Government extends mortgage guarantee scheme Blog

Jan 18

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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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 […]

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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 […]

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UK businesses anticipate growth in exports

A significant number of UK businesses that trade internationally expect to see an increase in their exports over the coming year, according to an Institute of Directors (IoD) survey. The survey showed that 42% of UK international traders expect export growth over the next 12 months. It also revealed that 47% of businesses are still […]

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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 […]

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OECD warns UK on course for biggest economic downturn

The UK economy is to suffer the biggest hit of all the G7 nations next year, according to a report from the Organisation for Economic Cooperation and Development (OECD). The OECD forecasts that the UK’s GDP will reduce 0.4% next year and grow 0.2% in 2024. This is better than previous OECD predictions which has been for […]

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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 […]

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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 […]

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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.

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Nov 09

Latest guidance for employers November 2022

HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics, including: the reduction in the rate of National Insurance contributions making PAYE Settlement Agreement payments and using the PSA1 online form the new starter checklist interactive guidance Making Tax Digital returns and changes to VAT penalties and interest […]

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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 […]

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IoD survey finds UK businesses anticipate growth in exports

A survey conducted by the Institute of Directors (IoD) has found that 42% of UK businesses that trade internationally expect to see an increase in their exports over the coming year. The survey also revealed that 47% of businesses are still finding Brexit challenging, and just 33% envisage opportunities materialising as a result of Brexit. Additionally, […]

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Inflation returns to 40-year high

The rate of inflation rose to 10.1% in September as the economy felt the effects of rising prices and the fallout from the Mini Budget, according to the Office for National Statistics (ONS). The ONS said the Consumer Prices Index (CPI) measure rose from an annual rate of 9.9% in August to match the recent […]

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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 […]

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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 […]

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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 […]

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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 […]

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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 […]

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