Chancellor Rishi Sunak will impose a windfall tax on energy firms alongside a package to help households with the cost-of-living crisis. Mr Sunak said a ‘temporary, timely, and targeted’ 25% Energy Profits Levy would be introduced for oil and gas companies, reflecting their extraordinary profits. The levy is expected to raise £5 billion for the… Read more…

The energy price cap is now expected to rise to around £2,800 in October, according to the UK’s energy regulator. Jonathan Brearley, Chief Executive of Ofgem, warned MPs on the Commons business committee about the increase. Mr Brearley told the committee that the price cap, which is currently £1,971, will increase due to continued volatility… Read more…

Inflation has hit its highest level in 40 years amid the deteriorating cost-of-living crisis, according to the latest figures from the Office for National Statistics (ONS). The rate shot up to 9% last month – its highest level since comparable readings in 1982. Data released by the ONS showed a broad-based hike in prices for… Read more…

Nearly 66,500 taxpayers filed their 2021/22 self assessment return on the first day of the new tax year, according to figures from HMRC. In recent years, there has been an increasing number of ‘early-bird’ customers filing their completed self assessment tax returns at the start of the new tax year – almost 30,000 more customers… Read more…

New laws to protect access to cash and help victims of financial scams were announced in the Queen’s Speech at the state opening of parliament on 10 May. The new Financial Services and Markets Bill will ensure the continued availability of withdrawal and deposit facilities across the UK. The Bill will also enable the Payment… Read more…

HMRC issued 580 penalties totalling over £14 million for minimum wage offences during 2020/21, according to a report released by the Department for Business, Energy and Industrial Strategy (BEIS). The penalties given out for national minimum wage (NMW) and national living wage (NLW) offences have dropped by £4.5 million from the year before, which saw… Read more…

New company car advisory fuel rates have been published and took effect from 1 June 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…

A growing number of UK businesses are at risk of going under as costs spiral and Covid loan repayments become due, according to a report from insolvency firm Begbies Traynor. Although COVID restrictions have been lifted, some firms are still feeling the impact of disruptions to supply chains, and the price of energy and other… Read more…

No business owner wants to make their staff redundant, however at times it’s necessary in order to protect the company. The process is obviously very difficult for the employees involved but it can also take its toll on managers. This is particularly true as redundancies often involve staff who have been working for the company… Read more…

There are now more than a million workers missing from the workforce compared to pre-pandemic figures, according to a report published by the IPPR think tank. About 400,000 of these are no longer working because of health factors relating to the pandemic, including long Covid, according to the IPPR. The report suggests that unresolved, this ‘will… Read more…