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that this delay will allow time to reconsider whether the law, originally set to take effect next week, should be repealed.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 […]
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 […]
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 […]
Google U-Turns on Cookies
In an unexpected move, Google has scrapped its plans to block third-party cookies from its Chrome internet browser, which had been first announced four years ago. The UK’s data privacy watchdog expressed “disappointment” over this decision. Instead, Google says it will pursue a new approach, giving users an “informed choice that applies across their web […]
Complete Guide to Setting Up a Business in the UK
Setting up a business in the UK offers numerous advantages and opportunities. The UK boasts a stable economy, a robust legal framework, and a supportive business environment. With access to a large consumer market, strong international trade links, and a well-developed infrastructure, businesses in the UK can thrive and expand. The UK government also offers […]
Comprehensive Guide to UK Business Finance
Business owners in the UK can access a broad range of different finance options and support systems. Understanding these options can be the key to securing the necessary funding and support to grow your business successfully. Business finance is the lifeblood of any enterprise. It encompasses everything from securing start-up capital to managing day-to-day expenses […]
Holiday, Sickness & Leave
Managing employee time off ensures compliance with legal entitlements and maintains a fair and productive workplace. Section A: Holiday Entitlement Holiday entitlement is a fundamental employment right, allowing employees to take time off to rest and recharge. In the UK, statutory regulations provide clear guidelines on the minimum amount of annual leave employees […]
Contract, Hours & Pay
Employment contracts form the basis of the employer-employee relationship, outlining the terms and conditions under which employees work and are remunerated. Section A: Employment Contracts Employment contracts are essential to the employer-employee relationship, providing a formal agreement that specifies the terms and conditions of employment. These contracts should detail key aspects such as […]
Health and Wellbeing
Ensuring the health and wellbeing of employees is a fundamental responsibility for employers, not only as a legal obligation but to contribute to a productive, positive, and sustainable work environment. Employee wellbeing refers to a holistic approach that focuses on the overall health, happiness, and productivity of employees. Beyond just physical health, it encompasses mental […]
Dealing with Problems at Work
Maintaining a positive and productive work environment demands prompt and effective handling of workplace issues. Section A: Dealing with a Problem Raised by an Employee When an employee raises a problem, employers should handle the matter sensitively and in a timely manner to prevent the issue escalating to formal procedures. Initial responses should […]