An Individual Savings Account or ISA provides a tax efficient alternative to savings and investments. Any gains which are made from an ISA, whether they be interest from savings or returns on an investment, are free from tax. Of course, this is an attractive alternative to a standard savings account, particularly for those with a… Read more…

HMRC is reminding VAT-registered businesses to file their VAT returns and pay on time ahead of new penalties being applied. The tax authority says that the new penalties will be ‘fairer and more proportionate’ for businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the… Read more…

The British Chambers of Commerce (BCC) has urged Chancellor Jeremy Hunt to use the upcoming Spring Budget to help ease cost pressures on small businesses. Research carried out by the BCC revealed that 65% of firms are planning to raise prices due to cost pressures. In addition, 47% of firms stated that paying their energy… Read more…

Inflation remains close to a 40-year high despite falling in January, according to the latest data from the Office for National Statistics (ONS). The ONS found that inflation fell to 10.1% in the year to January 2023 from 10.5% in December 2022. The Bank of England has also reported that inflation ‘might now have turned… Read more…

The UK narrowly avoided falling into recession in 2022 after the economy saw zero growth between October and December, according to the latest figures from the Office for National Statistics (ONS). Although the economy shrank between July and September, a recession is defined as when the economy contracts for two consecutive three-month periods. Over 2022,… Read more…

A record 11.7 million self assessment taxpayers submitted their tax returns by the 31 January deadline, HMRC has revealed. The final day for self assessment returns saw 861,085 customers file online to meet the deadline, some with minutes to spare. There were 36,767 customers who filed in the last hour before the deadline, but the… Read more…

The Treasury and the Bank of England (BoE) have suggested that a state-backed ‘digital pound’ is likely to be launched this decade. Both the Treasury and the Bank said that the public should have access to ‘safe’ digital money that can be used easily. A central bank digital currency (CBDC) would use similar technology to… Read more…

HMRC has reminded married couples eligible for the Marriage Allowance to make use of the tax relief. Over 2.1 million couples currently benefit from the Allowance, HMRC said. Married couples could save up to £252 a year, it added. Eligible couples are those who are married or in a registered civil partnership; one spouse or… Read more…

New company car advisory fuel rates have been published and took effect from 1 March 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…

Maligned by some and celebrated by others, Inheritance Tax affects the estates of those who have passed away. This includes any assets, such as property, possessions and money, with the tax bill falling at the feet of those who have inherited these assets. Obviously, this can be a source of anxiety for some, who don’t… Read more…