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Comments Off on SMEs owed £23.4bn in late payments

SMEs owed £23.4bn in late payments

SMEs owed £23.4bn in late payments

Large businesses owe their small suppliers £23.4 billion in late payments, according to the Government, sparking a review by the Department for Business, Energy and Industrial Strategy (BEIS). Business Secretary Grant Schapps said he would launch the review to scrutinise payment practices and “prevent small firms from being ripped off by larger companies”. The review … Continued

Comments Off on Economic outlook remains bleak despite rise in GDP

Economic outlook remains bleak despite rise in GDP

Economic outlook remains bleak despite rise in GDP

Monthly GDP grew by around 0.5% in October 2022, following 0.6% drop in September, according to the Office for National Statistics (ONS). Despite the recovery in monthly figures, the UK economy nevertheless contracted by 0.3% in the three months to October. The rise in GDP in October follows a 0.6% fall in September, which “was … Continued

Comments Off on Treasury delays MTD for ITSA until 2026

Treasury delays MTD for ITSA until 2026

Treasury delays MTD for ITSA until 2026

The Treasury has confirmed that Making Tax Digital for income tax self-assessment (MTD for ITSA) will be delayed a further two years until April 2026. According to First Secretary to the Treasury Victoria Atkins, this phased approach will give businesses more time to prepare and adapt to new ways of working. The minimum reporting level … Continued

Comments Off on Merry Christmas & BWM Opening Hours

Merry Christmas & BWM Opening Hours

Merry Christmas & BWM Opening Hours

All the team at BWM wish you a very happy festive period and a fantastic start to 2023! Christmas Opening Hours The BWM office will be closed over the Christmas period from close of business on Friday 23 December 2022 at 12pm until 9am on Tuesday 3 January 2023. In case of any issues arising … Continued

Comments Off on Tax thresholds frozen in Autumn Statement 2022

Tax thresholds frozen in Autumn Statement 2022

Tax thresholds frozen in Autumn Statement 2022

Chancellor Jeremy Hunt announced several measures in this year’s Autumn Statement in an attempt to plug the £55 billion ‘black hole’ in public finances. The statement, delivered to the House of Commons on 17 November, included several tax threshold freezes and cuts in annual allowances. One of the most important changes was the announcement that … Continued

Comments Off on National Insurance increase reversed

National Insurance increase reversed

National Insurance increase reversed

The Government’s reversal of the National Insurance contribution (NICs) increase is now in effect as of 6 November. The majority of working people will begin receiving the 1.25% tax cut in their payslips from November onwards. The rise in NICs was introduced in April as part of the health and social care levy but was … Continued

Comments Off on HMRC reminds taxpayers to declare SEISS payments

HMRC reminds taxpayers to declare SEISS payments

HMRC reminds taxpayers to declare SEISS payments

HMRC is reminding taxpayers to declare their self-employed income support scheme (SEISS) payments in their self-assessment return for the 2021/22 tax year. The Government paid SEISS grants to eligible businesses adversely affected by the Covid-19 pandemic, with over 2.9 million people claiming at least one SEISS payment in the 2021/22 tax year. The grants are … Continued

Comments Off on Bank of England raises base interest rate

Bank of England raises base interest rate

Bank of England raises base interest rate

The Bank of England (BoE) decided to increase the base interest rate from 2.25% to 3% last month in a bid to curb inflation. The 0.75 percentage point rise is the largest hike since 1989 and the eighth consecutive increase since December 2021. Updated projections from the Bank’s Monetary Policy Committee (MPC) indicated that the … Continued

Comments Off on Business confidence falls significantly

Business confidence falls significantly

Business confidence falls significantly

A new survey from the British Chambers of Commerce (BCC) reveals that business confidence declined significantly in Q3 compared to Q2 of this year. Of the 5,200 firms that took part in the BCC’s quarterly economic survey, nearly four in ten (39%) businesses believe they will see a fall in profits over the next 12 … Continued

Comments Off on Autumn Budget delayed

Autumn Budget delayed

Autumn Budget delayed

Prime Minister Rishi Sunak announced that the statement on the Government’s fiscal plan, originally planned for 31 October, will be delayed until 17 November. The PM said the delay is in an effort to ensure the tax and spending plans “stand the test of time”. The statement will also be released alongside a full economic … Continued