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...
The government has recently confirmed that Making Tax Digital (MTD) will apply to income tax self assessment (ITSA) from 6th April 2024. This includes all unincorporated businesses. This applies to sole traders, partnerships and landlords, who file their taxes via self assessment, and are earning over £10,000. MTD for ITSA Start Date Confirmed On 23 September parliament legislated this new start date for MTD for...
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...
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...
August 2021 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 Claim CJRS for August – 14th September Deadline to claim CJRS for August 2021 claims Corporation Tax Payment – 14th September Corporation tax second quarterly instalment payment for very large companies with annual taxable profits exceeding £20m...
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...
February 2021 News Update – featuring additional news developments from our newsletter series Stay informed with the latest news in business support and financial affairs. We eagerly await the forthcoming budget on 3 March. The latest budget speculation reported by the media is a potential ‘stealth’ tax rise, by freezing current thresholds, as opposed to raising them in line with inflation. For now we can...
Last week the chancellor’s centrist approach saw his odds as the favourite for next conservative leader jump from 4/1 to 2/1, which equates to a 33 percent chance that Rishi Sunak will succeed Boris Johnson. It’s true that for most of the pandemic so far he has been the runaway favourite for the succession, due to the chancellor’s centrist approach to financial aid, which has...
Budget day expectations are usually highly anticipated with much speculation in the weeks leading up to it. This year however we are witnessing an absolute clamour for information from a Treasury under pressure for a sustained, rapid response, to continually unfolding events. So here is what to expect on budget day. Support packages will remain a hot topic. Last year’s budget on 11 March 2020,...
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