HMRC (HM Revenue and Customs) has issued a warning to VAT-registered businesses in the UK to ensure that they file their VAT returns and pay the due amount on time. This is because new penalties have been introduced by HMRC,…
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The new Advisory Fuel Rates (AFRs) published by HMRC are effective as of Wednesday, March 1 and apply to company car drivers who are claiming back fuel costs from their employer. The new AFRs include a 1 pence per mile…
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On December 15, 2022, the Bank of England raised the interest rate (bank rate) from 3.0% to 3.5%. This will have a significant impact on the economy, as it will affect a wide range of interest rates across the country….
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The Institute for Fiscal Studies has warned that household income will see its biggest fall in generations following the autumn declaration. The think tank warned that growth in living standards had been weak since 2008 and was now set to…
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The Financial Conduct Authority (FCA) found that 7.8 million people felt keeping up with their bills was a burden since 2020, compared to around 2.5 million people. A quarter of adults in the UK are experiencing financial hardship, or could…
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According to a report by the Federal of Small Businesses (FSB), 8 out of 10 small businesses have difficulty recruiting employees. The FSB’s Scaling up Skills report found that more than 80% of small businesses identified a lack of relevant qualifications,…
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The international Monetary Fund (IMF) has put out a report which predicts that the UK will face the slowest rate of growth in the G7 next year. With predictions of economic growth decreasing to 0.5% in 2023, this is considerably…
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The Bank of England (BoE) has raised the UK interest rates to highest figures since 2009 to 1.25% and is now predicted to reach 11% inflation increase this autumn when energy bills are set to increase again. Over 50% of…
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Latest figures released from the Office for National Statistics (ONS) shows that inflation has now hit the highest level in 40 years following the deteriorating cost-of-living crisis. The inflation rate soared up to 9% last month, the highest it has…
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Up to eight new nuclear reactors could be delivered to existing sites. The reactors will be part of the UK’s new energy strategy. The new nuclear reactors have been set a target of producing 24GW of safe, clean, and reliable…
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The amount at which students will start to pay back their university loans will be lowered from £27,295 to £25,000 for new borrowers. Commencing from September 2023, the interest rate on student loans will also be set to RPI+0%. In…
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As a result of the decision by the By of England to increase the base rate, HMRC has now confirmed that the late payment interest rate increased by 0.25%. This increase has been set in place since 14 February 2022…
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