The Competition and Markets Authority (CMA) has published an update on the widespread action it is taking to ensure that people can get the best possible choices and prices in the face of ongoing cost of living pressures. New analysis highlights how
In a move to put more money in working people’s pockets, the government has overhauled the remit of the Low Pay Commission (LPC). This will, for the first time, ensure the independent body considers the cost of living when it makes future
A new digital VAT registration tool has been launched by HMRC that can be used to help businesses work out the effects of registering for VAT. The launch of the tool known as the VAT Registration Estimator came about following feedback from small
You can access the Check Your State Pension forecast service on GOV.UK via this link: https://www.gov.uk/check-state-pension. This digital service is provided jointly by HM Revenue and Customs (HMRC) and the Department for Work and Pensions
There are several types of reliefs from Inheritance Tax (IHT), one of which is IHT Business Relief. This can be a significant tax benefit for those with business interests, potentially offering either 50% or 100% relief from IHT on the value of
The new Chancellor of the Exchequer, Rachel Reeves, delivered her widely anticipated House of Commons statement on 29 July 2024. The Chancellor asserted that the new government has inherited a £22bn hole in the public finances. The Chancellor said
The Bank of England’s Monetary Policy Committee (MPC) met on 1 August and in a very close 5-4 vote decided to reduce interest rates by 25 basis points to 5%. The 4 remaining members voted to keep the rate at 5.25%. This was the first interest rate
The VAT Annual Accounting Scheme is available to most businesses with an annual turnover of up to £1.35 million. Key benefits of the scheme include the obligation to file just one VAT return per year, which can greatly reduce administrative time and
If you have tenants in your home there can be Capital Gains Tax (CGT) consequences. Generally, there is no Capital Gains Tax (CGT) on a property used as the main family residence, thanks to a relief known as Private Residence Relief (PRR). However,
The number of people classed as economically inactive has spiraled to 9.4 million. Data published by the Office for National Statistics (ONS) shows the percentage of people employed has fallen to 74.4%, while a near record 2.8 million people are now
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