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Intervention by the Competition and Markets Authority (CMA) has freed more leaseholders from increasing ground rent terms that saw them trapped in homes they struggled to sell or mortgage. Businesses which had bought freeh­olds from housing developer Countryside have...

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...

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%...

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)...

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...

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...

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...

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...

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...

The next phase of Making Tax Digital (MTD) for VAT comes into effect 1st April 2022. This means it will be mandatory for all VAT registered businesses to register for MTD for VAT. This is a departure from the current rules where it is only compulsory for people or...

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...

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...