Capital allowances reformed blog

Apr 13

Capital allowances reformed in ‘Budget for growth’

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 it expects the UK to avoid a technical recession this year, with a stronger-than-expected performance from the economy as […]

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Mar 16

SPRING BUDGET 15 MARCH 2023

This Summary covers the key tax changes announced in the Chancellor’s speech and includes tables of the main rates and allowances. At the back of the Summary you will find a calendar of the tax year with important deadline dates shown. We recommend that you review your financial plans regularly as some aspects of the […]

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Advisory fuel rates Blog

Mar 09

Advisory fuel rates for company cars March 2023

New company car advisory fuel rates have been published and took effect from 1 March 2023. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on […]

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HMRC urges eligible couples to claim Marriage Allowance

HMRC has reminded married couples eligible for the Marriage Allowance to make use of the tax relief. Over 2.1 million couples currently benefit from the Allowance, HMRC said. Married couples could save up to £252 a year, it added. Eligible couples are those who are married or in a registered civil partnership; one spouse or […]

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Digital pound Blog

‘Digital pound’ likely to launch this decade, says Treasury

The Treasury and the Bank of England (BoE) have suggested that a state-backed ‘digital pound’ is likely to be launched this decade. Both the Treasury and the Bank said that the public should have access to ‘safe’ digital money that can be used easily. A central bank digital currency (CBDC) would use similar technology to cryptocurrencies, […]

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Record 11.7 million tax returns received on time

A record 11.7 million self assessment taxpayers submitted their tax returns by the 31 January deadline, HMRC has revealed. The final day for self assessment returns saw 861,085 customers file online to meet the deadline, some with minutes to spare. There were 36,767 customers who filed in the last hour before the deadline, but the […]

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UK economy narrowly avoided Blog

UK economy narrowly avoided recession last year

The UK narrowly avoided falling into recession in 2022 after the economy saw zero growth between October and December, according to the latest figures from the Office for National Statistics (ONS). Although the economy shrank between July and September, a recession is defined as when the economy contracts for two consecutive three-month periods. Over 2022, […]

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Inflation remains close Blog

Inflation remains close to 40-year high

Inflation remains close to a 40-year high despite falling in January, according to the latest data from the Office for National Statistics (ONS). The ONS found that inflation fell to 10.1% in the year to January 2023 from 10.5% in December 2022. The Bank of England has also reported that inflation ‘might now have turned […]

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Spring Budget must ease cost pressures

Spring Budget must ease cost pressures on businesses, says BCC

The British Chambers of Commerce (BCC) has urged Chancellor Jeremy Hunt to use the upcoming Spring Budget to help ease cost pressures on small businesses. Research carried out by the BCC revealed that 65% of firms are planning to raise prices due to cost pressures. In addition, 47% of firms stated that paying their energy bills […]

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HMRC sounds warning on new VAT penalties

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 returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due […]

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Pensioners outnumber young people Blog

Feb 08

Pensioners outnumber young people for filing self assessment tax returns

HMRC has revealed that more pensioners filed a tax return for the 2020/21 tax year compared to young people. Overall, those aged 65 and over accounted for 16% of individuals who submitted a tax return, whereas 16 to 24-year-olds made up 2.7% of total filers. The new data is part of an analysis by HMRC […]

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BCC warns SME exporters Blog

BCC warns SME exporters ‘under tightening pressure’

The British Chambers of Commerce (BCC) has warned that small and medium-sized enterprises (SMEs) that export are facing ‘tightening pressure’ as a result of decreasing export sales. The BCC’s quarterly Trade Confidence Outlook report, which polled more than 2,300 SMEs, showed that 27% of exporters recorded decreased export sales during the fourth quarter of 2022. The […]

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Small firms facing challenges blog

Small firms ‘facing challenges when applying for financing’

Many small firms in the UK face challenges when it comes to finding and applying for funding, according to a report published by the Federation of Small Businesses (FSB). The FSB’s report found that ‘widespread uncertainty’ exists among small businesses in regard to where to get information on the types of finance available to them. Two […]

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UK business confidence plummets blog

UK business confidence plummets to 13-year low

The UK’s business confidence has dropped to a 13-year low, according to a survey conducted by the Institute of Chartered Accountants in England and Wales (ICAEW). The ICAEW’s latest Business Confidence Monitor (BCM) showed that record high inflation and rising costs, including energy and the cost-of-living crisis, have adversely affected business confidence. The latest monitor […]

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Fewer firms investing in training Blog

Fewer firms investing in training despite skills shortage

Fewer firms are increasing their investment in training and development despite a skills shortage, according to a survey by the Confederation of British Industry (CBI). The survey found that the proportion of firms intending to increase investment in training and development over the next year has fallen. It also showed a widespread lack of awareness […]

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R&D relief Blog

Government launches consultation on R&D relief

The government has launched a consultation on simplifying the UK’s research and development (R&D) tax relief system, driving innovation and growing the economy. The consultation runs to 13 March 2023 and sets out proposals on how a single scheme could be designed and implemented. This would replace the two R&D tax relief schemes currently in place […]

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Bank of England raises interest rates Blog

Bank of England raises interest rates to highest level in 14 years

The Bank of England (BoE) has raised the base rate of interest to the highest level in 14 years. The BoE raised interest rates for the tenth consecutive time on 2 February with a half point increase taking the base rate from 3.5% to 4%. The decision was taken after the Monetary Policy Committee (MPC) […]

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Energy bill support for firms blog

Energy bill support for firms to be reduced from April

Businesses will receive reduced support for their energy bills from April as the UK government attempts to cut the cost of compensating for soaring gas and electricity prices, the Treasury has confirmed. The Treasury said that the government will cap support at £5.5 billion for businesses over 12 months from 1 April 2023. Bills will automatically be discounted […]

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Chancellor launches financial sector reforms Blog

Jan 18

Chancellor launches financial sector reforms

Chancellor of the Exchequer Jeremy Hunt is set to unveil over 30 regulatory reforms to the UK’s financial sector, the government has announced. The Chancellor will set out plans to repeal, and replace, EU retained laws governing financial services. Mr Hunt says these reforms will unlock investment and turbocharge growth in towns and cities across […]

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Plymouth and South Devon freeport Blog

Plymouth and South Devon freeport gets go ahead

The Plymouth and South Devon freeport has received final government approval. It will now receive up to £25 million in seed funding to help boost investment and support the growth of regional businesses. Freeports benefit from a range of measures, including tax reliefs, customs advantages, business rates retention, planning, regeneration and trade and investment support. […]

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