Business Liquidations on the Rise: What’s Driving the Exit Trend Among UK Entrepreneurs?
In the 2024–25 tax year, the UK experienced a marked increase in voluntary business liquidations, with levels not seen since the height of the COVID-19 pandemic. This upward trend has raised concerns among economists, business advisers, and policymakers, as more entrepreneurs—particularly sole traders and owners of small private limited companies—choose to shut down operations and […]
HMRC Interest Rates Adjusted Following Bank of England Base Rate Cut
On 8 May 2025, the Bank of England reduced its base rate from 4.50% to 4.25%. In response, HM Revenue & Customs (HMRC) has announced corresponding changes to its interest rates for late payments and repayments. Effective Dates and New Rates The revised HMRC interest rates will apply from: 19 May 2025 […]
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 […]
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 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. […]
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 […]