The increase in national insurance contributions (NICs) will cause a third of businesses to raise their prices, according to the results of a survey conducted by the Institute of Directors (IoD). The survey of 689 businesses found that 29% would increase their goods and services costs to combat the 1.25% increase in NICs, while 37%
Businesses have warned that the recent rise in VAT will increase prices for customers. From 1 April VAT increased from 12.5% to 20%. Businesses in the hospitality and tourism sector warned that they are facing ‘soaring costs’, including rising costs for food and energy. Advisory body UK Hospitality said that the rise in VAT will
Against a backdrop of rising inflation, Chancellor Rishi Sunak presented his first Spring Statement on Wednesday 23 March 2022. In his Spring Statement, the Chancellor announced a cut in fuel duty for petrol and diesel as he sought to ease the impact of rising prices for households and businesses. The Chancellor will lift the
Chancellor Rishi Sunak used the 2022 Spring Statement to announce that the starting threshold for national insurance will increase to £12,750 from July 2022. The government stated that the measure will help hardworking taxpayers to keep more of what they earn before they begin paying personal taxes. According to the government the cut is worth
The Bank of England has raised interest rates for the third month in a row. The Bank also warned that the Ukraine conflict could see under-pressure households hit with double-digit inflation later this year. Members of the Bank’s Monetary Policy Committee (MPC) voted eight to one to increase rates from 0.5% to 0.75%. The move
The Federation of Small Businesses (FSB) has called on Chancellor Rishi Sunak to deliver on the government’s low tax pledge at the Spring Statement on 23 March. In its recently published Spring Statement submission, the business group recommended increasing the Employment Allowance to £5,000; increasing the rateable value ceiling for Small Business Rates Relief (SBRR)
HMRC has warned taxpayers to avoid sharing their personal information online in order to prevent their identities being used to claim self assessment refunds. According to HMRC, criminals are attempting to obtain taxpayers’ Government Gateway log in details to register for income tax self assessment and submit bogus tax refund claims. Taxpayers are reportedly being
UK economic growth is expected to halve this year amid soaring inflation, major tax rises, and global shocks including Russia’s invasion of Ukraine, warns the British Chambers of Commerce (BCC). The BCC has downgraded its expectations for UK GDP growth in 2022, to 3.6% from 4.2% in its previous forecast in December 2021. This would
11 Mar 2022 Chancellor Rishi Sunak must make a huge judgement call on government spending and borrowing at this month’s Spring Statement, the Institute for Fiscal Studies (IFS) said. The Chancellor’s Spring Statement, set to be delivered on 23 March, was not supposed to be a major fiscal event. However, the IFS says rapidly rising
27 Oct 2021 Within his Budget speech, Chancellor Rishi Sunak announced the government’s intention to create high-wage, high-skilled jobs of the future. The Chancellor stated that the Budget and Spending Review will continue supporting people into work, with over £6 billion of funding for the Department for Work and Pensions (DWP) over the next three
