The Chancellor of the Exchequer, Jeremy Hunt has confirmed that the next UK Budget will take place on Wednesday, 6 March 2024. This will be the Chancellor’s second Budget and will include the government's tax and spending plans as well as new growth and borrowing forecasts. Various pundits are suggesting that selecting a Budget date […]
Businesses are set to benefit from savings as import labels are made digital for the first time. New legislation to introduce digital labelling for British businesses to cut red tape and save millions in unnecessary regulation costs. Recognition of CE marking continued for products such as toys and machinery, easing burdens to businesses. Digital labelling […]
Looks like Companies House is morphing from passive registrar into a monitoring agency for the government. Changes that are likely to impact the business community from as early as March 2024 are listed below, extracted from a Companies House blog post, dated 22 January 2024. “The Economic Crime and Corporate Transparency Act became law […]
The Department for Business and Trade (DTI) has launched the Critical Imports and Supply Chains Strategy to safeguard the UK supplies of critical goods such as medicines, minerals and semiconductors. This should help importers counter the effects of the Red Sea disruption. In their recent press release, the DTI said: “Imports of critical goods for […]
None of us has been exempt from the effects of inflation and cost of living issues in the past year. Which is why taxpayers who are obliged to register for self-assessment will be somewhat apprehensive as the deadline for paying any arrears of tax for 2022-23 and the first payment on account for 2023-24 looms […]
With use of crypto assets growing, HM Revenue and Customs (HMRC) is urging people to avoid potential penalties and check if they need to complete a Self-Assessment tax return for the 2022-23 tax year. Anyone with crypto assets should declare any income or gains above the tax-free allowance on a tax return. Tax may be […]
Since the recent ITV airing of the Post Office sub-postmasters confrontation with the Horizon accounting software, a flurry of support for the affected individuals have been generated. A news story issued by the Insolvency Service has been added to the list. Entitled: Update: Postmasters impacted by Horizon who may have been made bankrupt They said: […]
The Valuation Office Agency (VOA) is warning business owners to avoid taking advice from agents who approach them to reduce their business rates bills. According to Alan Colston, Chief Valuer at the VOA: “The vast majority of agents are reputable and provide a good service. But there is a small minority promising big reductions in […]
Many of us use online trading platforms to sell unwanted goods or perhaps offer space in our home for rental. If you are creating income in this way and you are earning more than £1,000 from this activity in any one tax year, then you will need to declare these earnings to HMRC. This issue […]
The government has set out the next stages for a number of new Workers' Rights Acts to support UK workers. In a recent press release they said: “The Employment (Allocation of Tips) Act 2023, which became law in May this year, requires employers to pass all tips on to workers. “Most employers already pass on […]