The Bank of England base rate has risen to 0.25% after being held at a record low since the start of the pandemic. But what does this mean for you and your business?
Despite widespread speculation on likely changes to Capital Gains Tax (CGT) and Inheritance Tax (IHT) the Chancellor refrained from any reform of these taxes in 2021. What does this mean for farm businesses?
Tax payers have paid £600m more in Inheritance Tax (IHT) than a year ago. The latest figures from HMRC show that between April and October this year, IHT receipts totalled £3.6bn compared with £3bn in the same period in 2020 – a rise of 20%.
So does this indicate that many families are not aware until it is too late?
In common with other sectors, the legal profession has had an ‘interesting’ time in the past 18 months and there is likely to be a great deal of flux still to come. It is with this in mind that we have recognised that a quarterly legal sector ‘pulse’ survey would help law firms with their strategic planning.
Earlier this year, DEFRA announced it was planning to introduce a lump sum retirement scheme for farmers in England, which was due to open for applications next spring. More detail on the scheme rules was to be published by Autumn 2021 but we are still waiting for anything further causing frustration for those considering retirement.
After an extremely challenging 2021, businesses moving into 2022 are faced with yet more professional challenges; how do they recruit into their teams, or as the media have coined it, how do they survive “The Great Resignation”?
The value of the State Pension should not be overlooked as this forms a critical part of a retirement income for nearly all retired households, it will certainly be missed if it is not there.