Inflation hits 40-year high of 9.1% amid cost-of-living crisis
UK inflation rose to 9.1% in May from 9% in April as the cost-of-living crisis continues, according to data from the Office of National Statistics (ONS). It was a slight…
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Bank of England raises UK interest rates to 13-year high of 1.25%
The Bank of England (BoE) has raised UK interest rates to a 13-year high of 1.25% and is now predicting inflation will hit 11% this autumn, when energy bills are set to…
NICs increase has immediate impact on businesses
Four out of five employers stated that they were immediately impacted by the increase in national insurance contributions (NICs), according to research by the British Chambers of Commerce (BCC). The…
Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin. The June issue has information on various topics, including: PAYE paying Class 1A National Insurance contributions due on 22 July…
Manufacturers call for support package
Manufacturing trade body Make UK is calling for an emergency, pre-recess package of business support measures. The call comes after a Make UK survey showed growth and orders slowing significantly with…
Number of firms in critical financial distress rises sharply
A growing number of UK businesses are at risk of going under as costs spiral and Covid loan repayments become due, according to a report from insolvency firm Begbies Traynor. Although…
New law to protect access to cash announced in Queen’s Speech
New laws to protect access to cash and help victims of financial scams were announced in the Queen’s Speech at the state opening of parliament on 10 May. The new Financial…
Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 June 2022. The guidance states: ‘you can use the previous rates for up to one month…
HMRC issues £14 million in penalties for minimum wage offences
HMRC issued 580 penalties totalling over £14 million for minimum wage offences during 2020/21, according to a report released by the Department for Business, Energy and Industrial Strategy (BEIS). The penalties given…
Almost 66,500 filed self assessment returns on 6 April
Nearly 66,500 taxpayers filed their 2021/22 self assessment return on the first day of the new tax year, according to figures from HMRC. In recent years, there has been an increasing…
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