Nov 09

FCA warns that eight million are struggling to keep up with bills

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA). The research estimates that 7.8 million people were struggling to keep up with their bills – an increase of around 2.5 million people since 2020. In addition, 60% of UK adults […]

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Inflation returns to 40-year high

The rate of inflation rose to 10.1% in September as the economy felt the effects of rising prices and the fallout from the Mini Budget, according to the Office for National Statistics (ONS). The ONS said the Consumer Prices Index (CPI) measure rose from an annual rate of 9.9% in August to match the recent […]

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New PM must restore confidence, say business groups

The UK’s new Prime Minister Rishi Sunak must restore confidence in the country’s economy, say business groups. Mr Sunak will have to deal with a range of issues stemming from inflation and the cost-of-living crisis. Business groups say he will need to set out plans to deal with soaring energy bills, labour shortages, spiralling inflation, and climbing […]

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Government pushes back economic statement

Chancellor of the Exchequer Jeremy Hunt has delayed the announcement of the government’s economic plan until 17 November. The Medium-Term Fiscal Plan was due to be delivered by the Chancellor in the Commons on 31 October, along with a forecast from the Office for Budget Responsibility. This had been brought forward because of the market […]

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Oct 13

Action Fraud warns scammers are exploiting cost-of-living crisis

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 (NFIB) regarding scam emails purporting to be from energy regulator Ofgem, offering customers energy rebates. In order to […]

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HMRC raises late payment interest from 11 October

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 to 4.25% on 23 August. This is the highest rate since the height of the financial crisis in […]

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SMEs facing recruitment struggles

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 are flagging a lack of relevant qualifications, skills and experience among candidates as a problem, while 60% say […]

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Making Tax Digital filing by November blog

VAT businesses must be ready for Making Tax Digital filing by November

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 Making Tax Digital (MTD) and use compatible software to keep their VAT records and file their returns. According […]

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Government caps business energy bills blog

Government caps business energy bills

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, schools and other settings such as community halls and churches will also get help. Under the scheme, revealed […]

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IMF criticises government over tax plans blog

IMF criticises government over tax plans

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 increase inequality. On 23 September, the Chancellor used the Mini Budget to announce tax cuts worth over £40 billion. Amongst […]

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Chancellor outlines growth measures at Mini Budget blog

Chancellor outlines growth measures at Mini Budget

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 reversed from 6 November, while the Health and Social Care Levy has been cancelled. The planned rise in […]

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Government abandons plan to scrap 45p top rate of income tax blog

Government abandons plan to scrap 45p top rate of income tax

The government has abandoned its plan to abolish the 45% top rate of income tax due to the negative reaction it has received. Chancellor Kwasi Kwarteng first announced the policy in the Mini Budget on 23 September. He has now confirmed that it will not go ahead in a statement on the social media platform Twitter. […]

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Advisory fuel rates for company cars blog

Sep 16

Advisory fuel rates for company cars September 2022

New company car advisory fuel rates have been published and took effect from 1 September 2022. 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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Report finds decline blog

Report finds decline in the use of cash is easing

Banking trade body UK Finance has revealed that the rapid decline in the use of cash as a form of payment has eased. A report published by UK Finance found that 40.4 billion payments were made in 2021, which marked a return to pre-pandemic levels. Cash payments accounted for 15% of all payments in the UK. […]

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TUC urges government to raise NMW blog

TUC urges government to raise NMW ‘immediately’

The Trades Union Congress (TUC) has called on the government to increase the National Minimum Wage (NMW) rates ‘immediately’ in order to guarantee decent living standards for families. Research carried out by the TUC found that UK poverty levels are ‘likely to get worse’ if ministers continue to hold down pay. Additional financial support for […]

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Energy firms call for windfall tax blog

Energy firms call for windfall tax to be scrapped by 2025

Trade body Offshore Energies UK (OEUK) has stated that the Energy Profits Levy, also known as the ‘windfall tax’, on UK energy firms should be scrapped by 2025 or it could risk having a ‘detrimental impact’ on investment in the sector. OEUK said that a new round of windfall taxes would ‘leave the UK facing decades […]

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Experts warn inflation could keep rising in 2023 blog

Experts warn inflation could keep rising in 2023

Economic analysts have warned that the rate of inflation could keep rising in 2023 as a result of rising energy prices. Think tank the Resolution Foundation stated that inflation could go above 15%, whilst investment bank Citi said that it is ‘entering the stratosphere’ and could reach 18.6%. Predictions outlined by the Bank of England […]

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Treasury Committee warns blog

Treasury Committee warns government against ‘flying blind’ with Emergency Budget

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 Committee, asked whether the Treasury is working with the Office for Budget Responsibility (OBR) on a forecast to […]

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Ofgem raises energy price cap by 80 blog

Ofgem raises energy price cap by 80%

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 rise follows a 54% increase in April, which saw average bills surge to £1,971 a year. Ofgem Chief […]

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HMRC releases more details MTD for Income Tax blog

HMRC releases more details MTD for Income Tax

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 IT will be mandatory from 6 April 2024. HMRC is now asking for users to sign up for […]

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