The UK economy grew by more than initially estimated at the start of this year, according to figures from the Office for National Statistics (ONS). The economy grew by 0.7% between January and March 2024, up from the previous figure of 0.6%. Growth in the UK services sector helped to push it even higher, the ONS said. The positive news on growth followed the UK inflation rate ...

The UK’s business groups have pledged to work in partnership with the new Labour government to revitalise the nation’s economy. Labour leader Sir Keir Starmer is the new Prime Minister after leading the party to a decisive win in the General Election. Shevaun Haviland, Director General of the British Chambers of Commerce (BCC), said:  ‘Congratulations to the Labour Party on ...

Many UK firms are still facing hiring issues as a result of challenging economic conditions, according to a report from the British Chambers of Commerce (BCC). 73% of firms surveyed by the BCC reported having recruitment problems, with businesses in the hospitality sector the most likely to report challenges. The construction and manufacturing industries are also experiencing ...

Small firms will look to the upcoming Autumn Statement for signs that the government understands their operating concerns, says the Federation of Small Businesses (FSB). The business group said that UK businesses need urgent action to help stem the issue of late payment. It says that large corporates use late payments to offset interest rate rises by 'demanding, in practice, f ...

The government has launched the UK Business Climate Hub to offer firms advice and support on reducing their energy bills and cutting their carbon emissions. The Hub includes a free carbon calculator and a suite of new tools to help businesses measure, track and report on their emissions. It also offers detailed advice on topics, including sourcing products from green supplier ...

Annual Tax on Enveloped Dwellings (ATED) is an annual tax payable mainly by companies that own UK residential property valued at more than £500,000. You’ll need to complete an ATED return if your property: is a dwelling — find out the meaning of ‘dwelling’ in the next section is in the UK was valued at more than: £2 million (for returns from 2013 to 2014 onwards) £1 m ...

HMRC has reminded businesses that file VAT returns annually that the online VAT filing portal will close from 15 May 2023. The VAT portal closed to standard quarterly filers on 7 November 2022, but was kept open for a longer period for those who file annual returns. In emails to businesses and tax agents, HMRC urged all VAT registered businesses to use Making Tax Digital for ...

From 1 April 2023 the following changes will apply to tax relief currently given on the purchase of qualifying plant and machinery. 100% Full expensing to replace the 130% super-deduction From 1 April 2023 until 31 March 2026 companies will be able to claim 100% first capital allowances on qualifying plant and machinery additions. There is no limit on the amount that can be ...

Companies that own UK residential properties have just one month to revalue and tell HM Revenue and Customs (HMRC) if any are worth more than £500,000. Under the government’s Annual Tax on Enveloped Dwellings (ATED) rules companies must revalue UK residential properties every five years, and 2023 to 2024 is one of those years. The revaluation can be done by the owner or by a ...

Businesses will receive reduced support for their energy bills from April as the UK government attempts to cut the cost of compensating for soaring gas and electricity prices, the Treasury has confirmed. The Treasury said that the government will cap support at £5.5 billion for businesses over 12 months from 1 April 2023. Bills will automatically be discounted by up to £6.97 ...