The UK’s tax burden will rise after Chancellor Jeremy Hunt reduced the threshold on the top rate of tax and announced freezes on other taxes in the Autumn Statement. The threshold for the top 45% additional rate of income tax was cut to £125,140 from £150,000. The government is also fixing other personal tax thresholds… Read more…

The Confederation of British Industry (CBI) praised Chancellor Jeremy Hunt for ‘delivering stability and protecting the most vulnerable‘ in the Autumn Statement. The business group welcomed the freeze in business rates and extra support for those facing higher bills. Additionally, it said that staying the course on R&D spending and major infrastructure will give a… Read more…

The Institute for Fiscal Studies (IFS) has warned that household incomes will see their biggest drop in generations following the Autumn Statement. The think tank warned that growth in living standards had been weak since 2008 and that it was now going from ‘bad to worse‘. Paul Johnson, Director of the IFS, said: ‘Jeremy Hunt’s… Read more…

The UK economy is to suffer the biggest hit of all the G7 nations next year, according to a report from the Organisation for Economic Cooperation and Development (OECD). The OECD forecasts that the UK’s GDP will reduce 0.4% next year and grow 0.2% in 2024. This is better than previous OECD predictions which has… Read more…

Workers have saved more than £114 billion into their pension pots since pensions automatic enrolment was implemented ten years ago, according to data published by the Department for Work and Pensions (DWP). The data showed that more than 10.7 million employees were paying into a workplace pension in 2021. The proportion of young people saving… Read more…

A significant number of UK businesses that trade internationally expect to see an increase in their exports over the coming year, according to an Institute of Directors (IoD) survey. The survey showed that 42% of UK international traders expect export growth over the next 12 months. It also revealed that 47% of businesses are still… Read more…

The UK’s Digital Services Tax (DST) raised £358 million from large digital businesses in the 2020/21 tax year, according to data published by the National Audit Office (NAO). The DST was introduced in April 2020 to combat the government’s fears that the international tax system ‘did not recognise the value being generated for digital companies… Read more…

New company car advisory fuel rates have been published and took effect from 1 December 2022. 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…

Retirement is a time that many of us look forward to. After countless years of hard work and sacrifice, retirement offers an opportunity to wind down and enjoy free time. However, with people living longer and retirement ages rising, it can feel like this time will never come. It’s therefore no surprise that many workers… Read more…

Chancellor of the Exchequer Jeremy Hunt has delayed the announcement of the government’s economic plan until 17 November. The Medium-Term Fiscal Plan was due to be delivered by the Chancellor in the Commons on 31 October, along with a forecast from the Office for Budget Responsibility. This had been brought forward because of the market… Read more…