The government’s employment reforms are causing employers to put their hiring plans on hold, according to the Institute of Directors (IoD). The IoD noted that there was a small increase in payrolled employees in the latest Labour market data released by the Office for National Statistics (ONS). Estimates for payrolled... read more →
Apr
01
Apr
01
Chancellor Rachel Reeves announced ‘no further tax increases’ in the 2025 Spring Statement. The Chancellor’s Autumn Budget contained a record £40 billion in tax increases. However, it did not raise personal taxes including, Income Tax, employee National Insurance contributions or VAT. Ms Reeves had pledged one fiscal event a year... read more →
Mar
20
The reporting threshold for trading income for self assessment is being lifted from £1,000 to £3,000 gross within this parliament, according to the Treasury. This includes people trading clothes online, dog-walking or gardening on the side, driving a taxi, or creating content online. The Treasury says this will benefit around... read more →
Mar
08
The government’s proposed amendments to the Employment Rights Bill will do little to alleviate employer concerns, warns the Institute of Directors (IoD). Changes to a number of proposals, including application of zero-hours contracts to agency workers and Statutory Sick Pay, have been announced. In February, the IoD set out four... read more →
Mar
08
The financial benefits of MTD for VAT could be as high as £915 million, according to analysis carried out by HMRC. Since April 2022 all VAT-registered businesses should be using MTD compatible software to keep digital records and submit returns. HMRC used responses from a survey with businesses in MTD... read more →
Mar
04
The higher-than-expected rise in the rate of inflation underlines the real challenges businesses face, according to the British Chambers of Commerce (BCC). The consumer prices index (CPI) measure of inflation rose to 3% in January, up from 2.5% in December, according to the Office for National Statistics (ONS). Economists had... read more →
Mar
04
HMRC will reduce late payment and repayment interest rates from 25 February following the cut in the base rate. The Bank of England cut the base rate to 4.5% on 6 February, triggering a 0.25% cut in HMRC interest rates which are pegged to the base rate. From 25 February,... read more →