NEWS
We will keep you up to date with everything you need to know about your finances.
Employers Ramp Up Counter-Offers to Retain Staff
Employers are turning to generous counter-offers in a bid to retain staff as skills shortages persist, new research suggests. Find out more here.
HMRC Reopens Self-Assessment Helpline
HMRC has reopened the self-assessment tax helpline from 4 September after it was closed for three months over the summer. Details here.
ONS Revises its Findings and Says Economy Actually Grew in 2021
The UK is no longer a global economic outlier after a huge revision to its post-pandemic economic performance by the Office for National Statistics (ONS). Read more here.
An Introduction to Trusts
What you need to know about trusts, including how they are taxed. Check out our latest article here.
What Does ULEZ Mean For Your Business?
The latest ULEZ expansion means that many more businesses and individuals could face charges when driving vehicles that don’t meet emissions standards.
We’re here to help you understand how to comply with these clean air schemes and offer advice on minimising the extra financial and administrative burdens.
One Million More Pulled into Tax on Savings
Rising interest rates and frozen thresholds will force over one million more taxpayers to pay taxes on their savings interest this tax year, new data reveals.
Pay Growth Ends 18-month Wage Squeeze
Real wages in June 2023 were higher than a year ago for the first time in 18 months, ending a pay squeeze across Britain.
UK grows but remains in ‘precarious place’
Growth remained sluggish between April and June 2023, with GDP growing by 0.2% in the second quarter of 2023 following a 0.1% rise in the first.
Geopolitics Prompt Importers to Alter Supply Chains
One in five British importers have altered their supply chains because of geopolitical tensions, particularly with China, new research suggests. Find out more here.
A Guide to Registering for Self-Assessment
If you’ve never had to complete a self-assessment tax return, the first time can be daunting. But don’t worry: we’ll demystify the process in this article.
IR35: What Happens When It Goes Wrong?
Contractors and freelancers operate through a private company to enjoy a better tax treatment compared to sole traders — but a more favourable tax position is actually never guaranteed because of off-payroll working rules known as IR35. Want to know more? Find out about IR35 in our article here.
Choosing Your Accounting Software
In today’s fast-paced and competitive business environment, having the right tools and systems in place is crucial for success. We’ve written a guide on how to choose the best accounting software for you!
New Pension Reforms Explained
On the evening of Monday 10 July 2023, Chancellor Jeremy Hunt delivered a speech at Mansion House in the City of London where he specifically addressed changes to the pension system that could unlock up to £75 billion of corporate investment and boost the pension pots of retirees by 12%, equivalent to £1,000 a year. Find out more here.
HMRC has ‘Enormous Amount of Work’ to Deliver MTD on Time
In evidence submitted to the Public Accounts Committee’s Progress with Making Tax Digital inquiry, contributors from across the accounting profession handed down a blistering verdict on the project, and HMRC’s ability to deliver on its new timeline. Find out more about what they said here.
Call Wait Times to be Included on HMRC Helplines
After “a successful trial period”, HMRC has decided to extend its call time information messages to more of its helplines in a bid to give taxpayers and agents a better understanding of how long they can expect to be waiting on the phone. Find out more here.
UK Economy Remains on Shaky Ground
Monthly GDP fell by 0.1% in May after growth of 0.2% in April, according to the Office for National Statistics (ONS), suggesting the economy remains on shaky ground. Read more about it here.
R&D Tax Relief Crackdown ‘Deterring Genuine Claims’
The Chartered Institute of Taxation (CIOT) is warning that HMRC’s efforts to tackle abuse of the R&D tax relief system are resulting in them rejecting legitimate claims and stone-walling others. Find out more here.
Government extends VAT exemption for pharmacists
The VAT exemption for pharmacists has been extended to medical services carried out by supervised, non-registered staff as of 1 May. Details here.
ICAEW calls MTD quarterly reporting “disproportionate”
The Institute of Chartered Accountants for England and Wales (ICAEW) is urging HMRC to rethink the quarterly reporting model for Making Tax Digital for income tax self-assessment (MTD for ITSA). Find out more about what the ICAEW thinks here.
Tax take soars by almost 10%
Recent HMRC data shows that the Treasury collected £786.6 billion in taxes in 2022/23 – a 9.9% increase on last year's total of £715.3bn. More details here.