News

Britons lose millions in penalty charges as they cash in LISAs
12 July 2022

Thousands of Britons facing a cost-of-living crunch have been withdrawing funds from their Lifetime ISA (LISA) accounts and getting hit with significant penalty charges. According to HM Revenue & Customs (HMRC), a record 77,500 LISA savers were issued over £33 million worth of early withdrawal charges in 2021/22.
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How hard-pressed SMEs can obtain business support
22 June 2022

Small businesses are the lifeblood of the UK economy, but with rapid inflation and other economic headwinds making trade difficult, they can struggle to access support. There is a wide range of important tax reliefs available to SMEs, which could provide some much-needed financial assistance.
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Be prepared for changes to VAT penalties and VAT interest charges
22 June 2022

Changes to charges and penalties applied to late submission of VAT returns will kick in from January next year. For the VAT period starting on or after 1 January 2023, new penalties will replace the default surcharge for returns submitted or paid late.
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Penalties for misuse of Coronavirus Job Retention Scheme
22 June 2022

New legislation allows HM Revenue & Customs (HMRC) to recover Coronavirus Job Retention Scheme (CJRS) grants that have been overclaimed. Those who fall foul of the legislation could face interest charges, financial penalties and even be named and shamed.
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Managing costs to offset spiralling inflation – Our top tips for cutting your bills
22 June 2022

A leading business organisation has highlighted the problems faced by industry after new figures show a steep rise in business costs. According to figures from the Office for National Statistics (ONS), producer input price inflation stands at a record-high 18.6 per cent, and the consumer prices index at nine per cent and could go higher.
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Take action – Loans to small businesses drop to record low
22 June 2022

Research from the Federation of Small Businesses (FSB) shows that successful applications for finance among members have dropped to the lowest level on record. Conversely, figures from the Bank of England show the annual growth rate of lending to big corporates has increased significantly since the start of the year.
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‘New deal’ for tenants to be delivered in Renters Reform Bill
22 June 2022

The ‘biggest change to rent law in a generation’ will be delivered with the Renters Reform Bill (the Bill). The Government says it says it will improve the lives of millions of renters by driving up standards in the private and social rented sector, delivering on the Government’s mission to level up the country.
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National Insurance thresholds are changing – Are you ready?
22 June 2022

From 6 July 2022, the Primary Threshold (PT) for National insurance will increase to £12,570. This is the threshold at which employees begin paying National Insurance contributions (NICs). This will bring the rate in line with the current rate of personal allowances for income tax and means those earning below this amount...
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Home Office facing probe over post-Brexit EU resettlement scheme
08 June 2022

The Home Office is under investigation over whether it has fulfilled its obligations to EU citizens in this country who are seeking settled status. The inquiry launched by the Independent Monitoring Authority (IMA), the watchdog set up to look after EU citizens’ rights in Britain, will look into allegations...
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Exports have still not recovered to pre-Brexit levels says survey
01 June 2022

UK exports to the EU are still significantly below pre-Brexit levels, according to the Office for National Statistics (ONS). There has been a recovery after a steep drop of 40 per cent in January 2021 at the end of the transition period, according to the figures.
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