The 15 year high of 5.25% on interest rates remain by the Bank of England as the 2% inflation rate is out of the central banks grasp. Please click the following link for details: https://www.accountingweb.co.uk/business/finance-strategy/bank-of-england-holds-steady-on-interest-rates
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Unemployment rate may be much lower than estimated, official figures show
The latest data will do nothing to bolster hopes of interest rate hikes ahead but it continues to come with a big health warning from the Office for National Statistics. Please see link for more details https://news.sky.com/story/unemployment-rate-may-be-much-lower-than-estimated-official-figures-show-13064553
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Government backs SMEs with new Help to Grow campaign and small business council
Refreshed Help to Grow campaign and SME Council set up to boost small firms across the UK Please see link for more details https://www.gov.uk/government/news/government-backs-smes-with-new-help-to-grow-campaign-and-small-business-council
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Tax Diary February/March 2024
1 February 2024 - Due date for Corporation Tax payable for the year ended 30 April 2023. 19 February 2024 - PAYE and NIC deductions due for month ended 5 February 2024. (If you pay your tax electronically the due date is 22 February 2024) 19 February 2024 - Filing deadline for the CIS300 monthly…
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Do you need to register for self-assessment?
There are a number of reasons why you might need to complete a self-assessment return. This includes if you are self-employed, a company director, have an annual income over £150,000 and / or have income from savings, investment or property. The £100,000 threshold for self-assessment threshold change for taxpayers taxed through PAYE only, increased from…
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Year end payroll reporting
It is not that long until the current 2023-24 tax year comes to an end and there are a number of year end payroll chores that must be completed. This includes sending a final PAYE submission for the tax year. The last Full Payment Submission (FPS) needs to be submitted no later than the last…
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National Insurance and tax after State Pension Age
If you have reached the State Pension age and continue to work, in most cases, you no longer need to pay National Insurance Contributions (NICs). At State Pension age, the requirement to pay Class 1 and Class 2 NICs ceases. However, you will remain liable to pay any NICs due to be paid to you…
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Spring Budget 2024
The Chancellor of the Exchequer, Jeremy Hunt has confirmed that the next UK Budget will take place on Wednesday, 6 March 2024. This will be the Chancellor’s second Budget and will include the government's tax and spending plans as well as new growth and borrowing forecasts. Various pundits are suggesting that selecting a Budget date…
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Digital labelling of imports
Businesses are set to benefit from savings as import labels are made digital for the first time. New legislation to introduce digital labelling for British businesses to cut red tape and save millions in unnecessary regulation costs. Recognition of CE marking continued for products such as toys and machinery, easing burdens to businesses. Digital labelling…
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