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Energy price cap set to rise to £2,800 in October

Energy price cap set to rise to £2,800 in October

The energy price cap is now expected to rise to around £2,800 in October, according to the UK's energy regulator. Jonathan Brearley, Chief Executive of Ofgem, warned MPs on the Commons business committee about the increase. Mr Brearley told the committee that the...

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Chancellor announces windfall tax on energy firms

Chancellor announces windfall tax on energy firms

Chancellor Rishi Sunak will impose a windfall tax on energy firms alongside a package to help households with the cost-of-living crisis. Mr Sunak said a ‘temporary, timely, and targeted’ 25% Energy Profits Levy would be introduced for oil and gas companies, reflecting...

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New capital allowance measures on plant and machinery

New capital allowance measures on plant and machinery

For expenditure incurred from 1st April 2021 until the end of March 2023, companies can claim 130% capital allowances on qualifying plant and machinery investments. Plant and machinery is generally defined as the following: Solar panels Computer equipment and servers...

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Get up to half off your business rates with relief scheme

Get up to half off your business rates with relief scheme

At the Budget on 27th October, Chancellor Rishi Sunak announced the introduction of a new business rates relief scheme for retail, hospitality, and leisure properties worth almost £1.7 billion in 2022/23. This aims to support the businesses that fill the country’s...

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Employment Allowance increased as of April 2022

Employment Allowance increased as of April 2022

In the Spring Statement in March, Chancellor Rishi Sunak introduced several new measures to help the public combat the current cost-of-living crisis. One of these measures was the boost to Employment Allowance for UK families and businesses. What is Employment...

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Trust Registration – Registrable Express Trusts

Trust Registration – Registrable Express Trusts

UK express trusts and some non-UK trusts in existence on or after 6th October 2020 must be registered with the UK Trust Registration Service (TRS) by 1st September 2022.  On 6th October 2020, as part of the UK’s implementation of the Fifth Money Laundering Directive...

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Government inaction on long COVID could cost billions

Government inaction on long COVID could cost billions

There are now more than a million workers missing from the workforce compared to pre-pandemic figures, according to a report published by the IPPR think tank. About 400,000 of these are no longer working because of health factors relating to the pandemic, including...

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Latest guidance for employers

Latest guidance for employers

HMRC has published the latest issue of the Employer Bulletin. The April issue has information on various topics including: Forthcoming deadlines Claiming employment allowance from April 2022 Student loans Coronavirus updates and information Official rate of interest...

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Export growth is ‘stagnant’, BCC finds

Export growth is ‘stagnant’, BCC finds

Data published by the British Chambers of Commerce (BCC) shows that UK export growth has been effectively stagnant for the past year. The BCC's quarterly Trade Confidence Outlook revealed that the proportion of exporters reporting increased overseas sales was 29%,...

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HMRC names avoidance scheme promoters for first time

HMRC names avoidance scheme promoters for first time

HMRC has named two tax avoidance schemes and their promoters for the first time, advising anyone involved to withdraw from them as soon as possible to prevent the build up of large tax bills. Both schemes involve individuals working as contractors agreeing to an...

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Year-end expenses and reporting of benefits

The 6th July deadline for reporting year-end expenses and benefits via the P11D forms is rapidly approaching. These can be submitted to HMRC online using either commercially available software or HMRC’s PAYE Online Service which is only available for employers with up...

220,000 businesses urged to move onto new single customs platform

Over 220,000 businesses are being contacted by HMRC and being urged to move to the UK’s new streamlined customs IT platform if they have not already been using it. If you wish to continue importing goods, businesses must use the Customs Declaration Service to make...

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