Category: BWM Online

The Chancellor of the Exchequer, Jeremy Hunt, has announced that he will present the Autumn Statement to Parliament on 22 November. Hunt will use the Statement to set out future tax plans and departmental spending plans, although he may hold back on serious plans amid inflationary pressures. The Chancellor may also decide against favourable announcements … Continued

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

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

The Government has published a response to its consultation on strengthening audits, corporate reporting and corporate governance systems. The long-awaited response outlines the Government’s plans to tackle dominance of large auditors, ban failing ones and bring unlisted companies under the scope of the regulator. The current Financial Reporting Council will also be replaced by a … Continued

The Bank of England (BoE) has raised its base interest rate to 1%, marking the fourth rise in a row and the highest base rate in 13 years. The Bank’s monetary policy committee (MPC) voted 6-3 to increase the base rate of interest by 0.25% percentage points from 0.75% on 5 May 2022. The current … Continued

The Government is being urged to introduce a new road-pricing system, because the increasing popularity of electric vehicles risks leaving a £30 billion hole in public finances each year.  Research submitted by the Tony Blair Institute for Global Change called for a new system, with options including charges based on emissions, vehicle weight and traffic … Continued

The Government has extended the furlough scheme for employers until the end of March 2021, as a second lockdown in England is announced to slow the resurgence of COVID-19. Furloughed employees will now receive 80% of their current salary – up to £2,500 – for hours not worked, initially until the end of March 2021, Sunak told … Continued

Up to £3.5 billion in payments made to employers under the furlough scheme might have been fraudulently claimed or paid in error, HMRC has said. The scheme was launched at the height of the coronavirus pandemic in April 2020 and paid 80% of furloughed workers’ wages, up to £2,500 a month. More than £35.4bn has … Continued

More than a million VAT-registered businesses have now been mandated into the Government’s Making Tax Digital (MTD) programme, which came into force on 1 April 2019. Under the scheme, businesses that are registered for VAT with a turnover of more than £85,000 are required to keep digital records and submit their VAT returns using MTD-compatible … Continued

MTD zero-hour is here. The moment has come: if your business has a taxable turnover above the VAT-registration threshold, which is currently £85,000, you’re now obliged to keep records in digital form and to file your VAT returns using HMRC-approved software. Software soft landing One concession made by HMRC is around the links between individual … Continued