Around 7.4 million people in the UK struggled to pay a bill or a credit repayment in January, according to the Financial Conduct Authority (FCA). The figure is lower than last year but is still significantly higher than before the cost-of-living crisis began. According to the FCA, in January 2023, after the Russian invasion of… Read more…

Higher than expected government borrowing has reduced the Chancellor’s ‘wiggle room’ at a pre-election Budget. Government borrowing – the difference between spending and tax income – was £120.7 billion in the year to March, according to the latest figures from the Office for National Statistics (ONS). This was £7.6 billion lower than last year, but… Read more…

HMRC has launched a new online voluntary NICs payment service. The government says the new service will make it easier for customers to check for and fill any gaps in their National Insurance record to help increase their State Pension. It also said that the new Check your State Pension service has been enhanced to… Read more…

HMRC has updated guidance on when tax relief is available on travel expenses for staff who work from home. The tax authority is responding to the growth of flexible or hybrid basis working contracts, particularly since the Covid-19 pandemic. HMRC confirmed that ‘under such arrangements, the employee will have a base office and journeys from… Read more…

The government is being urged to implement reforms to the Research and Development (R&D) tax relief system in order to avoid hurting small companies by the Suffolk Chamber of Commerce. A report released by the Chamber found that recent changes by HMRC and a ‘wild west’ regulatory system in regard to who can act as… Read more…

One in ten highly skilled freelancers are currently out of work due to the impact of reforms to IR35 tax legislation, according to research published by the Association of Independent Professionals and the Self-Employed (IPSE). IPSE’s survey of more than 1,300 contractors in highly skilled roles found that 21% are not currently working, with half… Read more…

HMRC’s pilot scheme for Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) is now live. Accountants, agents and individuals are able to sign up to the pilot and test the programme out. The pilot aims to assess the MTD for ITSA reporting environment, with an initial focus on those who are self-employed… Read more…

When it comes to getting a mortgage, age can be an important factor. Those over 60 and post-retirement may find it particularly difficult to find a lender that will work with them. This is for a number of reasons, mainly due to the drop of income that happens after leaving work, as well as the… Read more…

The introduction of the UK’s National Minimum Wage (NMW) in 1999 is the single most successful economic policy in a generation, according to the Resolution Foundation. The NMW has increased the pay of the UK’s lowest paid workers by £6,000 a year compared to their earnings simply rising in line with typical wages, says a… Read more…

New measures aim to ‘break the spell’ of financial fraudsters by giving payment providers more time, according to draft legislation published by the government. Until now, payment service providers such as banks have generally been required to process payments by the end of the following business day, giving a limited timeline to investigate and alert… Read more…