Tax burden rises following Autumn Statement
Tax burden rises following Autumn Statement The UK’s tax burden will rise after Chancellor Jeremy Hunt reduced the threshold on the top rate of tax and announced freezes on other…
Blog Posts
BI praises Chancellor for ‘delivering stability’ in Autumn Statement
The Confederation of British Industry (CBI) praised Chancellor Jeremy Hunt for ‘delivering stability and protecting the most vulnerable‘ in the Autumn Statement. The business group welcomed the freeze in business rates…
IFS warns of fall in household incomes
The Institute for Fiscal Studies (IFS) has warned that household incomes will see their biggest drop in generations following the Autumn Statement. The think tank warned that growth in living…
Digital Services Tax has raised £358 million
The UK’s Digital Services Tax (DST) raised £358 million from large digital businesses in the 2020/21 tax year, according to data published by the National Audit Office (NAO). The DST was…
Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 September 2022. The guidance states: ‘you can use the previous rates for up to one month from…
Self assessment clock ticks down to under 100 days
Self assessment clock ticks down to under 100 days HMRC has reminded taxpayers that they are now less than 100 days until the deadline for self assessment online return submission. Self…
Autumn Statement Summary & Tax Tables 2022/23
The Chancellor, Jeremy Hunt, was faced with a challenging economic backdrop to his first major set piece, grappling with a combination of over 11% inflation, an official recession and the…
IMF criticises government over tax plans
The International Monetary Fund (IMF) warned the UK government against ‘large and untargeted fiscal packages’ following the Mini Budget. The IMF stated that tax measures announced by Chancellor Kwasi Kwarteng in…
HMRC raises late payment interest from 11 October
HMRC will raise interest rates on tax debt from 11 October following the 0.5% increase in the base rate. This means that the late payment interest rate will increase to 4.75% from…
Government abandons plan to scrap 45p top rate of income tax
The government has abandoned its plan to abolish the 45% top rate of income tax due to the negative reaction it has received. Chancellor Kwasi Kwarteng first announced the policy…
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