The National Minimum Wage is increasing from 1 April 2023. With the Cost of Living crisis fully apparent, the increase will be welcomed by many. Below we detail the increases and what they mean for you, your employees and your business. National Minimum Wage Rate Increase from 1 April 2023 Category of Worker Hourly Rate …
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 …
Recession is looming, with even bleaker news of an unsteady government. Conservative or Labour, we’re facing unprecedented times regarding our finances heading into the winter months. Business Savings With the increase in energy costs, fuel and borrowing it may seem a daunting time to be a business owner. Below are a few ways in which …
Newly appointed Chancellor, Jeremy Hunt has today announced (Monday 17 October 2022), in what is being hailed as the biggest U-turn in British economic history, almost all measures set out by ex Chancellor Kwasi Kwarteng in his Mini Budget late-September, have been reversed. Hunt vowed, “there will be more difficult decisions” on tax and spending …
Prime Minister Liz Truss has made yet another U-turn in the not so ‘Mini Budget’, this time to Corporation Tax which now, ex chancellor Kwasi Kwarteng, announced back in late-September. Corporation Tax was due to rise from 19% to 25% in April 2023, but was reversed in a dash to ”ignite growth”. Truss has announced …
