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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

Comments Off on Corporate insolvencies hit a two-decade high

Corporate insolvencies hit a two-decade high

Corporate insolvencies hit a two-decade high

Corporate insolvencies in England and Wales are at their highest level since 2009, according to new data from the Insolvency Service. In Q3 2023, 6,208 companies registered as insolvent in England and Wales, down 2% from the previous quarter but up by 10% compared to Q3 2022. This rise in insolvencies can be partially attributed … Continued

Comments Off on Small business confidence improves in Q3 2023

Small business confidence improves in Q3 2023

Small business confidence improves in Q3 2023

Small business confidence in the UK improved slightly in Q3 2023, although challenges persist, according to the latest Small Business Index from the Federation of Small Businesses (FSB). The headline confidence reading in Q3 stood at -8.0 points, an improvement from the -14.2 points recorded in the previous quarter but still below the -2.8 points … Continued