Today’s news in brief – 23/10/2023

BHP, a UK-based firm, has promoted 79 employees across its offices in Chesterfield, Sheffield, Leeds, York, and Cleckheaton. These promotions coincide with the recent addition of 44 new trainees, showcasing the company's commitment to nurturing talent. Emily Caine from Cleckheaton has been promoted to director, while James Dunn, Danny Noon, and William Wright have been promoted to senior managers. BHP's dedication to employee development and support is evident in these promotions, with one in three employees having worked for the company for more than six years. In the UK, corporation tax revenue reached a record £83.8bn in the fiscal year, marking a 21% increase from the previous year. This surge is partly due to the tax rate rising from 19% to 25% on April 1, 2023. However, the full impact of this tax hike remains to be seen, as many businesses have not yet completed a full year under the new rates. The increase is also linked to a rebound in profits following pandemic-related losses. Some experts suggest reducing the tax rate to attract foreign investments and stimulate the private sector. Inheritance tax (IHT) receipts in the UK for the period of April to September 2023 reached £3.9bn, a £0.4bn increase compared to the previous year. Various factors have contributed to this growth, including higher volumes of wealth transfers following IHT-liable deaths, rising asset values, and government decisions to maintain IHT tax-free thresholds. The recent uptick in interest rates may have also influenced the highest monthly IHT receipts in June 2023. The Treasury is considering options, including possibly raising the nil-rate band, to address concerns about more families being affected by IHT. Belfast-based firm Baker Tilly Mooney Moore has introduced five new graduates and trainees, while also announcing recruitment for its 2024 Graduate Training Programme. The firm is known for its specialisation in audit, business services, consulting, taxation, and restructuring and insolvency. The new recruits include individuals who have studied accounting and finance at local universities and are pursuing qualifications such as the Association of Chartered Certified Accountants (ACCA). The firm aims to expand its graduate intake and emphasises the value of gaining experience with diverse clients.

Today’s news in brief – 23/10/2023

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