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Comments Off on Manufacturing and R&D to receive £360m boost

Manufacturing and R&D to receive £360m boost

Manufacturing and R&D to receive £360m boost

Funding aims to drive economic growth, enhance health resilience, and generate employment. Jeremy Hunt has announced a £360m investment in UK manufacturing to drive economic growth, enhance health resilience and generate employment. Furthermore, there will soon be opportunities for companies to engage in a £520m life sciences manufacturing fund designed to prepare for health emergencies … Continued

Comments Off on UK house prices rise as interest rates fall

UK house prices rise as interest rates fall

UK house prices rise as interest rates fall

The average house price increased by 1.2% compared to last year, climbing to an average of £260,420. The last growth was seen in January 2023. In February, UK house prices experienced their first annual increase in over a year, signalling a rejuvenation in the housing market spurred by reduced borrowing costs. Nationwide has reported that … Continued

Comments Off on Stealth tax and savings shake up salary bands

Stealth tax and savings shake up salary bands

Stealth tax and savings shake up salary bands

Fiscal drag raises tax burden for many. Following the recent Spring Budget, NI rates in the UK will decrease by 2%. Following the recent Spring Budget, National Insurance (NI) rates in the UK will decrease by two percentage points, reducing to 8% on earnings between £12,570 and £50,270, down from the current 10%. This change, … Continued

Comments Off on PM proposes scrapping National Insurance

PM proposes scrapping National Insurance

PM proposes scrapping National Insurance

Plans to simplify tax could require other increases. In 2022/23, NICs generated £178bn, with £103bn from employers, £65bn from employees, and around £10bn from the self-employed. The Prime Minister, Rishi Sunak, has suggested the possibility of eliminating National Insurance contributions (NICs) for workers, following another 2% cut announced during the Budget. National Insurance, established in … Continued

Comments Off on House prices begin to fall at a slower rate

House prices begin to fall at a slower rate

House prices begin to fall at a slower rate

House price declines are gradually easing as sales volumes increase across the UK. In October 2023, prices dropped by -1.4%, slowing to -0.8% by December. The East of England (-2.5%) and the South West of England (-2.2%) experienced the most significant declines in 2023. In contrast, house prices in Northern Ireland increased by 3.2%. Despite … Continued

Comments Off on ‘Limited tax cut options in budget’, says Chancellor

‘Limited tax cut options in budget’, says Chancellor

‘Limited tax cut options in budget’, says Chancellor

Chancellor Jeremy Hunt has said that there is little scope for further tax cuts in the Spring Budget. In last year’s Autumn Statement, the Chancellor announced various tax breaks, including a cut to the main rate of National Insurance from 12% to 10%. In January, he suggested that he intended to reduce taxes in the … Continued

Comments Off on ‘Help to Grow’ campaign and small business council to aid SMEs

‘Help to Grow’ campaign and small business council to aid SMEs

‘Help to Grow’ campaign and small business council to aid SMEs

The Government has committed to supporting 5.5 million small businesses by updating its Help to Grow campaign and introducing a new Small Business Council next month. Building upon existing initiatives, the council will create a platform for SME leaders nationwide to actively engage with the Government. With small businesses constituting 99.9% of all UK enterprises, … Continued

Comments Off on HMRC clamps down on undeclared dividend earnings

HMRC clamps down on undeclared dividend earnings

HMRC clamps down on undeclared dividend earnings

Starting on 4 February 2024, HMRC is writing to company owners regarding the potential under declaration of dividend income. The correspondence is prompted by a decrease in company reserves despite reported profits, hinting at undisclosed dividend payouts. Recipients are urged to acknowledge the letter by either disclosing any unreported dividend income or confirming no additional … Continued

Comments Off on HMRC enforces tighter rules on ‘side hustle tax’

HMRC enforces tighter rules on ‘side hustle tax’

HMRC enforces tighter rules on ‘side hustle tax’

In a bid to tighten tax regulations and combat tax evasion, HMRC is implementing measures affecting sellers on platforms such as eBay, Vinted, Airbnb and Etsy. Effective from 1 January, many digital platforms are now mandated to collect under new international rules adopted by the UK through the Organisation for Economic Cooperation and Development (OECD). … Continued

Comments Off on UKEF introduces enhanced financing for small businesses

UKEF introduces enhanced financing for small businesses

UKEF introduces enhanced financing for small businesses

In a move to boost international trade and foster greater exporting opportunities for small businesses, UK Export Finance (UKEF) has introduced more flexible and expedited financing. The Government’s export credit agency made this announcement during its annual conference, revealing it now has the capability to fast-track trade finance applications worth up to £10 million – … Continued