Posts From July, 2012

The UK recession deepens 

Monday, July 30, 2012 2:38:00 PM Categories: Economy

The UK recession has deepened, latest official figures have shown, after the output of the economy fell by 0.7% between April and June. The contraction was much bigger than expected and follows a 0.3% drop in the first three months of the year.

The Office for National Statistics said the fall was largely due to a sharp slowdown in the construction sector. It said it was not yet sure of the size of the effect of the poor weather and the extra June bank holiday.

This means that these figures, which are the first estimate for what happened in the economy between April and June, are more uncertain than usual.

Markets react to ongoing Spainish issues 

Monday, July 23, 2012 12:22:00 PM Categories: Europe

European and global markets have fallen on fears Spain's indebted regional governments will push the country into seeking a bailout.

On Friday, Valencia, one of the country's 17 regions, asked the central government for a financial lifeline, and on Sunday, the Murcia region said it was considering following suit. There is speculation that other regions are also considering seeking assistance.

There was more bad news for Spain today when the Bank of Spain said the country's economy contracted by 0.4% in the three months to the end of June, having shrunk by 0.3% in the previous quarter.

European stock markets fell on Monday morning, with Spain's main Ibex share index down more than 5%.

QE3 sets sail 

Monday, July 09, 2012 4:48:00 PM Categories: Economy

The Bank of England’s monetary policy committee has voted to increase the size of its programme of quantitative easing by £50bn bringing the total to £375bn.

The minutes from last month’s MPC meeting shows BoE governor Mervyn King voted to increase the QE programme by £50bn to £375bn but was voted down after five of the nine members called for QE to remain at £325bn. The minutes of last week's meeting will be published later this month.

King was joined in calling for the £50bn increase by fellow MPC members Adam Posen and David Miles. Committee member Paul Fisher voted for a £25bn increase to the programme.

The MPC decided to hold base rate at a record-low 0.5 per cent, where it has been since March 2009.

Commercial property? Fancy a tax rebate? 

Monday, July 02, 2012 12:20:00 PM Categories: Tax

Independent surveys (and cases that we secure every day) tell us that over 90% of commercial property owners are sat on a considerable tax saving (and cheque back) via HMRC legislation surrounding unclaimed capital allowances held within their buildings.

So what are capital allowances? They’re a form of tax relief available to anyone incurring capital expenditure buying, building or making adjustments to commercial property. While accountants will claim on more obvious items such as shutters and curtains, fire extinguishers and carpets, generally they will not drill down to the items where the far more significant costs to a business lie. These might include air conditioning or heating systems, lighting and security systems, plant and machinery items.

Our partner in this area can provide a free consultation to check if you could benefit. We have already used this for our own property and have received back a rebate so we know it works!

Please get in touch to discuss this further.