This month include: Bank of England cuts interest rates, CGT take falls by £2.5 billion, HMRC cuts late payment interest rate, Businesses targeted for NMW compliance

Succession planning for family businesses is an incredibly important process that requires careful consideration. Here’s what you need to think about.

Plans to simplify tax could require other increases. In 2022/23, NICs generated £178bn, with £103bn from employers, £65bn from employees, and around £10bn from the self-employed.

The Prime Minister, Rishi Sunak, has suggested the possibility of eliminating National Insurance contributions (NICs) for workers, following another 2% cut announced during the Budget.

Fiscal drag raises tax burden for many. Following the recent Spring Budget, NI rates in the UK will decrease by 2%.

Funding aims to drive economic growth, enhance health resilience, and generate employment.

The average house price increased by 1.2% compared to last year, climbing to an average of £260,420. The last growth was seen in January 2023

The Government has committed to supporting 5.5 million small businesses by updating its Help to Grow campaign and introducing a new Small Business Council next month.

Chancellor Jeremy Hunt has said that there is little scope for further tax cuts in the Spring Budget.

Starting on 4 February 2024, HMRC is writing to company owners regarding the potential underdeclaration of dividend income.

In a bid to tighten tax regulations and combat tax evasion, HMRC is implementing measures affecting sellers on platforms such as eBay, Vinted, Airbnb and Etsy.

Effective from 1 January, many digital platforms are now mandated to collect under new international rules adopted by the UK through the Organisation for Economic Cooperation and Development (OECD).