Aug 05

Pandemic-born businesses could add £20.4 billion to UK economy

More than £20 billion could be added to the UK economy in the future from the number of additional businesses created during the pandemic, according to research carried out by the Confederation of British Industry (CBI). Around 800,000 companies were registered in the first year of the pandemic, a 22% increase compared with the previous year. […]

READ MORE

New finance legislation aims to unlock investments

The government has introduced legislation to Parliament, which it says will enhance the competitiveness of the UK financial services sector and unlock tens of billions of pounds of investment. The Financial Services and Markets Bill repeals hundreds of pieces of EU retained law to deliver a ‘comprehensive model of regulation for the UK’. The government says […]

READ MORE

Insurer warns of rise in fraudulent claims amid cost-of-living crisis

Insurer Zurich UK has stated that there has been a significant increase in the number of fraudulent claims as a result of the cost-of-living crisis. Zurich found that between 1 January and 31 May 2022, the number of fraudulent property claims rose by 25% compared to the same period in 2021. It also stated that in […]

READ MORE

IoD calls for extension of capital allowances super-deduction

The Institute of Directors (IoD) has called on the government to extend the capital allowances super-deduction. Data published by the IoD found that the super-deduction has had ‘a positive and measurable impact’ since it was introduced at Budget 2021. The data showed that 13% of firms reported that the super-deduction had had a direct impact […]

READ MORE

Reform required to combat staff shortages, says BCC

The British Chambers of Commerce (BCC) has called for action to help firms employ more staff amidst recruitment difficulties. A survey carried out by the business group revealed that 61% of firms are looking to recruit more employees, but many are facing difficulties in doing so. According to the BCC, the construction sector is facing the […]

READ MORE

IMF warns UK is set for slowest rate of growth of G7 countries

The International Monetary Fund (IMF) has warned that the UK faces the slowest rate of growth in the G7 next year. The IMF predicts that UK economic growth will fall to 0.5% in 2023, which is considerably lower than its previous prediction of 1.2%, which was forecast in April. Russia’s invasion of Ukraine and the […]

READ MORE

National insurance threshold rises to £12,570

The level at which people start paying national insurance rose from £9,880 to £12,570 from 6 July. According to the government, 30 million people across the UK will benefit from this tax cut. It says the increase will lift 2.2 million people out of paying any personal tax. The threshold change means that 70% of […]

READ MORE

Recovery Loan Scheme to be relaunched

The Recovery Loan Scheme (RLS) will be relaunched during August 2022 as the government aims to continue supporting recovering small businesses. The RLS launched in April 2021 and was originally scheduled to run until 31 December 2021. At Autumn Budget 2021, the government extended the scheme by six months to 30 June 2022 and made some […]

READ MORE

Jul 12

New homeowners warned over tax refund claims

New homeowners are being warned about cold calls from rogue tax repayment agents advising them to make speculative Stamp Duty Land Tax (SDLT) refund claims, which could leave them with large tax bills. The warning comes after a recent spate of Stamp Duty refund claims to HMRC failed to meet specific criteria. The agents have been […]

READ MORE

Latest guidance for employers July 2022

HMRC has published the latest issue of the Employer Bulletin. The June issue has information on various topics, including: PAYE paying Class 1A National Insurance contributions due on 22 July 2022 Enterprise Management Incentive: Covid-19 easement ending Save as You Earn: Covid-19 easement ending guidance on how tips, gratuities and service charges are taxed. Please […]

READ MORE

Manufacturers call for support package

Manufacturing trade body Make UK is calling for an emergency, pre-recess package of business support measures. The call comes after a Make UK survey showed growth and orders slowing significantly with exports close to a standstill. Make UK has made recommendations for measures the government can introduce now to address rising business costs, including: waiving or […]

READ MORE

NICs increase has immediate impact on businesses

Four out of five employers stated that they were immediately impacted by the increase in national insurance contributions (NICs), according to research by the British Chambers of Commerce (BCC). The BCC surveyed more than 1,100 UK employers and found that the NICs increase has caused negative impacts to 81% of businesses. Firms said the rise […]

READ MORE

Bank of England raises UK interest rates to 13-year high of 1.25%

The Bank of England (BoE) has raised UK interest rates to a 13-year high of 1.25% and is now predicting inflation will hit 11% this autumn, when energy bills are set to rise again. Six out of nine Monetary Policy Committee (MPC) members voted for a 0.25 basis point hike, leading to a fifth consecutive rise. It […]

READ MORE

Inflation hits 40-year high of 9.1% amid cost-of-living crisis

UK inflation rose to 9.1% in May from 9% in April as the cost-of-living crisis continues, according to data from the Office of National Statistics (ONS). It was a slight increase on the 9% figure of the previous month, which was driven upwards by April’s unprecedented rise in the energy price cap and is estimated […]

READ MORE

HMRC criticised over IR35 implementation

HMRC needs to demonstrate that off-payroll working rules, commonly known as IR35, can operate effectively and fairly in the real world, according to a report by the Public Accounts Committee (PAC). The tax authority should also investigate whether the costs and unintended consequences of IR35 are proportionate to the additional tax revenue that the reforms raise. […]

READ MORE

MTD for income tax pilot extended

HMRC is extending the pilot for Making Tax Digital for Income Tax Self Assessment (MTD ITSA) to more self-employed workers and landlords. From July, those taking part will be able to test MTD ITSA before April 2024, including their own internal processes for managing MTD. Agents and customers are already taking part, and HMRC wants more […]

READ MORE

Jun 10

Advisory fuel rates for company cars June 2022

New company car advisory fuel rates have been published and took effect from 1 June 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 […]

READ MORE

HMRC issues £14 million in penalties for minimum wage offences

HMRC issued 580 penalties totalling over £14 million for minimum wage offences during 2020/21, according to a report released by the Department for Business, Energy and Industrial Strategy (BEIS). The penalties given out for national minimum wage (NMW) and national living wage (NLW) offences have dropped by £4.5 million from the year before, which saw 992 penalties worth £18.5 […]

READ MORE

New law to protect access to cash announced in Queen’s Speech

New laws to protect access to cash and help victims of financial scams were announced in the Queen’s Speech at the state opening of parliament on 10 May. The new Financial Services and Markets Bill will ensure the continued availability of withdrawal and deposit facilities across the UK. The Bill will also enable the Payment Systems […]

READ MORE

Number of firms in critical financial distress rises sharply

A growing number of UK businesses are at risk of going under as costs spiral and Covid loan repayments become due, according to a report from insolvency firm Begbies Traynor. Although COVID restrictions have been lifted, some firms are still feeling the impact of disruptions to supply chains, and the price of energy and other inputs […]

READ MORE

Open Quote

From first going self-employed to starting a limited company, the fantastic accountants at Sage have talked me through the processes and looked after all things accounts-related, leaving me with peace of mind; free to focus on the day-to-day operating of the business. Sage handles everything for me from payroll to tax returns and their service is flawless; when I need something its done; when I need info I get it. All of their staff are friendly, professional, efficient and patient and I couldn’t manage without them.

 

Close Quote