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Student loan repayments for new borrowers to start at £25,000

Student loan repayments for new borrowers to start at £25,000

The level at which students begin to pay back their loans will be lowered from £27,295 to £25,000 for new borrowers. From September 2023, the interest rate on student loans will also be set to RPI+0%. Additionally, the length of time that students have to pay their...

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UK economic growth to halve this year, warns BCC

UK economic growth to halve this year, warns BCC

UK economic growth is expected to halve this year amid soaring inflation, major tax rises, and global shocks including Russia's invasion of Ukraine, warns the British Chambers of Commerce (BCC). The BCC has downgraded its expectations for UK GDP growth in 2022 to 3.6%...

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Bank of England raises interest rates for third time in a row

Bank of England raises interest rates for third time in a row

The Bank of England has raised interest rates for the third consecutive time. The Bank also warned that the Ukraine conflict could see under-pressure households hit with double-digit inflation later this year. Members of the Bank's Monetary Policy Committee (MPC)...

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MTD for VAT brings in up to an extra £195 million in tax

MTD for VAT brings in up to an extra £195 million in tax

Estimates show that up to £195 million in extra tax revenue has been collected via Making Tax Digital for VAT (MTD for VAT), according to research from HMRC. The research, conducted by HMRC and peer reviewed by independent academics, showed that in 2019/20 the...

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OBR updates economic picture

OBR updates economic picture

In his Spring Statement speech, Chancellor Rishi Sunak responded to the latest forecasts as published by the Office for Budget Responsibility (OBR). The OBR forecasts UK economic growth to be 3.8% in 2022, a significant cut from its previous prediction of 6.0%. The...

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Business groups give mixed response to Spring Statement

Business groups give mixed response to Spring Statement

The UK’s business groups gave a mixed response to Chancellor Rishi Sunak’s Spring Statement speech. Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), said: ‘The Spring Statement falls short of the action businesses needed to see. While...

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Chancellor cuts fuel duty in Spring Statement

Chancellor cuts fuel duty in Spring Statement

Chancellor Rishi Sunak announced a 5p per litre cut in fuel duty for petrol and diesel in the 2022 Spring Statement. The government says it is the largest ever cut on all fuel duty rates, which applies from 6pm on 23 March 2022. The Chancellor also announced that the...

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Plastic packaging tax in force as of 1 April 2022

Plastic packaging tax in force as of 1 April 2022

Why is the tax being brought in? From 1st April 2022, the government is introducing the plastic packaging tax. A tax will be applied to some plastic packaging manufacturing and imports (or packaging for which plastic is the main component). The reason behind this tax...

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One week left to pay self-assessment tax bills

One week left to pay self-assessment tax bills

1st April deadline HMRC has warned taxpayers that they have just one week left to pay their self-assessment tax bills without incurring a penalty. Taxpayers have until 1st April 2022 to pay all tax due from their 2020-21 tax return and avoid receiving a late payment...

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Spring Statement 2022

Spring Statement 2022

Impact of war in Ukraine On 23rd March 2022, Chancellor Rishi Sunak announced his Spring Statement, detailing how he plans to help people in this country deal with the cost-of-living crisis in relation to the war in Ukraine, the aftereffects of Covid, and the...

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Advisory fuel rates for company cars

Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 March 2022. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory...

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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 from the date the new rates apply’. The rates only apply to employees using a company car. The advisory...

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 out for national minimum wage (NMW) and national...

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