Online VAT filing portal to close in May

HMRC has reminded businesses that file VAT returns annually that the online VAT filing portal will close from 15 May 2023. The VAT portal closed to standard quarterly filers on 7 November 2022, but was kept open for a longer period for those who file annual returns. In emails to businesses and tax agents, HMRC… Read more…

A Pension Guide for the Self Employed

Retirement can be a time to look forward to, offering freedom, rest and more time to do the things you love. However, planning for retirement can bring anxiety, particularly when thinking about income. This is where pensions come in as they offer reassurance that you will be able to live comfortably in your later years.… Read more…

Capital allowances reformed in ‘Budget for growth’

A £27 billion transformation of capital allowances from April was announced by Chancellor Jeremy Hunt as he delivered a ‘Budget for growth‘. The Spring Budget followed an improved forecast from the Office for Budget Responsibility (OBR). The OBR said it expects the UK to avoid a technical recession this year, with a stronger-than-expected performance from… Read more…

Business groups welcome Spring Budget

The UK’s business groups largely welcomed the measures taken in the Chancellor’s Spring Budget. The Confederation of British Industry (CBI) branded the Budget as a ‘strong second act’ in Mr Hunt’s plan for stability and growth. Matthew Fell, Interim Director General of the CBI, said: ‘The CBI called for action on people and productivity and… Read more…

Bank of England raises UK interest rates

Interest rates have been increased to 4.25% from 4% by the Bank of England (BoE) as it tries to slow rising prices. The BoE’s decision to increase rates for the 11th time in a row comes after figures showed that the cost of living has risen by more than expected. Data published recently by the… Read more…

HMRC late payment interest rate

HMRC has revised interest rates with late payment bills charged 6.75% from 13 April, the highest level since January 2008. The late payment and repayment interest rates follow the rise in the Bank of England base rate to 4.25% on 23 March and are applied to the main taxes and duties that HMRC currently charges… Read more…

Two freeports confirmed for Wales

Two freeports have been confirmed for Wales by the UK and Welsh governments. Celtic Freeport, covering Milford Haven and Port Talbot, and Anglesey Freeport will each be backed by £26 million in seed funding by the UK government. The sites were chosen to exploit opportunities from renewable energies and the government said they would ‘make… Read more…

Small businesses at risk as energy costs rise

The end of the Energy Bill Relief Scheme (EBRS) on 1 April could threaten the future of hundreds of thousands of small firms, according to research by the Federation of Small Businesses (FSB). The Energy Bill Discount Scheme (EBDS) offers a far lower level of support for small businesses. Although market prices have stabilised for… Read more…