The Bank of England (BoE) has raised UK interest rates by half a percentage point to 3.5%. It is the ninth consecutive increase and takes the base rate to its highest level for 14 years as the Bank battles to stem soaring prices. The Bank’s Monetary Policy Committee (MPC) voted 6-3 in favour of putting… Read more…

Chancellor Jeremy Hunt has announced that the Spring Budget will be delivered on 15 March 2023. Mr Hunt stated that he has commissioned the Office for Budget Responsibility (OBR) to prepare an economic forecast to accompany the Budget. The Spring Budget will be the Chancellor’s second fiscal event, following November’s Autumn Statement. Mr Hunt used… Read more…

The Mortgage Guarantee Scheme will be extended by a year to the end of December 2023, helping people with 5% deposits on to the property ladder, the UK government has announced. Under the scheme, the government offers lenders the financial guarantees they need to provide mortgages that cover the other 95%, subject to the usual… Read more…

Tax non-compliance during the pandemic cost the UK government £9 billion, according to a report from the National Audit Office (NAO). HMRC redeployed around 1,350 workers to Covid-19 support schemes throughout 2020/21, shrinking the number of those working on tax compliance, the NAO said. This reduced the tax authority’s capacity to investigate people and businesses… Read more…

The Treasury has announced that Making Tax Digital for income tax self assessment (MTD for ITSA) will be delayed for two more years until April 2026. MTD for ITSA was due to take effect from April 2024 and would have required all self-employed individuals and landlords with income over £10,000 to report earnings quarterly through… Read more…

The birth of a business can come in many forms but most involve that same spark of entrepreneurial creativity. Whether it’s an invention, a product or service that solves a problem or just a gut feeling that you can offer something different, there are so many ways to begin. Ingenuity, enthusiasm and drive are all… Read more…

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…