EU trade deal not working for UK business, warns BCC

The UK government must stop ‘walking on eggshells’ around improving EU trade ties, the British Chambers of Commerce (BCC) has warned. The new government must improve the current EU-UK trade and co-operation deal in order to boost economic growth, adds the BCC. Businesses have criticised the additional red tape and increased costs that Brexit has… Read more…

Demystifying Business Rates: A Small Business Owner’s Guide

Business owners face a full range of different financial responsibilities. Whether it’s income tax, VAT, employee benefits or even just simple utilities. However, there is one cost that isn’t talked about as much- business rates. Business rates are a tax charged on non-domestic properties, affecting the vast majority of companies. In fact, these rates are… Read more…

Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 June 2024. 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…

Inflation falls after UK moves out of recession

The rate of UK inflation fell to 2.3% in the year to April, according to the Office for National Statistics (ONS). Inflation is down from 3.2% in March and is the lowest level since September 2021. However, it is still above the Bank of England’s 2% target. The drop was driven by falling gas and… Read more…

Retirees report £119,000 shortfall in pension savings

UK adults face a significant shortfall in their pension savings at retirement compared to what they wanted to retire on, according to research from Standard Life. Standard Life’s Retirement Voice Report found that, on average, retirees had hoped to build up a pension pot of £250,000. However, the average amount that they accumulated by retirement… Read more…

HMRC error means self-employed workers could lose out on state pension

An HMRC error could mean that some low-income, self-employed workers lose out on their entitlement to National Insurance-related benefits like the state pension, warns the Low Incomes Tax Reform Group (LITRG). The issue centres around the payment of voluntary Class 2 National Insurance contributions (NICs) that can be made by self-employed taxpayers with profits under… Read more…