Oct 13

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 […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE
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. […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE
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 […]

READ MORE

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

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

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

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

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

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

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