Turning a hobby into a business or setting up a side hustle can be a great way of making extra money. With the cost-of-living crisis, any way to boost earnings can make a huge difference, especially for those who are struggling. However, what happens when you do start making money from your side hustle and… Read more…

Chancellor of the Exchequer Rachel Reeves said she was taking difficult decisions after a Treasury spending audit revealed £22 billion of unfunded pledges. Ms Reeves confirmed that the Autumn Budget will take place on 30 October. In a statement to Parliament, the Chancellor made a number of announcements but said there would be more to… Read more…

The first King’s Speech since Labour’s victory in the General Election saw the new government pledge that securing economic growth would be its fundamental mission. King Charles III delivered the 2024 King’s Speech at the State Opening of Parliament and announced plans to accelerate housebuilding and high-quality infrastructure through planning reform. In the Speech, the… Read more…

HMRC has launched a digital tool to help businesses estimate what registering for VAT may mean for them. The VAT Registration Estimator helps to show businesses when their turnover could require them to register for VAT and its effect on profits. A business must register for VAT if: Total VAT taxable turnover for the previous… Read more…

The UK government is planning a National Wealth Fund to stimulate private sector investment backed by £7.3 billion in funding through the UK Infrastructure Bank (UKIB). Chancellor Rachel Reeves and Business Secretary Jonathan Reynolds have instructed officials to immediately begin work to create the new National Wealth Fund by bringing together the work of the… Read more…

The British Business Bank has launched the Growth Guarantee Scheme to help smaller businesses access finance. The Growth Guarantee Scheme is the successor to the Recovery Loan Scheme and is expected to support around 11,000 smaller businesses. The British Business Bank has so far accredited 41 lenders for the scheme which will run until March… Read more…

HMRC will send Simple Assessment tax statements to pensioners in the next few weeks. The combination of frozen tax thresholds and a substantial increase to the state pension has led to many more pensioners being dragged into paying income tax for the first time. The last government froze the personal allowance at £12,570 until 2028.… Read more…

The UK’s economic recovery is finally putting ‘down roots’ after GDP grew faster than expected in May, says the Confederation of British Industry (CBI). The UK economy expanded by 0.4% in May, rebounding from zero growth in April, according to the Office for National Statistics (ONS). The growth figures were helped by a strong performance… Read more…

HMRC has published the latest issue of the Employer Bulletin. The July issue has information on various topics, including: PAYE Settlement Agreement calculations 2023 to 2024 paying Class 1A National Insurance contributions improving the Self-Serve Time to Pay service for PAYE and VAT customers self assessment threshold change Spotlight 64 – warning for employment agencies… Read more…

When thinking of rental commercial property, it can be easy to focus on the negative. Rent prices are high and it can sometime be difficult to find the ideal premises, especially for smaller businesses. However, once a company has found their ideal space, they may consider subletting. Subletting provides a wealth of benefits, flexibility and… Read more…