25,000 first-time buyers are predicted to miss the 31 March stamp duty deadline, according to property website Rightmove. This is based on homes priced up to £625,000, which is the current maximum stamp duty threshold to be considered a first-time…
The financial benefits of MTD for VAT could be as high as £915 million, according to analysis carried out by HMRC. Since April 2022 all VAT-registered businesses should be using MTD compatible software to keep digital records and submit returns. HMRC…
The reporting threshold for trading income for self assessment is being lifted from £1,000 to £3,000 gross within this parliament, according to the Treasury. This includes people trading clothes online, dog-walking or gardening on the side, driving a taxi, or…
The higher-than-expected rise in the rate of inflation underlines the real challenges businesses face, according to the British Chambers of Commerce (BCC). The consumer prices index (CPI) measure of inflation rose to 3% in January, up from 2.5% in December,…
HMRC will reduce late payment and repayment interest rates from 25 February following the cut in the base rate. The Bank of England cut the base rate to 4.5% on 6 February, triggering a 0.25% cut in HMRC interest rates…
New company car advisory fuel rates have been published and took effect from 1 March 2025. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only…
HMRC has published the latest issue of the Employer Bulletin. The February issue has information on various topics, including: end of year reporting payrolling employees’ benefits and expenses get ready for changes to National Insurance new online iForm for PAYE…
The overwhelming majority of businesses say the rise in employers’ NICs will force them to change their plans, according to research by the British Chambers of Commerce (BCC). With under six weeks until the NICs rise comes in, 82% of…
The government has launched a consultation on plans for the rollout of electronic invoicing (e-invoicing) in the UK. The 12-week consultation is being jointly conducted by HMRC and the Department of Business and Trade (DBT) and will consider whether to…
Businesses will get a ‘measure of relief’ after interest rates were cut by the Bank of England, says the British Chambers of Commerce (BCC). The Bank cut the base rate from 4.75% to 4.5%, the lowest level since June 2023.…
