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…

Salhan Accountants are delighted to announce the acquisition of M.D. McFerran & Co Ltd. We warmly welcome them to the Salhan team along with the clients they bring with them. M.D. McFerran & Co Ltd have spent many years serving small and medium sized businesses with a wide range of accounting services. We are greatly… Read more…

Businesses will receive reduced support for their energy bills from April as the UK government attempts to cut the cost of compensating for soaring gas and electricity prices, the Treasury has confirmed. The Treasury said that the government will cap support at £5.5 billion for businesses over 12 months from 1 April 2023. Bills will… Read more…

The Bank of England (BoE) has raised the base rate of interest to the highest level in 14 years. The BoE raised interest rates for the tenth consecutive time on 2 February with a half point increase taking the base rate from 3.5% to 4%. The decision was taken after the Monetary Policy Committee (MPC)… Read more…

The government has launched a consultation on simplifying the UK’s research and development (R&D) tax relief system, driving innovation and growing the economy. The consultation runs to 13 March 2023 and sets out proposals on how a single scheme could be designed and implemented. This would replace the two R&D tax relief schemes currently in… Read more…