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Comments Off on ‘Help to Grow’ campaign and small business council to aid SMEs

‘Help to Grow’ campaign and small business council to aid SMEs

‘Help to Grow’ campaign and small business council to aid SMEs

The Government has committed to supporting 5.5 million small businesses by updating its Help to Grow campaign and introducing a new Small Business Council next month. Building upon existing initiatives, the council will create a platform for SME leaders nationwide to actively engage with the Government. With small businesses constituting 99.9% of all UK enterprises, … Continued

Comments Off on HMRC clamps down on undeclared dividend earnings

HMRC clamps down on undeclared dividend earnings

HMRC clamps down on undeclared dividend earnings

Starting on 4 February 2024, HMRC is writing to company owners regarding the potential under declaration of dividend income. The correspondence is prompted by a decrease in company reserves despite reported profits, hinting at undisclosed dividend payouts. Recipients are urged to acknowledge the letter by either disclosing any unreported dividend income or confirming no additional … Continued

Comments Off on HMRC enforces tighter rules on ‘side hustle tax’

HMRC enforces tighter rules on ‘side hustle tax’

HMRC enforces tighter rules on ‘side hustle tax’

In a bid to tighten tax regulations and combat tax evasion, HMRC is implementing measures affecting sellers on platforms such as eBay, Vinted, Airbnb and Etsy. Effective from 1 January, many digital platforms are now mandated to collect under new international rules adopted by the UK through the Organisation for Economic Cooperation and Development (OECD). … Continued

Comments Off on UKEF introduces enhanced financing for small businesses

UKEF introduces enhanced financing for small businesses

UKEF introduces enhanced financing for small businesses

In a move to boost international trade and foster greater exporting opportunities for small businesses, UK Export Finance (UKEF) has introduced more flexible and expedited financing. The Government’s export credit agency made this announcement during its annual conference, revealing it now has the capability to fast-track trade finance applications worth up to £10 million – … Continued

Comments Off on Economic confidence index declines

Economic confidence index declines

Economic confidence index declines

Business leader confidence in the UK economy fell to -28 in December 2023 after hitting -21 in November, according to the latest economic confidence index from the Institute of Directors (IoD). The decline is in contrast to business leaders’ confidence in their own enterprises, which surged to +36 in December – a notable uptick from … Continued

Comments Off on National Insurance cut boosts UK households

National Insurance cut boosts UK households

National Insurance cut boosts UK households

In a move to ease financial burdens on UK households, the Government has implemented a historic National Insurance (NI) cut, providing relief for 27 million taxpayers. As of Saturday, 6 January 2024, the main rate of National Insurance has been reduced by 2%, dropping from 12% to 10%. This reduction, exceeding 15%, equates to a … Continued

Comments Off on Advisory fuel rates December 2023

Advisory fuel rates December 2023

Advisory fuel rates December 2023

HMRC has published the latest advisory fuel rates (AFR) for company car users, which applies from the 1st December 2023. The rates for some petrol engines and all vehicles with diesel engines increased by 1p per mile. Meanwhile, LPG engine rates for 2000cc plus vehicles fell by 1p, while the advisory electricity rate (AER) for … Continued

Comments Off on Overseas firms pledge to invest billions in the UK

Overseas firms pledge to invest billions in the UK

Overseas firms pledge to invest billions in the UK

In November, Prime Minister Rishi Sunak hosted a summit at Hampton Court to spotlight foreign firms’ plans to invest £29.5 billion in the UK, signalling confidence in the economy.  Despite recent setbacks like the cancellation of HS2, the attendance of global leaders at the summit and Nissan’s recent £2bn electric car investment in Sunderland highlight … Continued

Comments Off on HMRC launches cryptoassest tax disclosure service

HMRC launches cryptoassest tax disclosure service

HMRC launches cryptoassest tax disclosure service

HMRC has rolled out a new initiative enabling taxpayers to voluntarily disclose unpaid tax on cryptoassets covering exchange tokens, non-fungible tokens, and utility tokens.  The tax authority has initiated contact with selected taxpayers engaged in cryptoasset transactions who may not have fulfilled their tax obligations. Taxpayers must report transactions incurring capital gains during the 2022/23 … Continued

Comments Off on HMRC removes PAYE self-assessment threshold

HMRC removes PAYE self-assessment threshold

HMRC removes PAYE self-assessment threshold

HMRC has announced a major shift in tax procedures, exempting high earners with PAYE income exceeding £150,000 from self-assessment tax returns starting in the 2024/25 tax year.  This change, following the recent threshold increase from £100,000 to £150,000 for 2023/24, is expected to benefit approximately 338,000 taxpayers. While this move appears to streamline the process, … Continued