News Archive

The Budget And Growth Plan From HMRC Perspective

On Friday 23 September, the Chancellor of the Exchequer, the Rt Hon Kwasi Kwarteng MP, published the government's Growth Plan - a package of measures to deliver a pro-growth, simplified tax system that supports business investment across the United Kingdom, and allows people to keep more of their own money.   This comes a day after the government announced that the Health and Social Care Levy (HSCL) of 1.25% due to be introduced from April‌‌‌ ‌‌2023 will not now go ahead - and that the 1.25 percentage point uplift in National Insurance contributions (NICs) rates that was introduced in April 2022, will end on 6‌‌‌ ‌‌November 2022.  

With Interest Rate Now 2.25% The New Normal May Soon Be 4 To 5 %

As the Bank of England raises rates for the seventh time in a row, to 2.25%, Dr Tony Syme, finance and economy expert from the University of Salford gives his take on what might happen next.   Dr Syme said: "Another month, another interest rate rise, but now with a quickening pace.  

The Growth Plan 2022: Factsheet On Investment Zones

As part of The Growth Plan 2022, the Chancellor announced we are in discussions with 38 local authorities to establish investment zones in England.   The government intends to work closely with the devolved administrations and local partners to deliver this opportunity to drive local growth in Scotland, Wales and Northern Ireland.  

Universal Credit Claimants Changes

Increase to Administrative Earnings Threshold (AET) - The government is increasing support and incentives for those on Universal Credit (UC) across Great Britain by increasing the Administrative Earnings Threshold to 15 hours a week at National Living Wage for an individual claimant (and 24 hours a week for couples) from January 2023.   This builds on the increase due to come into effect from 26 September 2022 which will raise the threshold from 9 hours a week to 12 hours a week for an individual (and 19 hours a week for couples).  

Only 1 Week Left To Use Your Paper £20 And £50 Banknotes

This is the last week that our paper banknotes can still be used.   The Bank of England will be withdrawing legal tender status of paper £20 and £50 banknotes after 30 September 2022.  

The Growth Plan 2022: Factsheet On Corporation Tax

Under the previous government's plans, the rate of Corporation Tax was to increase from 19% to 25% from April 2023 for firms making more than £250,000 profit, around 10% of actively trading companies.   Companies making between £50,000 and £250,000 would also face a rise in Corporation Tax, with the rate increasing incrementally from 19% to 25% depending on how much profit a firm was making.  

Reversal Of The Health And Social Care - National Insurance Levy Factsheet

The government is committed to a low-tax, high-growth economy.  To make sure people keep more of the money they earn and for businesses to have the right conditions to drive investment, growth and productivity.  

Reversing The National Insurance Rise Will Give Most To Those Who Need Help The Least

Commenting on the Chancellor's announcement that the Government will reverse the recent 1.25 per cent increase in the National Insurance contribution (NICs) rate from 6 November this year, Karl Handscomb, Senior Economist at the Resolution Foundation, said, "While raising National Insurance was a flawed way to fund social care provision.   It would initially largely benefit non-National Insurance payers, cutting NICs is an equally flawed way to tackle Britain’s cost-of-living crisis that is hitting lower-income households the hardest.  

Scottish Deputy First Minister Says Chancellor's Measures Fail To Target Support

Deputy First Minister says statement is ‘cold comfort for many'.   The Chancellor's fiscal statement and package of announcements targets the most wealthy, shifting further pressure onto the shoulders of those on the lowest incomes, Deputy First Minister John Swinney has said.  

VAT-free shopping scheme for non-UK visitors to Great Britain

VAT free shopping - The government will introduce a modern, digital, VAT-free shopping scheme, with the aim of providing a boost to the high street and creating jobs in the retail and tourism sectors.   The delivery will include modernising the scheme that currently operates in Northern Ireland and introducing a new digital scheme in Great Britain - a consultation will gather views on the approach and design of the scheme to be delivered as soon as possible.