The Bank of England’s Monetary Policy Committee (MPC) met on 2 August 2023 and voted 6-3 in favour of raising interest rates by 25 basis points to 5.25% in a move to further contain inflation. One
HMRC increases interest rates again
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VAT treatment of road fuel costs
There are four options for the VAT treatment of road fuel costs.
Treat all of the VAT as input tax because 100% is used for business purposes. This option only applies to fuel for cars used
Need to tell HMRC about extra income?
There is an online tool that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at www.gov.uk/check-additional-income-tax.
This could include
The end of scam calls selling financial products?
Are we about to see the end of phone calls selling sham financial products?
An 8-week consultation by the Home Office and other government departments is aiming to do just this.
The consultation,
State Pension if you retire abroad
If you are retiring abroad, you are still entitled to claim your UK State Pension as long as you have built up a suitable amount of qualifying years of NIC contributions. However, your entitlement to
Corporation Tax Group Payment Arrangements
A Corporation Tax Group Payment Arrangement (GPA) is a special arrangement that allows groups of companies to make joint payments of Corporation Tax. This type of arrangement can reduce the
HMRC recommends early filing of tax returns
The 2022-23 tax year ended on 5 April 2023 and the new 2023-24 tax year started on 6 April 2024. Many taxpayers will be happy to leave dealing with their 2022-23 tax returns until later this year or
Carrying company losses back
Corporation Tax relief may be available where your company or organisation makes a trading loss. A qualifying trading loss may be used to claim relief from Corporation Tax by offsetting the loss
Transferring a VAT registration
The taxable turnover threshold that determines whether businesses should be registered for VAT is currently £85,000. The taxable turnover threshold that determines whether businesses can apply for
Characteristics of a valid Will
It is important to make a Will to ensure that your estate is divided amongst your beneficiaries in accordance with your wishes. If you do not leave a Will the law decides who inherits the estate. This
Gambling white paper reforms
A public consultation process has been launched to look at how to conduct financial risk checks for problem gambling and at what level stake limits should be set for people playing online slot
Amazon offers to change Marketplace rules
Amazon has offered to change the way it treats third-party sellers using its Marketplace platform in the UK, by submitting proposed commitments to the Competition and Markets Authority (CMA) in
The Construction Industry Scheme
The Construction Industry Scheme (CIS) is a set of special tax and National Insurance rules for those working in the construction industry. Businesses in the construction industry are known as
Draft legislation published for Finance Bill 2023-24
Legislation Day (L-Day), 18 July 2023, was the date when the government published the draft legislation for Finance Bill 2023-24. This Finance Bill will be colloquially referred to as Finance Bill
Emergency tax codes
The letters in an employee’s tax code signify their entitlement (or not) to the annual tax free personal allowance. The tax codes are updated annually and help employer’s work out how much tax to
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