The Chancellor delivered his first Budget on 28 October 2026. Income tax, National Insurance and VAT rates stay the same, but there are changes to the minimum wage, dividends, rental income and business selling reliefs. Here we compare the new figures with previous years.
The government has pledged to assist households with the cost of living crisis. Those eligible are due to receive a payment of £650 paid in 2 lump sums of £326 and £324. The initial payment was due in accounts by 31st July, despite some delays, with the next instalment due this Autumn. Second Cost of Living Grant Roll Out You may be eligible for a...
Changes to divorce law mean it’s crucial that complex tax rules are followed carefully to avoid a heavy tax bill. The new ‘no fault’ divorce which came into effect for separating couples from April 2022 has seen the number of divorce applications nearly double compared to the same period last year. New No Fault Divorce Triggers Tax Issues From April 2022, the Divorce, Dissolution and...
Chancellor Rishi Sunak delivered his budget dubbed best of both worlds budget on Wednesday. His announcements speak of a confidence in economic growth and official forecasts adjusting to signal more favourable predictions. Best of Both Worlds Budget Despite Mr Sunak’s business boosting announcements offering the best of both world budget, the Institute for Fiscal Studies says that average real wages will be lower by 2026...
Welcome to the September 2021 News Update from Prestige Business Management September 2021 News Update – featuring additional news developments from our newsletter series. Stay informed with the latest news in business support and financial affairs. Key Dates Coming Up Corporation Tax Payment – 1st October Due for businesses with 31 December 2020 year end. Additional Customs Requirements at UK Border – 1st October Mandatory...
Employers have been facing new challenges trying to fill their staff vacancies, as growth slowed to a six-month low in August. A shortage of staff, pingedemic workforce disruption and disturbances to the supply chain have hampered UK businesses, forcing growth to slow down to the lowest rate in half a year. The Covid pandemic and Brexit have both contributed to the current National workforce shortage,...
HM Treasury is in overdrive trying to solve the soaring national deficit whilst navigating the treacherous economic climate, resulting from the pandemic. So far the economy appears to be recovering faster than expected, albeit with scars. Yet figures seem to consistently beat the predictions made by official forecasts, which is a pattern we can see repeated throughout the Bounce Back in the UK Economy. Bounce...
A petition signed by 76,972 signatories this summer called on the chancellor for a lower pension age to decrease eligibility from 66 to 60 years for both men and women. The petition argued that the state pension age should be lowered to 60 with “imminent effect” due to the impacts of the pandemic on the jobs market. It also argues that this is necessary to...
In his 2021 budget announced in March, Mr Sunak promised tax reform in an attempt to raise £2.2 billion towards erasing the national deficit, alongside increased investment in compliance capabilities for HMRC to get tough on fraudulent furlough claims. HMRC Gets Tough The chancellor promised to sharpen up on fraud, tax avoidance and tax evasion, hoping to raise £2.2 billion over five years. We are...
Inflation has risen sharply this year, driven in part by price rises in products like cars, chips and furniture, plus disruption to the supply chain. Some experts think this could signal forthcoming economic instability, whereas others say that a current spike in inflation will be temporary and can be explained by the economy bouncing back. Spike in Inflation Will be Temporary The rate of inflation...
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