PM Makes Statement in Response to UK Riots
In response to ongoing civil unrest across the country – following false reports that the suspect in the death of three young girls in a knife attack at a dance class in Southport was an asylum seeker – Prime Minister Keir Starmer delivered the following statement from 10 Downing Street on Sunday 4 August: I utterly […]
UK Housing Targets Increased
The Government has unveiled a major overhaul of the UK planning system in a bid to “get Britain Building again”. All councils in England will now face new, mandatory housing targets aimed at delivering 1.5 million additional homes, addressing the most severe housing crisis in recent memory. These targets will require councils to increase housebuilding […]
Government Halts £1.3bn UK Tech and AI Plans
The new Labour Government has announced it will halt £1.3bn of funding, initially promised by the Conservatives, for tech and Artificial Intelligence (AI) projects, according to the BBC. This includes £800m for an exascale supercomputer at Edinburgh University and £500m for the AI Research Resource, which funds computing power for AI. The funds were unveiled […]
Google Pulls Controversial Gemini AI Olympics Ad
Google has withdrawn its Olympics advert for chatbot Gemini AI following backlash over its portrayal of a girl using AI to write a fan letter. The 60-second advert, titled “Dear Sydney,” showed a young girl’s father asking Gemini AI to help compose a letter on behalf of his daughter to her favourite athlete, U.S. hurdler […]
Budget Responsibility Bill: New Fiscal Lock Legislation Introduced
In the King’s Speech on 17 July 2024, it was confirmed that the new Labour Government aims to legislate that all significant tax and spending changes undergo independent assessment by the Office for Budget Responsibility (OBR). The following day, the Budget Responsibility Bill was introduced to the House of Commons for its first reading. Labour […]
Interest Rates Reduced After Year-Long High
Interest rates have been cut after being held at a 16-year high for the past year. The decision to hold rates at 5.25% during each of the past seven updates was closely contested. However, the Monetary Policy Committee (MPC) has now voted by a narrow margin of 5 to 4 to lower the bank rate […]
HMRC to Issue Simple Assessments to 560,000 Taxpayers for 2023/24
HMRC will be issuing simple assessments (PA302) over the next six weeks to 560,000 individuals who have outstanding tax liabilities for the 2023/24 tax year. Simple assessments are sent to taxpayers who owe tax that cannot be collected through a Pay As You Earn (PAYE) tax code and who do not meet the criteria for […]
HMRC 2023/24 Reports: Record Revenues & KPI Underperformance
HMRC has released a series of reports analysing its performance in 2023/24, including the annual report and accounts, and a performance report against the charter. Tax Revenues Highest on Record The annual report for 2023-24 reveals that total tax revenues reached a record £843.4 billion, marking a 3.6% increase from the previous year. […]
University Free Speech Law Put on Hold
The Government has paused controversial new powers that would have allowed universities and student unions to be fined for failing to uphold freedom of speech. Education Secretary Bridget Phillipson announced that this delay will allow time to reconsider whether the law, originally set to take effect next week, should be repealed. She said the legislation […]
Autumn Budget Announced for 30 October 2024
The Chancellor of the Exchequer, Rachel Reeves, has announced in the House of Commons that the Autumn Budget will be on 30 October 2024. The Budget will be accompanied by a comprehensive fiscal statement from the Office of Budget Responsibility (OBR). This announcement came as part of the Chancellor’s statement on ‘public spending inheritance’, with the Chancellor […]
VAT on Private School Fees from 1 January 2025
The Government has published draft legislation to charge VAT at 20% on education and boarding services provided by private schools for a fee. The new law will bring in the following key changes: a. VAT on Education Services: From 1 January 2025, all education services and vocational training provided by private schools or connected […]
Reform of Non Dom Rules from April 2025
The newly elected Labour government has committed to eliminating the non-dom tax status to generate additional revenue for the NHS and other public services. In March 2024, Conservative Chancellor Jeremy Hunt declared that the non-dom tax regime would be phased out. Under his proposal, individuals moving to the UK from April 2025 would be exempt […]
Draft Audit Reform and Corporate Governance Bill Back On Agenda
Audit and corporate governance reforms have been placed on the new UK Government’s legislative agenda. The Draft Audit Reform and Corporate Governance Bill was included on the King’s speech earlier this month, following previous proposals by the Kingman Review (2018), the Brydon Review (2019), and the Competition and Market Authority’s (CMA) statutory audit market review […]
Social Media Marketing For Business: Deep Dive
With billions of users across various platforms, social media marketing has become an essential component of modern digital marketing strategies. It involves creating and sharing content on specific social platforms tailored to engage a specific audience, fostering community interaction, and driving business objectives such as brand awareness, website traffic, and sales. Businesses can leverage social […]
A Comprehensive Guide to Marketing in the UK
Marketing is the process of promoting, selling, and distributing a product or service. It involves understanding customer needs, creating valuable offerings, and communicating these offerings effectively to encourage consumer engagement and drive sales. Marketing encompasses a range of activities and strategies that businesses use to connect with their target audience and build long-lasting relationships. Effective […]
Comprehensive Guide to Accounting for UK Businesses
For UK businesses, effective accounting practices are essential for day-to-day operations and ensuring compliance with stringent financial regulations. From managing cash flow to preparing for tax obligations, proper accounting maintains transparency, offers critical insights into financial health and guides strategic decisions. In this guide, we will explore the essentials of accounting for UK businesses, covering […]
Corporation Tax in the UK: A Guide for Businesses
Compliance with UK corporation tax regulations helps businesses optimise their financial strategies while avoiding penalties and legal issues. The UK’s tax landscape is characterised by a range of reliefs, incentives, and compliance requirements that businesses must navigate to minimise their tax liabilities and avoid penalties. While the tax rates and rules can seem daunting, understanding […]
Guide to Paying Corporation Tax in the UK
Corporation tax is a tax levied on the profits of companies operating in the UK. It’s a fundamental component of the UK tax system and a significant source of revenue for the government. Companies, including limited companies, foreign companies with UK branches, and certain unincorporated associations, are liable to pay corporation tax on their profits. Understanding how corporation tax works, including the […]
Comprehensive Guide to UK Business Taxes 2024
Compliant and effective management of your business tax obligations will help you avoid hefty fines and penalties and provide a stable foundation for your organisation’s financial health. This comprehensive guide aims to demystify the various business taxes in the UK. From Corporation Tax to the Construction Industry Scheme (CIS) and from Capital Gains Tax to […]
HMRC Issues Further Pillar 2 Guidance
In its third update on Pillar 2, HMRC has provided clarity on various aspects of the rules and outlined its plans for the coming months, including the next phase of its Pillar 2 online service. The multinational top-up tax (MTT) and the domestic top-up tax (DTT) have been introduced as part of the UK’s adoption […]