HMRC has published more details on how Making Tax Digital for Income Tax (MTD for IT) will work for buy-to-let landlords and sole traders with qualifying income over £10,000. The new income tax framework for MTD for IT will be mandatory from 6 April 2024. HMRC is now asking for users to sign up for… Read more…

Average household energy bills will rise to £3,549 in October following the decision of energy regulator Ofgem to raise the price cap. The record 80% hike will see a typical default tariff customer paying an extra £1,578. The rise follows a 54% increase in April, which saw average bills surge to £1,971 a year. Ofgem… Read more…

The Treasury Committee has urged the government to provide assurance that it is not ‘flying blind’ into a potential Emergency Budget this September. In a letter sent to Chancellor Nadhim Zahawi, Mel Stride, Chair of the Treasury Committee, asked whether the Treasury is working with the Office for Budget Responsibility (OBR) on a forecast to… Read more…

Economic analysts have warned that the rate of inflation could keep rising in 2023 as a result of rising energy prices. Think tank the Resolution Foundation stated that inflation could go above 15%, whilst investment bank Citi said that it is ‘entering the stratosphere’ and could reach 18.6%. Predictions outlined by the Bank of England… Read more…

Trade body Offshore Energies UK (OEUK) has stated that the Energy Profits Levy, also known as the ‘windfall tax’, on UK energy firms should be scrapped by 2025 or it could risk having a ‘detrimental impact’ on investment in the sector. OEUK said that a new round of windfall taxes would ‘leave the UK facing… Read more…

The Trades Union Congress (TUC) has called on the government to increase the National Minimum Wage (NMW) rates ‘immediately’ in order to guarantee decent living standards for families. Research carried out by the TUC found that UK poverty levels are ‘likely to get worse’ if ministers continue to hold down pay. Additional financial support for… Read more…

Banking trade body UK Finance has revealed that the rapid decline in the use of cash as a form of payment has eased. A report published by UK Finance found that 40.4 billion payments were made in 2021, which marked a return to pre-pandemic levels. Cash payments accounted for 15% of all payments in the… Read more…

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

There are many different types of investment, all with their own potential strengths and weaknesses. Whilst some prefer the high stakes of stocks and shares, others want more stability and less risk. Property investment can provide a stable and lucrative source of income, with many different options to choose from. However, as we know, the… Read more…

More than £20 billion could be added to the UK economy in the future from the number of additional businesses created during the pandemic, according to research carried out by the Confederation of British Industry (CBI). Around 800,000 companies were registered in the first year of the pandemic, a 22% increase compared with the previous… Read more…