In our latest newsletter, we cover key financial and tax updates that may impact your business and personal finances. Here’s a brief summary of the main topics: Bank of England Cuts Interest Rates For the first time in four years, the Bank of England has cut interest rates by 0.25%, bringing it down to 5.0%. …
Bank of England Reduces Interest Rates to 5%: What This Means for UK Businesses In a significant move announced earlier today, the Bank of England cuts interest rates by 0.25%, bringing the base rate down to 5%. This is the first rate cut since March 2020, marking a shift in the Bank’s approach to managing …
Likely to be his last Budget as Chancellor before a General Election, Jeremy Hunt delivered his Spring Budget 2024 speech at 12.30pm today. In his speech, he claimed this was a Budget for long term growth. Download our detailed analysis of the Spring Budget 2024 here: A summary of the key measures announced are as …
HMRC announced changes to VAT penalty and interest charges for VAT periods starting on or after 1 January 2023. The changes to penalties and interest for late VAT Return submissions and payments, also apply to businesses that submit nil returns and repayment VAT Returns. Late VAT Return submission Penalties for late VAT Return submissions will …
Today, Thursday 2 February 2023, The Bank of England have again increased interest rates, this time to 4%. Another milestone of the highest rates in 15 years. Chancellor Jeremy Hunt stated, “Inflation is a stealth tax that is the biggest threat to living standards in a generation, so we support the Bank’s action today so …
What has the government announced? Earlier this week, the government announced there will be a new energy discount scheme for businesses, charities, and the public sector ahead of the current scheme ending in March. The new scheme will mean all eligible UK businesses and other non-domestic energy users will receive a discount on high energy …
The Government announced on Monday 19 December 2022, that MTD ITSA would be delayed until April 2026. The Government has realised that the transition to MTD ITSA would be contributing additional pressures to self employed individuals and landlords, during an already uncertain financial future. What is MTD ITSA If you haven’t already heard about MTD …
Today, Thursday 15 December 2022, The Bank of England increased interest rates by 0.5% to 3.5%. Analysts are expecting Interest Rates to peak at 4.5% in 2023, before falling back down to 3%. The Senior Finance Minister responded to the increase by saying, “We are united with the Bank of England in the determination to …
Today, Thursday 17 November 2022, Chancellor Jeremy Hunt delivered his Autumn Statement. Many were hoping his announcements would help individuals and businesses in the face of increasing costs, with inflation at a 40 year high coming in at 11.1%. Instead Hunt delivered a bleak outlook for the next few years blamed on the fallout from Global factors, …
Today, Thursday 3 November 2022, The Bank of England increased interest rates by 0.75% to 3% – The highest interest rates have been since the financial crisis in 2008. The UK is already experiencing early signs of recession, which is expected to continue throughout 2023 before beginning to ease in early 2024. Chancellor Jeremy Hunt …
