Minimum wage rose on 1 April
Increases to the National Living Wage and National Minimum Wage took effect from 1 April. From April 2025, the NLW will increase by 6.7% and the NMW by as much as 18% depending on the category of the worker. The…
Finance Act 2025 receives Royal Assent
The first Finance Act of the Labour government has gained Royal Assent and passed into law. The Finance Act 2025 makes major changes to the tax rules for non-doms, removes the VAT exemption for private school fees, increases some rates…
Employment reforms continue to stifle business hiring intentions
The government’s employment reforms are causing employers to put their hiring plans on hold, according to the Institute of Directors (IoD). The IoD noted that there was a small increase in payrolled employees in the latest Labour market data released…
No further tax increases in Spring Statement
Chancellor Rachel Reeves announced ‘no further tax increases’ in the 2025 Spring Statement. The Chancellor’s Autumn Budget contained a record £40 billion in tax increases. However, it did not raise personal taxes including, Income Tax, employee National Insurance contributions or…
Chancellor unveils plan to cut red tape
Chancellor Rachel Reeves has unveiled plans to cut red tape as the government aims to kickstart economic growth. The government says its Action Plan will save businesses across the country billions of pounds by cutting the number of regulators, streamlining…
Chancellor should consider tax rises in the Spring Statement
Chancellor Rachel Reeves should consider increasing taxes at this month’s Spring Statement, according to the Resolution Foundation. The Foundation noted that the UK’s economic outlook has declined markedly since the Budget last Autumn. Weaker growth and higher interest rate expectations…
Act now to boost your state pension, warn tax experts
People should check their National Insurance contributions (NICs) record to see if they can boost their state pension entitlement before 5 April 2025, warns the Low Incomes Tax Reform Group (LITRG). For a limited time, certain people are able to…
Private sector activity expected to fall
Activity in the private sector is expected to fall for the fourth consecutive quarter, according to a Growth Indicator from the Confederation of British Industry (CBI). Business volumes in the services sector are expected to decline to -23%, and distribution…
Chancellor has set herself a fiscal trap ahead of Spring Statement, warns IFS
Chancellor Rachel Reeves has set herself a trap with self-imposed fiscal rules that could force her into tax hikes and deeper spending cuts as the economy deteriorates, the Institute for Fiscal Studies (IFS) has warned. The Chancellor’s rules around borrowing…
Employment Rights amendments do little to address employer concerns
The government’s proposed amendments to the Employment Rights Bill will do little to alleviate employer concerns, warns the Institute of Directors (IoD). Changes to a number of proposals, including application of zero-hours contracts to agency workers and Statutory Sick Pay,…
