UK economy narrowly avoided Blog

Mar 09

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, […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE
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) […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE

Dec 09

Advisory fuel rates for company cars December 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 […]

READ MORE

Digital Services Tax has raised £358 million

The UK’s Digital Services Tax (DST) raised £358 million from large digital businesses in the 2020/21 tax year, according to data published by the National Audit Office (NAO). The DST was introduced in April 2020 to combat the government’s fears that the international tax system ‘did not recognise the value being generated for digital companies through […]

READ MORE

Auto-enrolment has helped workers save £114 billion into pensions

Workers have saved more than £114 billion into their pension pots since pensions automatic enrolment was implemented ten years ago, according to data published by the Department for Work and Pensions (DWP). The data showed that more than 10.7 million employees were paying into a workplace pension in 2021. The proportion of young people saving into […]

READ MORE

CBI praises Chancellor for ‘delivering stability’ in Autumn Statement

The Confederation of British Industry (CBI) praised Chancellor Jeremy Hunt for ‘delivering stability and protecting the most vulnerable‘ in the Autumn Statement. The business group welcomed the freeze in business rates and extra support for those facing higher bills. Additionally, it said that staying the course on R&D spending and major infrastructure will give a […]

READ MORE

Tax burden rises following Autumn Statement

The UK’s tax burden will rise after Chancellor Jeremy Hunt reduced the threshold on the top rate of tax and announced freezes on other taxes in the Autumn Statement. The threshold for the top 45% additional rate of income tax was cut to £125,140 from £150,000. The government is also fixing other personal tax thresholds […]

READ MORE

Nov 18

Autumn Statement 2022

Further to the new chancellor Jeremy Hunt’s delivery of the Autumn statement yesterday, I attach a summary of what he announced, please do note that some of the information contained will apply to England only. Click here to download Further guidance for Wales/Scotland/Ireland can be found on www.Gov.uk.

READ MORE

Nov 09

Self assessment clock ticks down to under 100 days

HMRC has reminded taxpayers that they are now less than 100 days until the deadline for self assessment online return submission. Self assessment taxpayers have until 31 January 2023 to submit their online return for the 2021/22 tax year. According to HMRC, more than 66,000 taxpayers beat the clock and filed their tax return on 6 […]

READ MORE

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 […]

READ MORE

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 […]

READ MORE

Oct 13

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 […]

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