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News & Events

News & Events

Chancellor announces windfall tax on energy firms

Rishi Sunak, the Chancellor, will impose a windfall tax on energy companies as part of a package to help consumers cope with the cost-of-living problem. Mr Sunak stated that a ‘temporary, timely, and targeted’ 25% Energy Profits Levy would be imposed on oil and gas corporations to reflect their enormous profits. The charge is estimated to raise £5 billion for the Treasury, and the legislation will include a sunset clause to ensure that it is only in place for a…

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Inflation hits 40-year high

According to the latest numbers from the Office for National Statistics, inflation has reached its highest level in 40 years as the cost-of-living problem worsens (ONS). Last month, the rate jumped to 9%, the highest level since similar figures from 1982. The ONS reported a broad-based increase in prices for ordinary goods and services in April, with the unprecedented 54 percent increase in the energy price cap, which went into effect at the beginning of the month, accounting for a…

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Almost 66,500 filed self assessment returns on 6 April

According to HMRC data, around 66,500 people filed their 2021/22 self assessment returns on the first day of the new tax year. In previous years, the number of ‘early-bird’ customers filing their completed self-assessment tax returns at the start of the new tax year has increased – about 30,000 more customers filed their forms on April 6 this year than in 2018. Others are being encouraged by HMRC to improve their filing habits as soon as possible. Although many people…

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New law to protect access to cash announced in Queen’s Speech

The Queen’s Speech, delivered at the official opening of parliament on May 10, proposed new regulations to protect access to cash and assist victims of financial frauds. The new Financial Services and Markets Bill will ensure that withdrawal and deposit services are available throughout the United Kingdom. The Payment Systems Regulator will be allowed to order banks to recover authorised push payment (APP) fraud losses, which amount to hundreds of millions of pounds each year, under the terms of the…

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HMRC issues £14 million in penalties for minimum wage offences

According to a report produced by the Department for Business, Energy and Industrial Strategy (BEIS), HMRC issued 580 fines totalling over £14 million for minimum wage violations in 2020/21. Penalties for non-compliance with the national minimum wage (NMW) and national living wage (NLW) have decreased by £4.5 million from the previous year, when 992 penalties totaling £18.5 million were issued. According to the BEIS research, HMRC has changed its messaging to make it clear to employees that they can remain…

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The number of firms in significant financial difficulties is rising rapidly.

A growing number of UK businesses are at risk of going under as costs spiral and Covid loan repayments become due, according to a report from insolvency firm Begbies Traynor. Despite the lifting of COVID limitations, several businesses are still experiencing supply chain interruptions, and the cost of electricity and other inputs has risen dramatically. In other industries, hiring is difficult, and labour expenditures, including the minimum wage and national insurance contributions, have increased. Many UK households are looking for…

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UK government unveils energy strategy

Up to eight more nuclear reactors could be delivered to existing sites as part of the UK’s new energy strategy. The plan, which aims to boost UK energy independence and tackle rising prices, also includes plans to increase wind, hydrogen and solar production. Under the government’s new plans, up to 95% of the UK’s electricity could come from low-carbon sources by 2030. The energy security strategy includes the goal of producing up to 50 gigawatts (GW) of energy through offshore…

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Treasury announces it will regulate some forms of cryptocurrency

The Treasury has announced that it plans to recognise stable coins as a valid form of payment as part of a wider government initiative to ‘make Britain a global hub for crypto asset technology and investment’. The Treasury defines ‘stablecoin’ as ‘a form of crypto asset that is typically pegged to a fiat currency such as the dollar and is intended to maintain a stable value’. The government plans to bring stable coins within regulation, creating conditions for stable coin…

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HMRC names avoidance scheme promoters for first time

HMRC has named two tax avoidance schemes and their promoters for the first time, advising anyone involved to withdraw from them as soon as possible to prevent the build up of large tax bills. Both schemes involve individuals working as contractors agreeing to an employment contract under which they are paid the National Minimum Wage (NMW). The balance of their wage is paid as a loan to try to avoid national insurance and income tax. HMRC is letting taxpayers know…

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New HMRC one-stop online shop provides taxpayers with tax relief information

HMRC has launched a new one-stop online shop designed to provide taxpayers with information on the tax reliefs and financial help available from HMRC. In a new section of the GOV.UK website, HMRC has listed financial support available to ensure individuals are not missing out. There is guidance on relief for childcare and work-related expenses, as well as information about savings and getting help if you cannot pay your tax bill. The shop is designed to make it easier than…

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