The UK economy grew for the first time in three months in November, according to the Office for National Statistics (ONS). ONS figures showed an expansion of 0.1% in GDP after the economy shrank in each of the two previous months. But the figure was lower than economists had expected, with declines in manufacturing and… Read more…

The International Monetary Fund (IMF) has upgraded its growth forecast for the UK economy this year. The global institution upgraded its prediction for UK growth to 1.6% for this year from its previous estimate of 1.5%. As well as upgrading its outlook for the UK, the IMF suggested the UK economy would perform better than… Read more…

HMRC is reminding people who pay tax by self assessment of the opportunity to spread the cost of their bill with the Time to Pay facility. More than 15,000 self assessment customers have already set up a Time to Pay payment plan for the 2023/24 tax year to help spread the cost, according to the… Read more…

HMRC could save an estimated 1.7 million hours of call handlers’ time every year if it implemented an automated status tracking system, according to two of the leading bodies for tax advisers and chartered accountants. A joint study by the Chartered Institute of Taxation (CIOT) and ICAEW tracked attempts to contact HMRC across phonelines and… Read more…

The UK government has launched a new Industrial Strategy Advisory Council which brings together business leaders from across the UK to offer advice. The government says the Industrial Strategy will help maintain a pro-business environment to capture a greater share of internationally mobile investment and motivate domestic business to boost their investment and scale up… Read more…

The Chancellor will deliver her Spring Statement to the House of Commons on Wednesday 26 March 2025. Rachel Reeves confirmed the date to the House of Commons, telling MPs that the Office for Budget Responsibility (OBR) has been commissioned for an Economic and Fiscal Forecast to be published on the same day. This is in… Read more…

The UK economy shrank for the second month in a row in October, according to the Office for National Statistics (ONS). Official figures showed a 0.1% drop in gross domestic product (GDP) for October. The economy had been expected to return to growth following a fall during September. However, the ONS said that activity had… Read more…

Cash use in the shops rose for a second year in a row in 2023 after a decade of falls, according to the British Retail Consortium (BRC). Notes and coins were used in a fifth of transactions last year as shoppers found cash helped them to budget better, said the BRC. Overall, customers visited shops… Read more…

More than 40,000 taxpayers completed their self assessment returns over the Christmas break, according to figures from HMRC. On Christmas Day 4,400 people filed their tax return online while almost 12,000 submitted their tax return on Boxing Day. Christmas Eve was the busiest day for returns over the festive period with 23,731 filing their returns.… Read more…

HMRC has published the latest issue of the Employer Bulletin. The December issue has information on various topics, including: employer National Insurance contributions and Employment Allowance changes announced at Autumn Budget 2024 automatic enrolment duties for festive season workers confirming plans to mandate the reporting of benefits in kind through payroll software from April 2026… Read more…