Action to contain cost of living pressures – groceries
The Competition & Markets Authority has issued an update on the action it is taking to ease price rises in grocery bills. In their press release issued on 15 May 2023, the CMA said: As cost of living pressures have grown, the CMA has been working to understand how well markets in essential goods and […]
HMRC interest rates increase again
The Bank of England’s Monetary Policy Committee (MPC) met on 10 May 2023 and voted 7-2 in favour of raising interest rates by 25 basis points to 4.5% in a move to try and continue to tackle continued inflation. This is the twelfth consecutive time that the MPC has increased interest rates with rates now the […]
Tax Diary June/July 2023
1 June 2023 – Due date for corporation tax due for the year ended 31 August 2022. 19 June 2023 – PAYE and NIC deductions due for month ended 5 June 2023. (If you pay your tax electronically the due date is 22 June 2023). 19 June 2023 – Filing deadline for the CIS300 monthly […]
Monthly chores for CIS contractors
The Construction Industry Scheme (CIS) is a set of special rules covering tax and national insurance for those working in the construction industry. Businesses in the construction industry are known as 'contractors' and 'subcontractors' and should be aware of the tax implications of the scheme. Under the scheme, contractors are required to deduct money from […]
The winds of change
A new King, the possibility of a change of government next year, and signs that we may, at last, be emerging from the disruptions created by Brexit and COVID. Meanwhile, back at helms of our small business sector firms, entrepreneurs are obliged to deal with the challenges that have arisen in recent years. Including: Inflation […]
Simplified tax system for savers
The government has announced a number of new measures to help millions of people boost their future savings. One of these measures is a simplification of the Help to Save scheme. The Help to Save scheme was launched by the government in September 2018 to help those on low incomes to boost their savings. Under […]
More financial support for energy intensive sectors
Some businesses could see their bills slashed by as much as 20% off predicted wholesale prices, thanks to further government support launched on 26 April 2023 for sectors using high amounts of energy. Applications have now opened for energy and trade intensive sectors that are most affected by the unprecedented rise in global energy prices […]
Paying tax by credit or debit card
HMRC has not accepted personal credit card payments since January 2018 when credit card surcharges on personal credit cards were banned. However, HMRC continues to accept payments by corporate credit card or corporate debit cards. The use of these cards is subject to a fee. Payment by personal debit cards is currently fee-free. There is also […]
Less could be more
Is there mileage in the old adage that it is unwise to keep all your eggs in one basket? Most businesses build an expanding customer list; each customer a separate income stream for their business. Compare this with being employed; one employer, one income stream. The other business dynamic that requires attention is what you […]
A $3B bond fight can go to trial.
The Supreme Court granted Ukraine permission to go to trial to avoid repaying USD 3 billion in loans. Facts: The Law Debenture Trust Corporation plc – the trustee acting on behalf of the Russian Federation- requested a summary judgement of its claim against Ukraine for non-payment. In 2013, Ukraine issued Eurobonds with a nominal value […]
