Workers have saved more than £114 billion into their pension pots since pensions automatic enrolment was implemented ten years ago, according to data published by the Department for Work and Pensions (DWP). The data showed that more than 10.7 million employees were paying into a workplace pension in 2021. The proportion of young people saving into a pension has more than doubl ...

The Department for Work and Pensions has published its annual rate increases for 2023/2024. These changes will take effect in April 2023.  The rate for statutory maternity, paternity, adoption, shared parental, and parental bereavement pay will increase to £172.48 per week (previously £156.66). The rate for statutory sick pay will increase to £109.40 per week (previously £99 ...

HMRC has issued a new round of one-to-many letters aimed at persons of significant control (PSCs) who have declared income of under £100,000 or who have not submitted a tax return.

The government had previously announced that there would be a cut in the basic rate of income tax, from 20% to 19%, from April 2024. This was to be accelerated so that it took effect from April 2023. However, whilst the government aims to proceed with the cut in due course, this will only take place when economic conditions allow and a change is affordable. The basic rate of in ...

HMRC will raise interest rates on tax debt from 11 October following the 0.5% increase in the base rate. This means that the late payment interest rate will increase to 4.75% from 11 October 2022. The rate last increased to 4.25% on 23 August. This is the highest rate since the height of the financial crisis in January 2009. Late payment interest is payable on late tax bills ...

In September 2021 the government published its proposals for new investment in health and social care in England. The proposals were intended to lead to a permanent increase in spending not only in England but also by the devolved governments. To fund the investment the government introduced a UK-wide 1.25% Health and Social Care Levy based on the National Insurance contributio ...

Economic analysts have warned that the rate of inflation could keep rising in 2023 as a result of rising energy prices. Think tank the Resolution Foundation stated that inflation could go above 15%, whilst investment bank Citi said that it is ‘entering the stratosphere’ and could reach 18.6%. Predictions outlined by the Bank of England (BoE) have suggested that inflation coul ...

The Treasury Committee has urged the government to provide assurance that it is not ‘flying blind’ into a potential Emergency Budget this September. In a letter sent to Chancellor Nadhim Zahawi, Mel Stride, Chair of the Treasury Committee, asked whether the Treasury is working with the Office for Budget Responsibility (OBR) on a forecast to be published with any potential Emer ...

The Trades Union Congress (TUC) has called on the government to increase the National Minimum Wage (NMW) rates 'immediately' in order to guarantee decent living standards for families. Research carried out by the TUC found that UK poverty levels are 'likely to get worse' if ministers continue to hold down pay. Additional financial support for families announced by the Treasury ...

The Economic Crime (Transparency and Enforcement) Act 2022 became law on 1 August 2022. This legislation applies to Overseas entities (particularly Branches) – whether already registered at Companies House or not, and individuals based overseas that wish to buy, sell, or transfer UK property or land. Overseas entities will need to register with Companies House who are their re ...