Spring Budget Blog

Apr 13

Business groups welcome Spring Budget

The UK’s business groups largely welcomed the measures taken in the Chancellor’s Spring Budget. The Confederation of British Industry (CBI) branded the Budget as a ‘strong second act’ in Mr Hunt’s plan for stability and growth. Matthew Fell, Interim Director General of the CBI, said: ‘The CBI called for action on people and productivity and the government […]

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Capital allowances reformed blog

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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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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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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BCC warns SME exporters Blog

Feb 08

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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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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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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Brexit deal not delivering for businesses blog

Brexit deal not delivering for businesses

Over half of UK companies currently face difficulties in adapting to the new rules for trading goods with the EU, according to a British Chambers of Commerce (BCC) survey. The survey also found that 77% of respondents who exported were unable to identify any growth as a result of the rule changes. The post-Brexit trade […]

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Bank of England raises base rate blog

Bank of England raises base rate to 3.5%

The Bank of England (BoE) has raised UK interest rates by half a percentage point to 3.5%. It is the ninth consecutive increase and takes the base rate to its highest level for 14 years as the Bank battles to stem soaring prices. The Bank’s Monetary Policy Committee (MPC) voted 6-3 in favour of putting rates up […]

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Chancellor announces Spring Budget date Blog

Chancellor announces Spring Budget date

Chancellor Jeremy Hunt has announced that the Spring Budget will be delivered on 15 March 2023. Mr Hunt stated that he has commissioned the Office for Budget Responsibility (OBR) to prepare an economic forecast to accompany the Budget. The Spring Budget will be the Chancellor’s second fiscal event, following November’s Autumn Statement. Mr Hunt used […]

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Government extends mortgage guarantee scheme Blog

Government extends mortgage guarantee scheme

The Mortgage Guarantee Scheme will be extended by a year to the end of December 2023, helping people with 5% deposits on to the property ladder, the UK government has announced. Under the scheme, the government offers lenders the financial guarantees they need to provide mortgages that cover the other 95%, subject to the usual […]

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Tax non-compliance during pandemic Blog

Tax non-compliance during pandemic cost UK £9 billion

Tax non-compliance during the pandemic cost the UK government £9 billion, according to a report from the National Audit Office (NAO). HMRC redeployed around 1,350 workers to Covid-19 support schemes throughout 2020/21, shrinking the number of those working on tax compliance, the NAO said. This reduced the tax authority’s capacity to investigate people and businesses not paying […]

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MTD for ITSA delayed blog

MTD for ITSA delayed for two more years

The Treasury has announced that Making Tax Digital for income tax self assessment (MTD for ITSA) will be delayed for two more years until April 2026. MTD for ITSA was due to take effect from April 2024 and would have required all self-employed individuals and landlords with income over £10,000 to report earnings quarterly through […]

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