The government has unveiled its Small Business Plan to support small and medium sized firms (SMEs) across the country. Its measures include tackling the scourge of late payments with what it describes as “the most significant legislative reforms in 25 years”. Late payments are costing the UK economy £11billion a year and lead to the […]
A new service that allows individuals to verify their identity directly with Companies House is up and running. More than six million people will need to comply in the 12 months after identity verification becomes a legal requirement later this year. Anyone setting up, running, owning or controlling a company in the UK will need […]
The government has announced additional time for businesses to prepare for the introduction of mandatory payrolling for benefits in kind (BiKs) and taxable employment expenses. In a move that will be welcomed by hard-pressed small businesses, mandatory payrolling will be introduced from April 2027 rather than April 2026. HMRC says it has made the change […]
Chancellor Rachel Reeves confirmed a £2.2bn defence spending boost in her Spring Statement however it came on the back of a disappointing fall in forecasted economic growth. As widely predicted, there were no further tax increases or surprises for businesses, who were hit hard by the chancellor’s autumn Budget with its employers’ NI hike and […]
People looking to maximise their state pension by plugging gaps in their National Insurance record have contributed to a total of 68,673 years, worth £35 million, since April last year. HMRC’s analysis of the digital service available to fill gaps has shown that more than 37,000 online payments have been made. The average online top-up […]
HM Revenue and Customs (HMRC) is changing its systems to end emergency taxing pensioners on their retirement savings. It has announced plans to improve tax code processing for people as they start to receive their private pension. The changes, starting in April, aim to ensure people pay the correct amount of tax right from the […]
Keir Starmer warned the Budget was “going to be tough”. He wasn’t wrong when it comes to the impact on business. As widely predicted, employers’ National Insurance contributions were high on chancellor Rachel Reeves target list. And she did not hold back with measures to raise £25bn a year for government coffers. The rise from […]
The warnings are clear. Prime Minister Keir Starmer has already declared this month’s Budget is “going to be tough”. The only question is: Just how tough? The run-up to October 30 has seen intense speculation on what tax hikes chancellor Rachel Reeves will announce when she stands up in the Commons to deliver her speech. […]
A new report has highlighted the damage done to the private rental sector by taxation that its authors say has hindered investment and contributed to skyrocketing rents. The Propertymark report examines the impact of Section 24, which was implemented by former chancellor George Osborne to cut the available tax relief on mortgage interest costs and […]
