NEWS
We will keep you up to date with everything you need to know about your finances.
Hunting for Growth: Autumn Statement 2022
As Jeremy Hunt took to the dispatch box just 34 days after taking on the role of Chancellor of the Exchequer, all eyes were on him. Following the dramatic sacking of Kwasi Kwarteng after his October mini-budget unleashed market turmoil, a swift change in Prime Minister, and an ever-burgeoning cost-of-living crisis, Hunt promised that today’s Autumn Statement (delayed from 31st October) would ensure his tax and spending plans would "stand the test of time".
Business Confidence Falls Significantly
A new survey from the British Chambers of Commerce (BCC) reveals that business confidence declined significantly in Q3 compared to Q2 of this year.
Autumn Budget Delayed
Prime Minister Rishi Sunak announced that the statement on the Government’s fiscal plan, originally planned for 31 October, will be delayed until 17 November.
Inflation Rises to 10.1% in September
The inflation rate hit 10.1% in the 12 months to September, according to new data from the Office for National Statistics (ONS).
Average Five-Year Mortgage Rate Hits 12-Year High
A typical five-year fixed rate mortgage has hit 6.02%, the highest figure since the 2010 financial crisis.
IR35: The Rules Now
Late September into mid-October has been a turbulent time for the Government and a confusing time (at best) for taxpayers, after former chancellor Kwasi Kwarteng’s fiscal statement. On 17 October, the new chancellor, Jeremy Hunt, reversed around two thirds of the tax cuts in the fiscal statement, including complicated changes to the controversial off-payroll working rules known as IR35.
CGT on Buy-To-Let
A combination of financial challenges, eviction bans and a perceived lack of support meant the rental market was hit hard by the COVID-19 pandemic. Now, landlords and tenants are feeling the effects of rising costs.
MTD FOR VAT PENALTIES BEGIN FROM NOVEMBER
HMRC has announced that penalties will be issued to those not completing VAT returns through Making Tax Digital (MTD) from 1 November 2022.
Covid Loans Scheme Hit by Over £1bn in Suspected Fraud
The Government is joining forces with lenders and agencies to tackle the high level of bounce-back scheme fraud cases.
Bank of England Predicts the UK to Enter Recession This Year
The Bank of England (BoE) has predicted that the UK will enter a recession before the end of the year.
Chancellor Announces Biggest Tax Cuts in 50 Years
Kwasi Kwarteng has announced the biggest bundle of tax cuts since 1972 in his first fiscal statement as Chancellor.
Making Business Savings During A Recession
Nobody wants one, but a recession in the UK is looming, with the Bank of England (BoE) and British Chambers of Commerce (BCC) predicting the UK will enter one by the end of 2022.
HMRC Updates MTD Guidance
HMRC updated some of its informational pages on GOV.UK in late August, including fresh information on how to meet the requirements for MTD for income tax self-assessment (ITSA) and how to sign up for the scheme.
Kwarteng’s not-so-mini Budget: Energy Support
One of other areas of focus was to elaborate on the Government’s relief package to help businesses and households tackle the catastrophic rise in energy prices. Kwarteng announced three key measures. Find out more about what was announced in this article.
Kwarteng’s not-so-mini Budget: Business Support
During the fiscal statement, the Chancellor announced a range of measures to ease the pressure on businesses across the country.
In addition to scrapping the 1.25 percentage point health and social care levy (as above), which the Treasury says will make it cheaper for businesses to employ more staff, Kwarteng went further to cut taxes on businesses as well as push for increased development in some regions of England. Find out more details in our article breaking down all that was said on the Chancellor’s fiscal statement.
How will Kwarteng’s new Budget will affect you personally?
A new not-so-mini Budget has been announced - what does this mean for you and your family? Covered in this article is a breakdown of how the new budget will affect you personally, referencing income tax changes, the National Insurance increase being reversed, changes to dividend tax rates, alterations to stamp duty, and new rules around universal credit.
Kwarteng's not-so-mini Budget
Last week’s fiscal statement, the ‘mini-Budget’ that the Government insisted wasn’t, in fact, a Budget at all, came at 9:30am on Friday 23 September and brought with it some significant, unexpected and (in some cases) controversial measures. Covering the personal impacts of these new measures, the support for businesses and the government’s energy package, find out more about what this not-so-mini Budget means for you.
Capital Gains Tax Rules for Divorced Couples Ease
The Government has announced plans to relax capital gains tax (CGT) rules in divorce settlements, giving spouses and civil partners more time to transfer assets without incurring CGT charges.
Help to Grow Scheme Extends to Smallest Businesses
The Government’s “help to grow”: digital’ scheme has now expanded to include businesses with fewer than five employees.
Energy Bill Support to be Split Over Six Payments
The Government has announced a £400 energy bill grant will be paid to customers over six payments to help households cope with the cost-of-living crisis.