A new additional nil-rate band of £100,000 for Inheritance Tax (IHT) on main residences, when bequeathed to a direct descendent, came into effect at the start of the new tax year in April 2017.

Last month more than 200,000 computers in 150 countries were infected during the WannaCry ransomware attack, including the systems of a number of NHS trusts.

With inflation hovering around 2.7 per cent, many businesses are facing a period of higher costs and reduced consumer spending – a trend which could see average pay rises this year hit just one per cent, according to the Chartered Institute of Personnel and Development (CIPD).

Corporation Tax receipts reached a record high in the 2016-17 financial year, with a total of £56 billion collected, a 21 per cent year-on-year increase.

A new study from the Federation of Small Businesses (FSB) has indicated that the UK’s army of small firms will face a funding shortfall of around £3.6 billion by 2021 as a result of the UK’s withdrawal from the EU.

If you own your own business premises, you may be entitled to claim capital allowances on some of the costs associated with the ‘intrinsic fabrication’ of the building.