Aug 07

British Business Bank launches Growth Guarantee Scheme

The British Business Bank has launched the Growth Guarantee Scheme to help smaller businesses access finance. The Growth Guarantee Scheme is the successor to the Recovery Loan Scheme and is expected to support around 11,000 smaller businesses. The British Business Bank has so far accredited 41 lenders for the scheme which will run until March 2026. […]

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UK announces National Wealth Fund

The UK government is planning a National Wealth Fund to stimulate private sector investment backed by £7.3 billion in funding through the UK Infrastructure Bank (UKIB). Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds have instructed officials to immediately begin work to create the new National Wealth Fund by bringing together the work of the […]

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HMRC launches blog

HMRC launches VAT Registration Estimator

HMRC has launched a digital tool to help businesses estimate what registering for VAT may mean for them. The VAT Registration Estimator helps to show businesses when their turnover could require them to register for VAT and its effect on profits. A business must register for VAT if: Total VAT taxable turnover for the previous 12 […]

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king blog

King’s Speech pledges to secure economic growth

The first King’s Speech since Labour’s victory in the General Election saw the new government pledge that securing economic growth would be its fundamental mission. King Charles III delivered the 2024 King’s Speech at the State Opening of Parliament and announced plans to accelerate housebuilding and high-quality infrastructure through planning reform. In the Speech, the […]

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chancellor blog

Chancellor takes difficult decisions as Budget date set

Chancellor of the Exchequer Rachel Reeves said she was taking difficult decisions after a Treasury spending audit revealed £22 billion of unfunded pledges. Ms Reeves confirmed that the Autumn Budget will take place on 30 October. In a statement to Parliament, the Chancellor made a number of announcements but said there would be more to come […]

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Jul 16

EU trade deal not working for UK business, warns BCC

The UK government must stop ‘walking on eggshells’ around improving EU trade ties, the British Chambers of Commerce (BCC) has warned. The new government must improve the current EU-UK trade and co-operation deal in order to boost economic growth, adds the BCC. Businesses have criticised the additional red tape and increased costs that Brexit has placed on firms […]

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economy blog

UK economy grew by more than previously estimated during first quarter

The UK economy grew by more than initially estimated at the start of this year, according to figures from the Office for National Statistics (ONS). The economy grew by 0.7% between January and March 2024, up from the previous figure of 0.6%. Growth in the UK services sector helped to push it even higher, the ONS […]

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Jun 10

Retirees report £119,000 shortfall in pension savings

UK adults face a significant shortfall in their pension savings at retirement compared to what they wanted to retire on, according to research from Standard Life. Standard Life’s Retirement Voice Report found that, on average, retirees had hoped to build up a pension pot of £250,000. However, the average amount that they accumulated by retirement […]

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HMRC error

HMRC error means self-employed workers could lose out on state pension

An HMRC error could mean that some low-income, self-employed workers lose out on their entitlement to National Insurance-related benefits like the state pension, warns the Low Incomes Tax Reform Group (LITRG). The issue centres around the payment of voluntary Class 2 National Insurance contributions (NICs) that can be made by self-employed taxpayers with profits under £6,725. […]

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build trust blog

Next government will need to build trust between HMRC and self-employed

The next government must take a direct hand in rebuilding trust between HMRC and the self-employed, according to the Association of Independent Professionals and the Self-Employed (IPSE). The call is part of IPSE’s manifesto for the General Election on 4 July. Under its proposals, a Cabinet minister would be charged with directly overseeing the tax […]

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May 07

Latest guidance for employers May 2024

HMRC has published the latest issue of the Employer Bulletin. The March issue has information on various topics, including:   •         PAYE Settlement Agreement payment •         reporting expenses and benefits for the tax year ending 5 April 2024 •         mandating the payrolling of benefits in kind from April 2026 •         PAYE tax calculator •         basis […]

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hmrc clarifies blog

HMRC clarifies tax rules for WFH commuting

HMRC has updated guidance on when tax relief is available on travel expenses for staff who work from home. The tax authority is responding to the growth of flexible or hybrid basis working contracts, particularly since the Covid-19 pandemic. HMRC confirmed that ‘under such arrangements, the employee will have a base office and journeys from […]

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government urged blog

Government urged to implement reforms to R&D tax system

The government is being urged to implement reforms to the Research and Development (R&D) tax relief system in order to avoid hurting small companies by the Suffolk Chamber of Commerce. A report released by the Chamber found that recent changes by HMRC and a ‘wild west’ regulatory system in regard to who can act as […]

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ir53 reforms blog

IR35 reforms taking their toll on skilled contractors

One in ten highly skilled freelancers are currently out of work due to the impact of reforms to IR35 tax legislation, according to research published by the Association of Independent Professionals and the Self-Employed (IPSE). IPSE’s survey of more than 1,300 contractors in highly skilled roles found that 21% are not currently working, with half […]

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Apr 08

The National Minimum Wage is the single most successful economic policy in a generation, says think tank

The introduction of the UK’s National Minimum Wage (NMW) in 1999 is the single most successful economic policy in a generation, according to the Resolution Foundation. The NMW has increased the pay of the UK’s lowest paid workers by £6,000 a year compared to their earnings simply rising in line with typical wages, says a […]

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New measures aim to ‘break the spell’ of fraudsters

New measures aim to ‘break the spell’ of financial fraudsters by giving payment providers more time, according to draft legislation published by the government. Until now, payment service providers such as banks have generally been required to process payments by the end of the following business day, giving a limited timeline to investigate and alert […]

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HMRC’s services having a negative impact on SME productivity

The productivity and efficiency of SMEs is suffering as a result of poor HMRC services, according to members of the Association of Chartered Certified Accountants (ACCA). In a survey of ACCA members, 66% said that poor HMRC services were having a negative impact on their clients, with small businesses ‘bearing the brunt’ of this issue. […]

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Bank holds interest rates as inflation and economy show improvement

The Bank of England held interest rates at 5.25% despite continued falls in the rate of inflation and a return for growth for the UK economy in January. The Bank’s Monetary Policy Committee (MPC) voted by eight to one to hold the base rate at 5.25%, the fifth month in a row that it has […]

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Business groups say challenges remain despite encouraging Budget

The UK’s business groups warned that challenges remain despite the Chancellor delivering an encouraging Spring Budget. The British Chambers of Commerce (BCC) said that while the cut to NICs would ‘boost jobs’ it had failed to ‘shift the dial’ for business. Shevaun Haviland, Director General of the BCC, said: ‘Following the Autumn Statement this Budget was […]

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Jeremy Hunt cuts NICs again in the Spring Budget

The Chancellor made further changes to National Insurance contributions (NICs) following the cuts made in the Autumn Statement 2023. The rates for NICs will be cut by two percentage points for both employees and the self-employed from 6 April 2024. This will see Class 1 employee NICs reduced from 10% to 8% from 6 April […]

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