National Living Wage

Chancellor resists calls for business relief in Spring Statement 

Chancellor Rachel Reeves has resisted calls from businesses for relief ahead of the upcoming tax changes this April, as part of her Spring Statement today (26 March). UK businesses had been hopeful the chancellor would raise the relief rate for retail, hospitality, and leisure after cutting it to 40% in…

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One in five UK-listed companies issued a profit warning in 2024, EY finds

One in five (19%) UK-listed companies issued a profit warning in 2024, the third highest annual proportion in 25 years, according to EY-Parthenon’s latest Profit Warnings report. The report found that UK-listed companies issued 274 profit warnings last year – including 71 in Q4 – down slightly from the 294…

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HMRC to hire 5,000 extra tax compliance staff

HMRC is set to hire 5,000 extra tax inspectors as part of a clampdown on small businesses and their owners, according to Price Bailey. The firm found that a report disclosed to a committee of MPs reported that 5,000 extra tax compliance staff will target small businesses and their owners for…

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Accountancy industry warns businesses may struggle following budget

Yesterday (30 October) chancellor Rachel Reeves increased employers’ national insurance contributions in a bid to help raise as much as £40bn in taxes as part of the Autumn Budget.  Employers’ national insurance contributions will rise by 1.2%, from 13.8% to 15%. In addition, the threshold at which businesses start paying…

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Budget: Increases to employers’ NI and minimum wage

The Chancellor Rachel Reeves has increased employers’ national insurance contributions in a bid to help raise as much as £40bn in taxes, pledging to also boost long-term growth and “mark an end to short term-ism” as part of Labour’s first budget since it came into power.Employer national insurance contributions will…

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Azets appoints UK lead for National Minimum Wage

Azets has announced that experienced employment tax specialist, Kyle Newton, will join the firm as a director to support clients across the UK in ensuring their compliance with National Minimum Wage (NMW) legislation. Based in Leeds, Newton will lead the firm’s newly formed NMW service line and help clients nationwide…

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Number of retailers going insolvent jumps to 2,195, says Mazars

The number of insolvencies of retailers increased 19% in the past year to 2,195 in 2023/24, up from 1,843 in 2022/23, Mazars, the international audit, tax and advisory firm has found. High profile retail insolvencies include The Body Shop in February, as well as fashion brand Ted Baker and online…

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What accountants should expect from the Budget

Chancellor Jeremy Hunt gave accountants plenty to chew over at his last Budget, with a rapid reduction in NICs, full expensing made permanent, and several decisions on business rates. His next Budget, due on March 6, will be hotly-watched by the business community and accountants as they press for a…

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PwC predicts UK inflation to near 2% in 2024

PwC has predicted that headline inflation will come close to hitting the Bank of England’s 2% inflation target, according to its newly released economic outlook for 2024. The report stated that despite a potential uptick in inflationary pressure in the first quarter of 2024, headline inflation will fall much faster…

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Today’s news in brief – 23/11/2023

The accountancy sector has welcomed Chancellor Jeremy Hunt’s Autumn Budget, applauding the permanent extension of full expensing for businesses and a 2% cut in employee national insurance. ACCA sees it as a step toward stable economic growth, but concerns arise about fiscal drag effects due to unadjusted tax thresholds. Hunt…

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