The Bank of England’s Monetary Policy Committee (MPC) met on 2 August 2023 and voted 6-3 in favour of raising interest rates by 25 basis points to 5.25% in a move to further contain inflation. One member of the MPC voted to keep the rate at 5% whilst
There are four options for the VAT treatment of road fuel costs. Treat all of the VAT as input tax because 100% is used for business purposes. This option only applies to fuel for cars used exclusively for business purposes, such as pool
There is an online tool that allows taxpayers to check if they need to notify HMRC about additional income. The online tool can be found at www.gov.uk/check-additional-income-tax. This could include earnings from: selling goods, for example at
The bankruptcy process applies to people living in England, Wales or Northern Ireland. There is a separate process known as sequestration in Scotland. Bankruptcy is a form of insolvency and is normally only suitable for those people who are unable to
Are we about to see the end of phone calls selling sham financial products? An 8-week consultation by the Home Office and other government departments is aiming to do just this. The consultation, published on 2 August, covers proposals to ban cold
A Corporation Tax Group Payment Arrangement (GPA) is a special arrangement that allows groups of companies to make joint payments of Corporation Tax. This type of arrangement can reduce the administration and costs associated with making a large
The 2022-23 tax year ended on 5 April 2023 and the new 2023-24 tax year started on 6 April 2024. Many taxpayers will be happy to leave dealing with their 2022-23 tax returns until later this year or even until January 2024. The 31 January 2024 is
If you are retiring abroad, you are still entitled to claim your UK State Pension as long as you have built up a suitable amount of qualifying years of NIC contributions. However, your entitlement to yearly increases in the State Pension only apply
Corporation Tax relief may be available where your company or organisation makes a trading loss. A qualifying trading loss may be used to claim relief from Corporation Tax by offsetting the loss against profits in previous years. This could be a
It is important to make a Will to ensure that your estate is divided amongst your beneficiaries in accordance with your wishes. If you do not leave a Will the law decides who inherits the estate. This can result in a distribution of assets that would
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