Latest guidance for employers
Posted on Thursday, May 11th, 2023
HMRC has published the latest issue of the Employer Bulletin. The April issue has information on various topics, including: reporting expenses and benefits for the tax year ending 5 April 2023 the annual ‘Tell ABAB’ survey gives small... Read Full Article...
Capital allowances reformed in ‘Budget for growth’
Posted on Monday, April 17th, 2023
A £27 billion transformation of capital allowances from April was announced by Chancellor Jeremy Hunt as he delivered a ‘Budget for growth‘. The Spring Budget followed an improved forecast from the Office for Budget Responsibility (OBR). The OBR said... Read Full Article...
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Business groups welcome Spring Budget
Posted on Monday, April 17th, 2023
The UK’s business groups largely welcomed the measures taken in the Chancellor’s Spring Budget. The Confederation of British Industry (CBI) branded the Budget as a ‘strong second act’ in Mr Hunt’s plan for stability and growth. Matthew Fell, Interim... Read Full Article...
HMRC issues guidance on abolition of pensions lifetime allowance
Posted on Monday, April 17th, 2023
HMRC recently issued preliminary guidance in regard to the abolition of the pensions lifetime allowance. At the Spring Budget, Chancellor Hunt announced that the lifetime allowance charge will be removed from 6 April 2023. The allowance will be fully... Read Full Article...
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Bank of England raises UK interest rates to 4.25%
Posted on Monday, April 17th, 2023
Interest rates have been increased to 4.25% from 4% by the Bank of England (BoE) as it tries to slow rising prices. The BoE’s decision to increase rates for the 11th time in a row comes after... Read Full Article...
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HMRC late payment interest rate hits 6.75%
Posted on Monday, April 17th, 2023
HMRC has revised interest rates with late payment bills charged 6.75% from 13 April, the highest level since January 2008 The late payment and repayment interest rates follow the rise in the Bank of England base rate to... Read Full Article...
Taxpayers given more time for voluntary national insurance contributions
Posted on Monday, April 17th, 2023
The government has extended the voluntary national insurance deadline to give taxpayers more time to fill gaps in their contributions and boost their state pensions. The extension comes after members of the public voiced concerns over the... Read Full Article...
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Two freeports confirmed for Wales
Posted on Monday, April 17th, 2023
Two freeports have been confirmed for Wales by the UK and Welsh governments. Celtic Freeport, covering Milford Haven and Port Talbot, and Anglesey Freeport will each be backed by £26 million in seed funding by the UK... Read Full Article...
Small businesses at risk as energy costs rise
Posted on Monday, April 17th, 2023
The end of the Energy Bill Relief Scheme (EBRS) on 1 April could threaten the future of hundreds of thousands of small firms, according to research by the Federation of Small Businesses (FSB). The Energy Bill Discount... Read Full Article...
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HMRC sounds warning on new VAT penalties
Posted on Tuesday, March 28th, 2023
HMRC is reminding VAT-registered businesses to file their VAT returns and pay on time ahead of new penalties being applied. The tax authority says that the new penalties will be ‘fairer and more proportionate’ for businesses who submit their VAT... Read Full Article...