The chancellor is considering extending the government’s mortgage guarantee scheme, after UK bank bosses raised concerns over the state of the UK’s mortgage market at a high-level meeting at No 11 Downing Street.
Category: Money & Tax for the Self-Employed
Everything you need to manage money and tax as a freelancer or sole trader – from self-assessment to invoicing and cashflow.
Woodford investors get £20m from administrator but further payouts likely to be hit by downturn
Investors in Neil Woodford’s collapsed investment fund will receive another £20 million from its administrator but further payouts are likely to be hit by a downturn in market conditions.
National Insurance Contributions reversal – what can employers do now?
With the reversal of the 1.25% rise in National Insurance Contributions happening on the 6th of November, employers across the nation have an opportunity to attract and retain talent and must ensure that they are fully prepared for the change.
The Chancellors’ winners and losers
High earners will benefit most from today’s mini budget announcement.
IR35 reforms to be scrapped in April 2023
Reforms to the off-payroll working rules, known as IR35, are to be scrapped from April 2023, the Treasury has announced.
Chancellor scraps 45p top rate of income tax
Kwasi Kwarteng has announced that he will scrap the top 45p rate of income tax and cut the basic rate of income tax by 1p next year as part of a “bold and unashamed” push for growth.
Inheritance Tax Receipts reach £2.9 billion over four months from April to August 2022, up £300M
HMRC raised £2.9 billion in inheritance tax receipts between April and the end of August 2022, according to new figures released today. This is a £300 million increase from the same period the year before.
Number of firms fined for deliberate corporation tax misinformation hits four-year high
The number of businesses fined by HMRC for deliberately obscuring their corporation tax affairs has climbed to its highest level in four years.
Company Voluntary Agreements plunge as taxman tightens debt recovery rules
The number of struggling firms striking Company Voluntary Arrangements (CVAs) with creditors has plunged 47 per cent in the past year after tax authorities tightened the way they can reclaim debts, new data has revealed.
Inheritance Tax Receipts £2.4BN in three months to July, up £300M on same period year earlier
Figures out today show that HMRC raked in another £2.4 billion in inheritance tax receipts in the three months to July 2022. This is £300 million more than in the same period last year.
July tax bill creates £51 billion in consumer debt
A whopping £51 billion in credit card, overdraft and personal loan debts will be accrued by consumers who are struggling to meet the upcoming tax deadline.
Overhaul of financial services regulation to end ‘rip-off’ fees
The UK’s Financial Conduct Authority (FCA) has today announced a major change in how it regulates financial service firms, outlining measures to end “rip-off” fees and ensure fintech companies provide “clear” information to consumers.
Northern Rock customers sue TSB for £800m after being trapped in high-interest mortgages
It is understood that TSB Bank is facing a legal action worth up to £800m, brought by customers who claim they were locked into mortgages with ‘excessively high’ interest rates.
Defaults set to soar as borrowing costs bite
Higher central bank interest rates will trigger a wave of corporate defaults as companies struggle with higher borrowing costs and the threat of a global recession, fund managers have warned.
New UK chancellor Nadhim Zahawi to review corporation tax rises
Nadhim Zahawi, the new chancellor of the exchequer, has called for a review of the UK’s corporate tax policy in a clear hint that a rise from 19p to 25p due next year could be reduced or scrapped.
