HMRC has named two tax avoidance schemes and their promoters for the first time, advising anyone involved to withdraw from them as soon as possible to prevent the build up of large tax bills. Both schemes involve individuals working as contractors agreeing to an employment contract under which they are paid the National Minimum Wage… Read more…

The Treasury has announced that it plans to recognise stablecoins as a valid form of payment as part of a wider government initiative to ‘make Britain a global hub for cryptoasset technology and investment’. The Treasury defines ‘stablecoin’ as ‘a form of cryptoasset that is typically pegged to a fiat currency such as the dollar… Read more…

Up to eight more nuclear reactors could be delivered to existing sites as part of the UK’s new energy strategy. The plan, which aims to boost UK energy independence and tackle rising prices, also includes plans to increase wind, hydrogen and solar production. Under the government’s new plans, up to 95% of the UK’s electricity… Read more…

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants. From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid. Entitlement to the fourth and fifth SEISS grants can be… Read more…

There are many ways in which to manage and benefit from financial assets. However, there are specific circumstances in which a simple savings account is insufficient. It’s at times like this when people look to financial trusts. What is a Trust? A trust is a method for managing various financial assets, for example money, property,… Read more…

Chancellor Rishi Sunak announced a 5p per litre cut in fuel duty for petrol and diesel in the 2022 Spring Statement. The government says it is the largest ever cut on all fuel duty rates, which applies from 6pm on 23 March 2022. The Chancellor also announced that the starting thresholds for national insurance contributions… Read more…

The UK’s business groups gave a mixed response to Chancellor Rishi Sunak’s Spring Statement speech. Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), said: ‘The Spring Statement falls short of the action businesses needed to see. While there are some positive announcements that firms will welcome, it did not fundamentally address the… Read more…

In his Spring Statement speech, Chancellor Rishi Sunak responded to the latest forecasts as published by the Office for Budget Responsibility (OBR). The OBR forecasts UK economic growth to be 3.8% in 2022, a significant cut from its previous prediction of 6.0%. The OBR then predicts the economy to grow by 1.8% in 2023 and… Read more…

Estimates show that up to £195 million in extra tax revenue has been collected via Making Tax Digital for VAT (MTD for VAT), according to research from HMRC. The research, conducted by HMRC and peer reviewed by independent academics, showed that in 2019/20 the estimated additional tax revenue was between £185 million to £195 million,… Read more…

The Bank of England has raised interest rates for the third consecutive time. The Bank also warned that the Ukraine conflict could see under-pressure households hit with double-digit inflation later this year. Members of the Bank’s Monetary Policy Committee (MPC) voted eight to one to increase rates from 0.5% to 0.75%. The move takes rates… Read more…