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…

The UK’s new Prime Minister Rishi Sunak must restore confidence in the country’s economy, say business groups. Mr Sunak will have to deal with a range of issues stemming from inflation and the cost-of-living crisis. Business groups say he will need to set out plans to deal with soaring energy bills, labour shortages, spiralling inflation,… Read more…

The rate of inflation rose to 10.1% in September as the economy felt the effects of rising prices and the fallout from the Mini Budget, according to the Office for National Statistics (ONS). The ONS said the Consumer Prices Index (CPI) measure rose from an annual rate of 9.9% in August to match the recent… Read more…

Almost six in ten UK adults are struggling to keep up with their bills, according to new research from the Financial Conduct Authority (FCA). The research estimates that 7.8 million people were struggling to keep up with their bills – an increase of around 2.5 million people since 2020. In addition, 60% of UK adults… Read more…

A survey conducted by the Institute of Directors (IoD) has found that 42% of UK businesses that trade internationally expect to see an increase in their exports over the coming year. The survey also revealed that 47% of businesses are still finding Brexit challenging, and just 33% envisage opportunities materialising as a result of Brexit.… Read more…

HMRC has reminded taxpayers that they are now less than 100 days until the deadline for self assessment online return submission. Self assessment taxpayers have until 31 January 2023 to submit their online return for the 2021/22 tax year. According to HMRC, more than 66,000 taxpayers beat the clock and filed their tax return on… Read more…

HMRC has published the latest issue of the Employer Bulletin. The October issue has information on various topics, including: the reduction in the rate of National Insurance contributions making PAYE Settlement Agreement payments and using the PSA1 online form the new starter checklist interactive guidance Making Tax Digital returns and changes to VAT penalties and… Read more…

The British Business Bank (BBB) was supporting £12.2 billion of lending to over 96,000 businesses at the end of March 2022, according to its annual report. As part of its role in reducing regional imbalances the BBB was deploying £900 million of finance and supporting almost 83,000 businesses outside London at the end of March… Read more…