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Comments Off on Chancellor announces date for Autumn Statement 2023

Chancellor announces date for Autumn Statement 2023

Chancellor announces date for Autumn Statement 2023

The Chancellor of the Exchequer, Jeremy Hunt, has announced that he will present the Autumn Statement to Parliament on 22 November. Hunt will use the Statement to set out future tax plans and departmental spending plans, although he may hold back on serious plans amid inflationary pressures. The Chancellor may also decide against favourable announcements … Continued

Comments Off on ONS revises its findings and says economy actually grew in 2021

ONS revises its findings and says economy actually grew in 2021

ONS revises its findings and says economy actually grew in 2021

The UK is no longer a global economic outlier after a huge revision to its post-pandemic economic performance by the Office for National Statistics (ONS). GDP, the size of the country’s economy, climbed back above pre-pandemic levels by the end of 2021, the ONS said last week — much higher than previously thought. The ONS … Continued

Comments Off on Employers ramp up counter-offers to retain staff

Employers ramp up counter-offers to retain staff

Employers ramp up counter-offers to retain staff

Employers are turning to generous counter-offers in a bid to retain staff as skills shortages persist, new research suggests. According to the Chartered Institute of Personnel and Development (CIPD), 51% of employers who make counter-offers to keep employees have offered a higher number over the last 12 months. A quarter of employers who have made … Continued

Comments Off on HMRC reopens self-assessment helpline

HMRC reopens self-assessment helpline

HMRC reopens self-assessment helpline

HMRC has reopened the self-assessment tax helpline from 4 September after it was closed for three months over the summer. Between 12 June and 3 September, callers were redirected to digital services to give HMRC staff time to deal with other phone enquiries and handle the postal backlog. This was not the first time HMRC … Continued

Comments Off on UK grows but remains in ‘precarious place’

UK grows but remains in ‘precarious place’

UK grows but remains in ‘precarious place’

Growth remained sluggish between April and June 2023, with GDP growing by 0.2% in the second quarter of 2023 following a 0.1% rise in the first. Monthly estimates also show that GDP grew by an estimated 0.5% in June 2023 after falling by 0.1% in May and rising by 0.2% in April. Growth of 1% … Continued

Comments Off on One million more pulled into tax on savings

One million more pulled into tax on savings

One million more pulled into tax on savings

Rising interest rates and frozen thresholds will force over one million more taxpayers to pay taxes on their savings interest this tax year, new data reveals. Over 2.7 million individuals will pay tax on cash interest in the 2023/24 tax year, up by a million in a single year as more savers breach the personal … Continued

Comments Off on Pay growth ends 18-month wage squeeze

Pay growth ends 18-month wage squeeze

Pay growth ends 18-month wage squeeze

Real wages in June 2023 were higher than a year ago for the first time in 18 months, ending a pay squeeze across Britain. Wages grew by 7.8% in the three months to June, the fastest annual rate since records began in 2001, according to figures from the Office for National Statistics. Darren Morgan, ONS … Continued

Comments Off on Geopolitics prompt importers to alter supply chains

Geopolitics prompt importers to alter supply chains

Geopolitics prompt importers to alter supply chains

One in five British importers have altered their supply chains because of geopolitical tensions, particularly with China, new research suggests. A survey by the Institute of Directors (IoD), found that 20.5% of importers have altered their supply chains because of tensions abroad, while a further 14.5% were considering doing the same. Just 42.4% of importers … Continued

Comments Off on HMRC has ‘enormous amount of work’ to deliver MTD on time

HMRC has ‘enormous amount of work’ to deliver MTD on time

HMRC has ‘enormous amount of work’ to deliver MTD on time

In evidence submitted to the Public Accounts Committee’s Progress with Making Tax Digital inquiry, contributors from across the accounting profession handed down a blistering verdict on the project, and HMRC’s ability to deliver on its new timeline. The written submissions criticised HMRC’s failure to consult with and listen to taxpayers, agents, professional bodies and software … Continued

Comments Off on Call wait times to be included on HMRC helplines

Call wait times to be included on HMRC helplines

Call wait times to be included on HMRC helplines

After “a successful trial period”, HMRC has decided to extend its call time information messages to more of its helplines in a bid to give taxpayers and agents a better understanding of how long they can expect to be waiting on the phone. According to HMRC’s most recent stakeholder digest, the extension, which came into … Continued