Annual CPI inflation hit 10.1% in September, but that does not mean every price is showing a double-digit increase. Source: ONS The September Consumer Prices Index (CPI) inflation reading is probably the most important inflation metric in a given year. Traditionally, this number is the one used by the Government as the basis for increasing … More Dissecting inflation: what a difference a year makes
Working through inheritance tax (IHT) requirements come at a difficult time. The provisions of the residence nil rate band (RNRB), which can be passed on between deceased spouses and civil partners, has caused some confusion. Any unused RNRB from the first death of a spouse or partner can be relieved on the death of the … More Confused on claiming residence band relief?
With strikes and cancellations affecting trains, the underground and flights, employers need to decide how they are going to treat employees who cannot get into work or are stuck overseas. … More Planes, trains and automobiles – managing employees’ transport challenges
In late May, the Chancellor announced new measures to counter the rising cost of living, in particular energy prices. … More The Chancellor’s May economy statement: all about energy￼
Although showing a slight improvement from March, the number of company insolvencies in April of this year was more than double the number from April 2021. This shows just how important it is to get advice sooner rather than later if your company is experiencing problems. … More Company insolvencies on an upward trend
HMRC has decommissioned its interactive PDF that businesses have been using to submit up to 150 P11Ds. For 2021/22, former users will instead have to turn to HMRC’s PAYE online service or use commercial payroll software. … More HMRC withdraws P11D PDF alternative￼
Making Tax Digital (MTD) will become mandatory for the self-employed and landlords in 2024. Although there is no major news, a recent webinar co-hosted by HMRC has shed more light on the sign-up process, the use of spreadsheets and joining the pilot scheme. … More Making Tax Digital update
A critical review of how the government taxes child benefits has raised a major question mark over HMRC’s approach to collecting payments. … More Can the child benefit charge be fixed?
Making Tax Digital (MTD) for VAT has been in place for three years, but this first phase excluded voluntarily registered businesses beneath the registration threshold. From 1 April 2022, all VAT-registered businesses must implement MTD regardless of turnover. … More The next step for Making Tax Digital￼￼￼
Around three quarters of those students who started full-time undergraduate degrees in 2020/21 are not expected to fully repay their student loans. However, changes starting with the 2023 student cohort will see many paying more, and over half of new student loans are likely to be repaid in full. … More Student loan rule changes from 2023