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Business News

All the latest business news from Hodge Bakshi Chartered Accountants & Chartered Tax Advisers.

30 May 2023

HMRC increases late payment interest rate to 7%

Following the Bank of England's latest increase in the base rate, HMRC has increased both late paid tax and the rate paid on repayments of tax.

26 May 2023

Tax-Free Childcare helps 650,000 families save on their childcare costs

The government's Tax-Free Childcare (TFC) initiative helped 649,935 families to save on their childcare costs during the 2022/23 tax year, HMRC has revealed.

25 May 2023

Typical energy bill to fall under new price cap

Energy bills will fall to £2,074 a year for the typical household from July under the new price cap announced by regulator Ofgem.

24 May 2023

UK rate of inflation fell sharply in April, data shows

Data published by the Office for National Statistics (ONS) has revealed that the UK rate of inflation fell to 8.7% in April from 10.1% in March.

23 May 2023

Don't miss out on a tax refund for work expenses, HMRC urges

HMRC is reminding employed workers they can claim a refund on work-related expenses on the GOV.UK website.

22 May 2023

HMRC seeks views on changes to Construction Industry Scheme

HMRC is seeking views on measures designed to simply and strengthen the Construction Industry Scheme (CIS).

19 May 2023

Small businesses 'see no progress on the barriers to growth', BCC warns

The British Chambers of Commerce (BCC) has urged the government to 'reconnect with businesses' after it warned that small firms aren't seeing any progress on removing the barriers to growth.

18 May 2023

Number of early self assessment filers doubles in five years

The number of self assessment taxpayers filing their tax return on the first day of the tax year has more than doubled since 2018, HMRC has revealed.

17 May 2023

One in five workers will be higher rate taxpayers by 2027, says IFS

The number of people paying income tax at 40% or above will reach 7.8 million by 2027/28, according to research published by the Institute for Fiscal Studies (IFS).

16 May 2023

Small business owners' mental health 'affected by financial concerns'

A survey carried out by Purbeck Personal Guarantee Insurance has suggested that half of small business owners have had their mental health adversely affected by financial concerns.

15 May 2023

'Fresh thinking' needed in regard to MTD for ITSA

The Institute of Chartered Accountants in England and Wales (ICAEW) has written to HMRC regarding how Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) can be molded to better suit the needs of small property businesses and the self-employed.

12 May 2023

Interest rates raised for 12th time in a row

UK interest rates have been raised for the 12th time in a row in a further attempt by the Bank of England to slow rising prices.

11 May 2023

Energy suppliers urged to renegotiate fixed contracts for small businesses

The Federation of Small Businesses (FSB) has urged energy suppliers to renegotiate fixed contracts for small firms on market-peak tariffs.

10 May 2023

Business confidence rises for the fifth consecutive month

Optimism amongst UK business leaders over prospects for the UK economy rose for the fifth consecutive month in April, according to a survey conducted by the Institute of Directors (IoD).