A new law that stops employers from withholding tips from people working in the hospitality, leisure and services sectors has come into force. The Employment (Allocation of Tips) Act 2023 received Royal Assent on 2 May 2023. The Bill makes it unlawful for businesses to hold back service charges from their employees, ensuring staff receive […]
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The Bank of England’s Monetary Policy Committee (MPC) met on 10 May 2023 and voted 7-2 in favour of raising interest rates by 25 basis points to 4.5% in a move to try and continue to tackle continued inflation. This is the twelfth consecutive time that the MPC has increased interest rates with rates now […]
The transfer of a business as a going concern (TOGC) rules concern the VAT liability on the sale of a business. Normally the sale of the assets of a VAT registered or VAT registerable business will be subject to VAT at the appropriate rate. Where the sale of a business includes assets and meets certain […]
1 June 2023 – Due date for corporation tax due for the year ended 31 August 2022. 19 June 2023 – PAYE and NIC deductions due for month ended 5 June 2023. (If you pay your tax electronically the due date is 22 June 2023). 19 June 2023 – Filing deadline for the CIS300 monthly […]
Homeowners who make their properties more energy efficient could see their mortgage rate cut under a new government-backed pilot. More than £4m has been awarded to green finance projects to support those who want to make environmentally friendly changes to their property. Perenna Bank will receive more than £193,000 in government funding to help develop […]
Taxpayers are missing the chance to claim for work-related expenses – and many of those who do, fail to receive a full refund by using agents. Now HMRC has stepped in to remind workers that they can make their own claims directly through GOV.UK. More than 800,000 taxpayers claimed tax refunds for work expenses during […]
For small and medium-sized enterprises (SMEs), effective financial management is vital for success in a competitive business landscape. Harnessing the power of management accounting, coupled with cloud accounting software, can provide SMEs with powerful tools to enhance decision-making, streamline processes and fuel growth. Enhanced decision-making Management accounting provides SMEs with real-time, accurate financial information and […]
Families looking for support during the cost-of-living crisis will be reassured by action being taken to help control the price of road fuel and groceries. While many of the factors driving price increases are not competition related, the Competition and Markets Authority (CMA) has a vital role to play in giving consumers assurance that competition […]
Factories producing some of the country’s best-known beers, cereals, soft drinks and cars will receive government support to reduce their energy costs and cut carbon emissions. Heineken, Kellogg’s, Toyota and Britvic are among businesses across the UK to be awarded a share of £24.3 million government funding to help clean up their manufacturing processes and […]
Millions of pounds of taxpayers’ money have been saved as the Government clamps down further on benefit fraud. With a fresh determination to drive down fraud and errors in the benefit system, the overpayment rate has decreased by £400 million over the past 12 months. The latest national statistics confirm that in the past year […]