eastbourne Archives - WRLO Accountants

UK inflation falls as economy shrinks in May

WRLO Accountants — Mon, 07 Aug 2023 12:36:41 +0000

The UK’s rate of inflation fell to 7.9% in the year to June while the country’s economy shrank in May, according to the latest Consumer Prices Index (CPI) published by the Office for National Statistics (ONS). The inflation rate is currently at its lowest annual rate since March 2022, the ONS said. Price rises have slowed by more than experts anticipated. According to the ONS, falling fuel prices helped the rate of inflation to drop, and food prices rose less quickly when compared to June 2022. Core inflation also fell from 7.1% to 6.9%, the data showed. Meanwhile, the UK economy contracted by 0.1% in May following growth of 0.2% in April, ONS data showed. The rising cost of living and higher interest rates have been squeezing households and businesses, the ONS said. It said the manufacturing, energy and construction sectors fell in May, along with sales at pubs and bars. David Bharier, Head of Research at the British Chambers of Commerce (BCC), said the figures provide‘further evidence of the precarious state of the UK economy’. He added: ‘While businesses have been incredibly resilient in stomaching multiple waves of economic crises, our latest Quarterly Economic Survey shows that most firms are […]

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September 2022

WRLO Accountants — Mon, 05 Sep 2022 10:47:54 +0000

In this month’s Enews we consider the latest news on Making Tax Digital for Income Tax (MTD for IT) and increases to the energy price cap. We also update you with the warnings on a possible Emergency Budget and the latest rates of inflation. With news on the advisory fuel rates for cars and the use of cash, there is a lot to update you on. HMRC releases more details MTD for Income Tax Ofgem raises energy price cap by 80% Treasury Committee warns government against ‘flying blind’ with Emergency Budget Experts warn inflation could keep rising in 2023 Energy firms call for windfall tax to be scrapped by 2025 TUC urges government to raise NMW ‘immediately’ Report finds decline in the use of cash is easing Advisory fuel rates for company cars HMRC releases more details MTD for Income Tax HMRC has published more details on how Making Tax Digital for Income Tax (MTD for IT) will work for buy-to-let landlords and sole traders with qualifying income over £10,000. The new income tax framework for MTD for IT will be mandatory from 6 April 2024. HMRC is now asking for users to sign up for the test phase. The new […]

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Change of Address!

WRLO Accountants — Sun, 21 Mar 2021 19:55:15 +0000

Please note we have now changed address to: 31 Willingdon Road, Eastbourne, East Sussex, BN21 1TN. Telephone (01323 332043), email (info@wrloaccountants.co.uk) and website address (www.wrloaccountants.co.uk) are still the same!

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