A single person will need post-tax annual income of £10,900 for a minimum standard of living in retirement, according to the Pensions and Lifetime Savings Association (PLSA). The minimum retirement living standard is based on the Joseph Rowntree Foundation’s Minimum Income Standard and covers a typical retiree’s basic needs plus enough for some social activities,… Read more…

Businesses that are planning to operate in the UK’s new freeports can now apply to HMRC. The tax authority has published the application forms to operate special customs procedures within the sites, along with further guidance on procedures for declaring goods moving into and out of sites. Freeports are areas that benefit from a range… Read more…

The Federation of Small Businesses (FSB) has warned that tax rises could threaten the UK’s ongoing recovery from the Covid-19 pandemic. According to the FSB, small businesses are coming up against ‘unprecedented strain’, with the cost of doing business higher than ever. Small businesses are also being affected by disruption to supply chains and increasing… Read more…

The government has doubled the period for filing and payment of capital gains tax (CGT) on residential property from 30 days to 60 days. The measure was announced by Chancellor Rishi Sunak in the recent Autumn Budget. The change applies from 27 October 2021. It sees the deadline for residents to report and pay CGT… Read more…

The Institute for Fiscal Studies (IFS) has predicted that millions of people will be worse off in 2022 as a result of spiralling costs and tax rises. Responding to the Autumn Budget, the IFS predicted that low-income families will be squeezed by a rise in the cost of living. The Office for Budget Responsibility (OBR)… Read more…

Business groups gave a mixed response to Chancellor Rishi Sunak’s 2021 Autumn Budget speech. Responding to the speech, the Confederation of British Industry (CBI) said that the Chancellor had shown a willingness to listen to business with measures that will help firms innovate and the economy grow. However, Tony Danker, Director General of the CBI,… Read more…

On 27 October, Chancellor Rishi Sunak delivered a Budget to ensure the UK economy bounces back following the coronavirus (Covid-19) pandemic. The Chancellor announced that total departmental spending will grow by £150 billion per year in cash terms by 2024/25, marking the largest real term increase in overall departmental spending for any Parliament this century.… Read more…

The Chancellor Rishi Sunak presented his third Budget on 27 October 2021. In his speech he set out the plans to “build back better” with ambitions to level up and reduce regional inequality. Our summary focuses on the tax measures which may affect you, your family and your business. To help you decipher what was… Read more…

Growth is fundamental for the success of any business but particularly those who are smaller or just starting out. Considering the year that we have had with Covid-19 and its effect on business, growth is more important than ever before. With this in mind, how should you approach growing your business in order to guarantee… Read more…