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Comments Off on Covid loans scheme hit by over £1bn in suspected fraud

Covid loans scheme hit by over £1bn in suspected fraud

Covid loans scheme hit by over £1bn in suspected fraud

The Government is joining forces with lenders and agencies to tackle the high level of bounce-back scheme fraud cases. A new report shows that £1.1 billion worth of loans provided through the Government’s bounce-back loan scheme (BBLS) have been marked as suspected fraud. The Department for Business, Energy and Industrial Strategy (BEIS) released a document … Continued

Comments Off on Bank of England predicts the UK to enter recession this year

Bank of England predicts the UK to enter recession this year

Bank of England predicts the UK to enter recession this year

The Bank of England (BoE) has predicted that the UK will enter a recession before the end of the year. The prediction, backed up by the British Chambers of Commerce (BCC), follows consecutive rises in interest rates, with inflation reaching a 40-year high of 10.1% in July. Although the BoE expects the economy to contract … Continued

Comments Off on Chancellor announces biggest tax cuts in 50 years

Chancellor announces biggest tax cuts in 50 years

Chancellor announces biggest tax cuts in 50 years

The additional tax rate has been scrapped completely by the new Chancellor. Kwasi Kwarteng has announced the biggest bundle of tax cuts since 1972 in his first fiscal statement as Chancellor. Income tax, corporation tax and stamp duty make up the majority of the most significant cuts in a bid to promote growth within the … Continued

Comments Off on Capital gains tax rules for divorced couples ease

Capital gains tax rules for divorced couples ease

Capital gains tax rules for divorced couples ease

The Government has announced plans to relax capital gains tax (CGT) rules in divorce settlements, giving spouses and civil partners more time to transfer assets without incurring CGT charges. If the new rules are approved, they will come into effect from 6 April 2023. Newly separated couples are currently given until the end of the … Continued

Comments Off on Help to grow scheme extends to smallest businesses

Help to grow scheme extends to smallest businesses

Help to grow scheme extends to smallest businesses

The Government’s ‘help to grow: digital’ scheme has now expanded to include businesses with fewer than five employees. Over a million more businesses will now be eligible for the scheme, which has also been expanded to include one-to-one advice and additional software. Launched in January this year, the scheme was established to help small to … Continued

Comments Off on Energy bill support to be split over six payments

Energy bill support to be split over six payments

Energy bill support to be split over six payments

The Government has announced a £400 energy bill grant will be paid to customers over six payments to help households cope with the cost of living crisis. As part of an £11.7 billion energy support package, some 29 million households will receive grants to help pay for their energy bills this winter, starting in October. … Continued

Comments Off on Bank of England raises interest rates to 1.75

Bank of England raises interest rates to 1.75

Bank of England raises interest rates to 1.75

The Bank of England (BoE) has increased interest rates to 1.75%, the first rise of half a per cent in over 20 years. The latest increase is the fifth rise since December 2021, with the BoE arguing that rate rises are needed to tackle soaring inflation. Inflation as measured by the consumer price index (CPI) … Continued

Comments Off on Self-employed struggling with tax obligations

Self-employed struggling with tax obligations

Self-employed struggling with tax obligations

Self-employed individuals are having difficulties completing their self-assessment tax return, according to a new report commissioned by HMRC. A lot of people have trouble with their tax reporting duties because of “confusing terminology, ambiguity around allowable business expenses and uncertainty transferring figures to HMRC’s system,” according to the report. Undertaken by Kantar on behalf of … Continued

Comments Off on HMRC: Businesses don’t think MTD applies to them

HMRC: Businesses don’t think MTD applies to them

HMRC: Businesses don’t think MTD applies to them

Smaller businesses don’t believe that Making Tax Digital (MTD) applies to them, according to a study carried out by Yonder Consulting for HMRC. While businesses indicated they were aware of MTD for VAT, many still do not understand the process of the scheme and whether their business needs to comply with the rules. In a … Continued

Comments Off on Lack of awareness of tax liability among crypto investors

Lack of awareness of tax liability among crypto investors

Lack of awareness of tax liability among crypto investors

More than half of cryptocurrency investors have limited or no understanding of capital gains tax (CGT) and the associated tax liability on crypto transactions. Understanding of CGT was mixed, with 34% of owners stating they had a good understanding, compared to 37% who knew little or nothing and 22% who were not familiar with it … Continued