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The 9.7% uplift to the National Living Wage from April 2023 should be welcome news for lower-paid workers, but could present problems if their employer simply cannot afford the increased employment costs.

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Fiscal drag is the stealthy way in which governments pull more and more taxpayers into higher tax brackets without the backlash that comes with increased tax rates. This is something taxpayers can probably live with when inflation is negligible, but it’s another matter entirely with inflation at over 11%.

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It comes as no surprise that capital gains tax (CGT) was targeted in the government’s Autumn Statement, with the changes forecast to raise some £1.6 billion over the next five years. The annual exempt amount (AEA) will be cut to £6,000 for 2023/24, with a further, permanent, fall to £3,000 from 2024/25.

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Annual CPI inflation hit 10.1% in September, but that does not mean every price is showing a double-digit increase. Source: ONS The September Consumer Prices Index (CPI) inflation reading is

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The biggest marshmallows are in fact VAT free. The intricacies of VAT continue to delight or inflame, with marshmallows the latest food product to come under the spotlight. The outcome

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A recent tribunal found in HMRC’s favour when a residential property was questionably deemed mixed use. On the purchase of mixed use properties, stamp duty land tax (SDLT) is paid

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As we all know, the Chancellor, Jeremy Hunt, was faced with a challenging economic backdrop to his first major set piece, grappling with a combination of over 11% inflation, an

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The increased stamp duty relief for first time buyers has not been reversed by the new Chancellor, but it may not survive beyond the tax year. One of the few

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For owner-managed companies, bonuses, dividends and remuneration will become yet more complex in the new tax year. With the corporation tax increase and dividend rates now confirmed by the Government,

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Over-65s set new employment record The latest data from the Office for National Statistics (ONS) reveals that more people than ever are working beyond age 65. Source: ONS 9/2022. One

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HMRC late payment interest rates have now been raised six times during 2022 – from 2.6% at the start of the year to a current rate of 4.25%. However, at

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From 1 November 2022, VAT-registered businesses that do not yet comply with the Making Tax Digital (MTD) requirements will face penalties. Businesses should also be aware of the new VAT