Post-Brexit trade plan must be replaced, says think tank

The Resolution Foundation think tank has called for the government to replace the initial post-Brexit trade plan with a ‘far more ambitious’ strategy to help protect Britain’s manufacturing firms and seek new markets for UK services firms. A report published by the Foundation found that the UK’s initial post-Brexit trade plan to secure Free Trade… Read more…

Managing a Successful Property Portfolio

Many people choose to invest in property, as it can provide a substantial passive income. For those who own multiple properties, this income can build up, offering a significant return on investment. It’s therefore not surprising that so many workers are willing to give up the daily 9-5 and take a risk in this sector.… Read more…

Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 June 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… Read more…

‘Fresh thinking’ needed in regard to MTD for ITSA

The Institute of Chartered Accountants in England and Wales (ICAEW) has written to HMRC regarding how Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) can be better shaped to suit the needs of small property businesses and the self-employed. On 19 December 2022, HMRC announced the deferral of MTD for ITSA’s start… Read more…

HMRC increases late payment interest rate

Following the Bank of England’s latest increase in the base rate, HMRC has increased both late paid tax and the rate paid on repayments of tax. The Bank increased the base rate to 4.5% from 4.25% on 11 May, the 12the consecutive rise. The late payment and repayment interest rates follow this rise and are… Read more…