings of the parent with the highest level of income. Taxpayers have the choice of either stopping the child benefit payments or receiving the payments and paying over the tax when their tax return us due on 31 January in the following year.

Belsize accountancy provide tax return services from £75 per annum. Feel free to contact us for more information.