News
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Energy firms call for windfall tax to be scrapped by 2025
Published by Michael Graves on Fri, 09/09/2022 - 3:50pmTrade body Offshore Energies UK (OEUK) has stated that the Energy Profits Levy, also known as the ‘windfall tax’, on UK energy firms should be scrapped by 2025 or it could risk having a ‘detrimental impact’ on investment in the sector.
OEUK said that a new round of windfall taxes would ‘leave the UK facing decades of energy insecurity’ and only serve to ‘heap further costs on consumers’.
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Experts warn inflation could keep rising in 2023
Published by Michael Graves on Fri, 09/09/2022 - 3:48pm -
Treasury Committee warns government against 'flying blind' with Emergency Budget
Published by Michael Graves on Fri, 09/09/2022 - 3:45pmThe Treasury Committee has urged the government to provide assurance that it is not ‘flying blind’ into a potential Emergency Budget this September.
In a letter sent to Chancellor Nadhim Zahawi, Mel Stride, Chair of the Treasury Committee, asked whether the Treasury is working with the Office for Budget Responsibility (OBR) on a forecast to be published with any potential Emergency Budget that may be announced.
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Ofgem raises energy price cap by 80%
Published by Michael Graves on Mon, 05/09/2022 - 2:28pm -
HMRC releases more details MTD for Income Tax
Published by Michael Graves on Mon, 05/09/2022 - 2:26pmHMRC has published more details on how Making Tax Digital for Income Tax (MTD for IT) will work for buy-to-let landlords and sole traders with qualifying income over £10,000.
The new income tax framework for MTD for IT will be mandatory from 6 April 2024. HMRC is now asking for users to sign up for the test phase.
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Pandemic-born businesses could add £20.4 billion to UK economy
Published by Michael Graves on Tue, 09/08/2022 - 8:38amMore than £20 billion could be added to the UK economy in the future from the number of additional businesses created during the pandemic, according to research carried out by the Confederation of British Industry (CBI).
Around 800,000 companies were registered in the first year of the pandemic, a 22% increase compared with the previous year. Only 13% of these start-ups cited regulation as a challenge when starting their business.
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New finance legislation aims to unlock investments
Published by Michael Graves on Tue, 09/08/2022 - 8:38amThe government has introduced legislation to Parliament, which it says will enhance the competitiveness of the UK financial services sector and unlock tens of billions of pounds of investment.
The Financial Services and Markets Bill repeals hundreds of pieces of EU retained law to deliver a ‘comprehensive model of regulation for the UK’.
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Insurer warns of rise in fraudulent claims amid cost-of-living crisis
Published by Michael Graves on Mon, 08/08/2022 - 8:53amInsurer Zurich UK has stated that there has been a significant increase in the number of fraudulent claims as a result of the cost-of-living crisis.
Zurich found that between 1 January and 31 May 2022, the number of fraudulent property claims rose by 25% compared to the same period in 2021. It also stated that in the last five months, it has prevented fraud amounting to £4.2 million, which equates to more than £40,000 a day.
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IoD calls for extension of capital allowances super-deduction
Published by Michael Graves on Mon, 08/08/2022 - 8:50am