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,... read more →
May
03
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... read more →
May
03
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... read more →
May
03
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... read more →
May
03
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... read more →
May
03
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... read more →
May
03
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... read more →