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The Bank of England increases its base rate to 1%

The Bank of England increases its base rate to 1%

HMRC interest rates for late payments will be revised following the Bank of England interest rate rise to 1%. The new rates are set to affect those who make late payments on NIC, Income Tax, CGT, Inheritance Tax and stamp duty. The Bank of England has increased their...

Have you double-checked your tax code?

Have you double-checked your tax code?

Money-saving expert and journalist Martin Lewis has warned the British public that they should check their tax code is correct or risk losing a significant amount of money. Due to the rise of NIC, employers are seeing an increase in the amount of what they pay in...

HMRC announces the rise of child benefits

HMRC announces the rise of child benefits

HMRC have confirmed that the new rates for child benefits are set to increase at the start of April 2022.  HMRC have announced their new Child Benefits rate, which, starting April 2022, will have risen. Child benefits are eligible for parents who are bringing up a...

20% VAT Hospitality Tax increase

20% VAT Hospitality Tax increase

From the 1st of April, hospitality tax VAT returns to its standard rate - of 20% Since July 2020, hospitality tax was decreased to 12.5% to recover from the impact of the Covid-19 pandemic. This gave businesses the chance to become financially stable after the...

Business Tax: The Spring Budget 2022

Business Tax: The Spring Budget 2022

The budget laid out by Chancellor Sunak offers small businesses the chance to reduce their energy bills and receive financial support. Regarding business tax, here is the allocation for the Spring Budget on business tax:  Making Tax Digital (MTD):  April 2022 will see...