News
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Bank of England raises UK interest rates to 4.25%
Published by Michael Graves on Thu, 13/04/2023 - 8:42amInterest rates have been increased to 4.25% from 4% by the Bank of England (BoE) as it tries to slow rising prices.
The BoE's decision to increase rates for the 11th time in a row comes after figures showed that the cost of living has risen by more than expected. Data published recently by the Office for National Statistics (ONS) showed that inflation jumped to 10.4% in the year to February, despite predictions it would fall.
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HMRC issues guidance on abolition of pensions lifetime allowance
Published by Michael Graves on Wed, 12/04/2023 - 12:00amHMRC recently issued preliminary guidance in regard to the abolition of the pensions lifetime allowance.
At the Spring Budget, Chancellor Hunt announced that the lifetime allowance charge will be removed from 6 April 2023. The allowance will be fully abolished from the 2024/25 tax year via a future Finance Bill, HMRC said.
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Capital allowances reformed in 'Budget for growth'
Published by Michael Graves on Tue, 11/04/2023 - 8:36amA £27 billion transformation of capital allowances from April was announced by Chancellor Jeremy Hunt as he delivered a 'Budget for growth'.
The Spring Budget followed an improved forecast from the Office for Budget Responsibility (OBR). The OBR said it expects the UK to avoid a technical recession this year, with a stronger-than-expected performance from the economy as inflation continues to fall.
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Business groups welcome Spring Budget
Published by Michael Graves on Tue, 11/04/2023 - 12:00am -
Spring Budget 2023
Published by Chloe Turner on Thu, 16/03/2023 - 8:09am -
Advisory fuel rates for company cars
Published by Michael Graves on Wed, 08/03/2023 - 12:00amNew company car advisory fuel rates have been published and took effect from 1 March 2023.
The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car.
The advisory fuel rates for journeys undertaken on or after 1 March 2023 are:
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HMRC urges eligible couples to claim Marriage Allowance
Published by Michael Graves on Wed, 08/03/2023 - 12:00am -
'Digital pound' likely to launch this decade, says Treasury
Published by Michael Graves on Tue, 07/03/2023 - 12:00am -
Record 11.7 million tax returns received on time
Published by Michael Graves on Tue, 07/03/2023 - 12:00amA record 11.7 million self assessment taxpayers submitted their tax returns by the 31 January deadline, HMRC has revealed.
The final day for self assessment returns saw 861,085 customers file online to meet the deadline, some with minutes to spare. There were 36,767 customers who filed in the last hour before the deadline, but the peak hour for filing on the day was between 4pm and 4:59pm, when 68,462 customers submitted their tax return.