Category: BWM Online

Comments Off on UK accountants demand HMRC service improvements

UK accountants demand HMRC service improvements

UK accountants demand HMRC service improvements

A recent survey from the Association of Chartered Certified Accountants (ACCA) has shed light on the challenges UK accountants face when dealing with HMRC services. Over 90% of respondents expressed the urgent need for HMRC to improve its service across several key areas. The survey, which involved 207 ACCA members, uncovered significant concerns within the … Continued

Comments Off on UK economy recovery slows in August

UK economy recovery slows in August

UK economy recovery slows in August

Britain’s economy partially recovered in August, with a marginal growth of 0.2% following a sharp fall in July. This slow growth has fuelled expectations that the Bank of England’s (BoE) Monetary Policy Committee will vote to maintain its base interest rate at 5.25% next month. The BoE halted its run of interest rate increases in … Continued

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 Bank of England predicts the UK to enter recession this year

Bank of England predicts the UK to enter recession this year

Bank of England predicts the UK to enter recession this year

The Bank of England (BoE) has predicted that the UK will enter a recession before the end of the year. The prediction, backed up by the British Chambers of Commerce (BCC), follows consecutive rises in interest rates, with inflation reaching a 40-year high of 10.1% in July. Although the BoE expects the economy to contract … Continued

Comments Off on Energy bill support to be split over six payments

Energy bill support to be split over six payments

Energy bill support to be split over six payments

The Government has announced a £400 energy bill grant will be paid to customers over six payments to help households cope with the cost of living crisis. As part of an £11.7 billion energy support package, some 29 million households will receive grants to help pay for their energy bills this winter, starting in October. … Continued

Comments Off on Government overhauls audit regime

Government overhauls audit regime

Government overhauls audit regime

The Government has published a response to its consultation on strengthening audits, corporate reporting and corporate governance systems. The long-awaited response outlines the Government’s plans to tackle dominance of large auditors, ban failing ones and bring unlisted companies under the scope of the regulator. The current Financial Reporting Council will also be replaced by a … Continued

Comments Off on Bank of England raises interest rate to 1%

Bank of England raises interest rate to 1%

Bank of England raises interest rate to 1%

The Bank of England (BoE) has raised its base interest rate to 1%, marking the fourth rise in a row and the highest base rate in 13 years. The Bank’s monetary policy committee (MPC) voted 6-3 to increase the base rate of interest by 0.25% percentage points from 0.75% on 5 May 2022. The current … Continued

Comments Off on The rise of electric vehicles could create £30bn tax hole

The rise of electric vehicles could create £30bn tax hole

The rise of electric vehicles could create £30bn tax hole

The Government is being urged to introduce a new road-pricing system, because the increasing popularity of electric vehicles risks leaving a £30 billion hole in public finances each year.  Research submitted by the Tony Blair Institute for Global Change called for a new system, with options including charges based on emissions, vehicle weight and traffic … Continued

Comments Off on Govt. extends furlough scheme ahead of lockdown in England

Govt. extends furlough scheme ahead of lockdown in England

Govt. extends furlough scheme ahead of lockdown in England

The Government has extended the furlough scheme for employers until the end of March 2021, as a second lockdown in England is announced to slow the resurgence of COVID-19. Furloughed employees will now receive 80% of their current salary – up to £2,500 – for hours not worked, initially until the end of March 2021, Sunak told … Continued

Comments Off on Fraudulent furlough claims or those paid in error cost £3.5bn

Fraudulent furlough claims or those paid in error cost £3.5bn

Fraudulent furlough claims or those paid in error cost £3.5bn

Up to £3.5 billion in payments made to employers under the furlough scheme might have been fraudulently claimed or paid in error, HMRC has said. The scheme was launched at the height of the coronavirus pandemic in April 2020 and paid 80% of furloughed workers’ wages, up to £2,500 a month. More than £35.4bn has … Continued