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 ...

The government has announced a significant change to the Child Benefit rules, potentially benefiting families who were previously ineligible due to their income level. Effective from April 6th, 2024, the High Income Child Benefit Charge (HICBC) threshold has been raised from £50,000 to £60,000. This means that if your adjusted net income is below £60,000, you may now be eligib ...

An HMRC error could mean that some low-income, self-employed workers lose out on their entitlement to National Insurance-related benefits like the state pension, warns the Low Incomes Tax Reform Group (LITRG). The issue centres around the payment of voluntary Class 2 National Insurance contributions (NICs) that can be made by self-employed taxpayers with profits under £6,725. ...

HMRC has launched a new online voluntary NICs payment service. The government says the new service will make it easier for customers to check for and fill any gaps in their National Insurance record to help increase their State Pension. It also said that the new Check your State Pension service has been enhanced to include an end-to-end digital solution. The service shows cu ...

HMRC’s decision to halt its plans to restrict taxpayer helplines and direct people to online services instead has been met with relief by the Federation of Small Businesses (FSB). The tax authority had announced that it was closing its self assessment helpline for six months every year. It was also restricting the opening times of its VAT helpline and the usage of its PAYE hel ...

At a glance The Annual Tax on Enveloped Dwellings (ATED) is an annual charge on UK residential properties which are valued at £500,000 or more and held by a company, a partnership with a corporate partner (also known as mixed partnerships), or Limited Liability Partnerships.   The rules do not apply to the total value of properties held but apply to each individual property a ...

HMRC is warning people to be wary of bogus tax refund offers following the self assessment deadline on 31 January. The tax authority says that fraudsters could set their sights on self assessment taxpayers, with more than 11.5 million submitting a tax return by last month's deadline. HMRC warns that taxpayers who completed their tax return for the 2022/23 tax year by the 31 J ...

The amount needed for a single person to have a moderate retirement has risen to £31,300, according to the Pensions and Lifetime Savings Association (PLSA). The rising cost of living and an increased importance on socialising following the pandemic had pushed up the income required by £8,000, the PLSA said. The PLSA uses evidence from focus groups to make the estimates, and t ...

HM Revenue and Customs (HMRC) has released a “tax simplification” update confirming that the reporting and paying of income tax and class 1A national insurance contributions (NIC) on benefits-in-kind (BIK) via payroll software will become mandatory from April 2026. This follows the changes made during the 2022/23 reporting season whereby amendments to P11Ds had to be completed ...