treasury Archives - WRLO Accountants

Chancellor takes difficult decisions as Budget date set

WRLO Accountants — Sat, 03 Aug 2024 16:37:06 +0000

Chancellor of the Exchequer Rachel Reeves said she was taking difficult decisions after a Treasury spending audit revealed £22 billion of unfunded pledges. Ms Reeves confirmed that the Autumn Budget will take place on 30 October. In a statement to Parliament, the Chancellor made a number of announcements but said there would be more to come on tax and spending plans at the Budget. The Chancellor said that she has inherited a £22 billion hole in the public finances and said urgent work is required to reduce the pressure on finances by £5.5 billion this year and over £8 billion next year. Ms Reeves announced that the government will cut Winter Fuel Payments to those not in receipt of pension credits or other benefits. The Chancellor announced a number of immediate savings, including: £800 million this year and £1.4 billion next year from scrapping the Rwanda migration partnership and scrapping retrospection of the Illegal Migration Act. £70 million this year by cancelling the Investment Opportunity Fund and other small projects. £185 million next year from cancelling the Advanced British Standard. £785 million next year from stopping unaffordable road and railway schemes. Ms Reeves also outlined the next steps in delivering […]

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National Living Wage to rise from April 2024

WRLO Accountants — Mon, 09 Oct 2023 15:35:16 +0000

The National Living Wage (NLW) will rise to at least £11 an hour from April 2024, Chancellor Jeremy Hunt has confirmed. The Chancellor confirmed the increase in a speech to the Conservative Party conference and said the rise will benefit two million low paid workers. People aged 23 and over are eligible for the NLW. The Treasury stated that as a result of successive increases, a full-time worker on the NLW will be more than £9,000 better off than they would have been in 2010. Katherine Chapman, Director of the independent Living Wage Foundation, said: ‘A rise in the statutory NLW from next April is welcome news for low paid workers, but may fall short of the real Living Wage next year, the only rate that is independently calculated based on the cost of living. ‘Our research … showed that 60% of people earning below the real Living Wage had used a foodbank in the past year and nearly 40% were regularly skipping meals.’ Internet links: GOV.UK Living Wage Foundation

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March 2023

WRLO Accountants — Fri, 03 Mar 2023 09:57:38 +0000

In this month’s Enews we look at the new VAT penalties and the latest analysis of inflation. We also update you on what business wants to see from the Spring Budget and the latest GDP figures. With details on a potential digital pound and new advisory fuel rates, there is a lot to update you on. HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax returns received on time ‘Digital pound’ likely to launch this decade, says Treasury HMRC urges eligible couples to claim Marriage Allowance Advisory fuel rates for company cars HMRC sounds warning on new VAT penalties HMRC is reminding VAT-registered businesses to file their VAT returns and pay on time ahead of new penalties being applied. The tax authority says that the new penalties will be ‘fairer and more proportionate’ for businesses who submit their VAT returns or pay their VAT late. The first monthly returns and payments affected by the penalties are due by 7 March 2023. The late payment penalties and points-based late submission penalties were introduced from 1 January 2023, replacing the VAT […]

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