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…

The UK’s business groups have pledged to work in partnership with the new Labour government to revitalise the nation’s economy. Labour leader Sir Keir Starmer is the new Prime Minister after leading the party to a decisive win in the General Election. Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), said: ‘Congratulations… Read more…

The UK’s tax gap estimate rose to a record to £39.8 billion in 2022/23 as small businesses accounted for almost two thirds of unpaid tax, according to HMRC’s data. The tax gap was 4.8%, which is the difference between the amount of tax that should be paid to HMRC and what is actually paid. The… Read more…

HMRC has not fined a single enabler of offshore tax evasion in five years, data released in response to a Freedom of Information (FOI) request has revealed. This is despite HMRC having landmark powers, which were introduced in 2017, to impose hefty fines. The data, which was released to the Bureau of Investigative Journalism (TBIJ),… Read more…

The UK economy grew by more than initially estimated at the start of this year, according to figures from the Office for National Statistics (ONS). The economy grew by 0.7% between January and March 2024, up from the previous figure of 0.6%. Growth in the UK services sector helped to push it even higher, the… Read more…

Real average earnings are just £16 a week higher than they were 14 years ago, according to research conducted by the Resolution Foundation. The think tank said that the UK’s labour market backdrop to the General Election is a prolonged pay squeeze that has left real average wages today just £16 a week higher than… Read more…

The UK government must stop ‘walking on eggshells’ around improving EU trade ties, the British Chambers of Commerce (BCC) has warned. The new government must improve the current EU-UK trade and co-operation deal in order to boost economic growth, adds the BCC. Businesses have criticised the additional red tape and increased costs that Brexit has… Read more…