The Bank of England’s Monetary Policy Committee (MPC) met on 2 February 2023 and voted 6-3 in favour of raising interest rates by 50 basis points to 4% in a move to try and continue to tackle upward pressures on inflation. This is the tenth time in a row that the MPC has increased interest […]
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National Insurance credits can help qualifying applicants to fill gaps in their National Insurance record. This can assist taxpayers to build up the number of qualifying years of National Insurance contributions which can increase the amount of benefits a person is entitled to, such as the State Pension. This could happen if someone was: employed […]
1 March 2023 – Due date for Corporation Tax due for the year ended 31 May 2022. 2 March 2023 – Self-Assessment tax for 2021-22 paid after this date will incur a 5% surcharge unless liabilities are cleared by 1 April 2023, or an agreement has been reached with HMRC under their time to pay […]
If you’re married or in a civil partnership, you could be one of the 2.1 million couples currently benefiting from Marriage Allowance. Understanding Marriage Allowance It is a tax benefit that is available to married couples and civil partners in the UK. The allowance allows for a portion of one partner's unused personal allowance to […]
Running your own business can incur a number of costs, not least renting premises. But if you are a sole trader you may prefer to work from home. It’s convenient, there’s no commute and you’re on hand if extra childcare is needed. Plus, there is the bonus of saving costs. But did you know there […]
Businesses are being urged to take advantage of the 130 per cent super-deduction tax relief before its March deadline. Introduced during the pandemic, super-deduction was designed to help organisations continue to invest through the difficult times. But from March 31, the support will draw to a close. What is super-deduction? Super-deduction is a tax incentive […]
Struggling households are receiving payments into their bank accounts to help them with the ongoing cost-of-living crisis. More than eight million families on means-tested benefits will automatically receive £301 with a further 6.5 million on disability payments due to receive £150 in the summer. Work and Pensions Secretary, Mel Stride said: “These direct payments will […]
The pound in your pocket could become digital as the Bank of England starts a consultation on the future of currency. Together with the Treasury, the Bank has launched research into what a central bank digital currency (CBDC) would look like and will be looking for views from the public. Chancellor of the Exchequer Jeremy […]
Looking for childcare for the February half-term? Don’t forget you can save up to £2,000 a year with Government support. Families are being reminded that opening a Tax-Free Childcare account can help their bank balance if they have children aged 11 or under – or 16 if their child has a disability – if they […]