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%. This decision comes as inflation begins to cool, with the Bank signalling that its restrictive monetary policy is having the desired effect. We explain what this could mean for businesses, mortgage holders, and the broader economy.
Capital Gains Tax Revenue Falls by £2.5bn
Capital Gains Tax (CGT) revenues have dropped significantly, with fewer taxpayers making gains. However, high earners continue to contribute a significant portion of CGT payments. We explore these trends and the key demographics responsible for CGT payments in 2023.
HMRC Lowers Late Payment Interest Rates
Following the Bank of England’s interest rate cut, HMRC has reduced its late payment and repayment interest rates. This change could benefit businesses and individuals who owe or are owed money by HMRC. We break down what these new rates mean for you.
HMRC Targets National Minimum Wage Compliance
HMRC has ramped up its enforcement efforts, focusing on small and medium-sized businesses in 11 UK regions, including Cumbria. Employers found in breach of National Minimum Wage (NMW) rules could face hefty penalties. We offer advice on how to stay compliant and avoid being caught out by the complexity of NMW regulations.
For more in-depth analysis and expert advice on how these updates could affect you, download our full newsletter below:
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