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 […]
Low earners will benefit from plans introduced in a raft of tax changes to help them boost their savings. The Government has published 23 technical tax updates, many of which simplify and modernise the tax system. Among the changes is a reform to the Help to Save scheme, introduced for working people on low incomes […]
Millions of hospitality workers can look forward to seeing extra pounds in their pockets with the passing of a new Tipping Bill. More than two million workers will have their tips protected and be able to view an employer’s tipping record. An estimated £200 million a year will go to staff as they retain the […]
Energy intensive businesses can benefit from new support under the Government’s latest move to support industry. Some companies using high amounts of energy could see their bills slashed by as much as 20 per cent off predicted wholesale prices. Minister for Energy Consumers and Affordability Amanda Solloway said: “We are beginning to see light at […]
New legislation has been introduced to put an end to online fake reviews and subscription traps that costs more than £1bn a year. The measures will help ensure businesses and consumers are protected from rip-offs and can reap the full benefits of the digital economy with confidence. Businesses that breach consumer rights will come under […]
The annual exempt amount applicable to Capital Gains Tax (CGT) has been reduced to £6,000 (from £12,300) for the new 2023-24 tax year. CGT is normally charged at a simple flat rate of 20% and this applies to most chargeable gains made by individuals. If taxpayers only pay basic rate tax and make a small […]
If you earn over £100,000 in any tax year your personal allowance is gradually reduced by £1 for every £2 of adjusted net income over £100,000 irrespective of age. This means that any taxable receipt that boosts your income over £100,000 will result in a reduction in personal tax allowances. Accordingly, your personal Income Tax […]