Chancellor outlines growth measures at Mini Budget
Posted on Thursday, November 17th, 2022
Chancellor Kwasi Kwarteng used the 2022 Mini Budget to announce a series of tax cuts for businesses and individuals. The Chancellor confirmed that the 1.25% rise in national insurance contributions (NICs) that came in this year will be... Read Full Article...
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IMF criticises government over tax plans
Posted on Thursday, November 17th, 2022
The International Monetary Fund (IMF) warned the UK government against ‘large and untargeted fiscal packages’ following the Mini Budget. The IMF stated that tax measures announced by Chancellor Kwasi Kwarteng in the recent Mini Budget are likely to... Read Full Article...
Government caps business energy bills
Posted on Thursday, November 17th, 2022
Wholesale energy prices for businesses will be capped at ‘less than half’ of the anticipated winter levels under the government’s support package. The Energy Bill Relief Scheme offers discounts for all firms for six months from 1 October. Hospitals,... Read Full Article...
VAT businesses must be ready for Making Tax Digital filing by November
Posted on Thursday, November 17th, 2022
HMRC is reminding businesses that they will no longer be able to use their existing Value Added Tax (VAT) online account to submit VAT returns from 1 November. By law, all VAT-registered businesses must now sign up to... Read Full Article...
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SMEs facing recruitment struggles
Posted on Thursday, November 17th, 2022
Eight in ten small businesses are finding it difficult to recruit staff, according to a report published by the Federation of Small Businesses (FSB). The FSB’s ‘Scaling up Skills’ report found that over 80% of small firms... Read Full Article...
HMRC raises late payment interest from 11 October
Posted on Thursday, November 17th, 2022
HMRC will raise interest rates on tax debt from 11 October following the 0.5% increase in the base rate. This means that the late payment interest rate will increase to 4.75% from 11 October 2022. The rate last increased... Read Full Article...
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Action Fraud warns scammers are exploiting cost-of-living crisis
Posted on Thursday, November 17th, 2022
Action Fraud has warned that criminals are using the ongoing cost-of-living crisis to target the public with energy rebate scams. Action Fraud revealed that more than 1,500 reports have been filed with the National Fraud Intelligence Bureau... Read Full Article...
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HMRC releases more details MTD for Income Tax
Posted on Tuesday, September 20th, 2022
HMRC has published more details on how Making Tax Digital for Income Tax (MTD for IT) will work for buy-to-let landlords and sole traders with qualifying income over £10,000. The new income tax framework for MTD for... Read Full Article...
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Ofgem raises energy price cap by 80%
Posted on Tuesday, September 20th, 2022
Average household energy bills will rise to £3,549 in October following the decision of energy regulator Ofgem to raise the price cap. The record 80% hike will see a typical default tariff customer paying an extra £1,578. The... Read Full Article...
Treasury Committee warns government against ‘flying blind’ with Emergency Budget
Posted on Tuesday, September 20th, 2022
The Treasury Committee has urged the government to provide assurance that it is not ‘flying blind’ into a potential Emergency Budget this September. In a letter sent to Chancellor Nadhim Zahawi, Mel Stride, Chair of the Treasury... Read Full Article...
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