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Blog: Business News

Energy bill support for firms to be reduced from April

Businesses will receive reduced support for their energy bills from April. The Government has announced a new Energy Bills Discount Scheme (EBDS) from April 2023 to April 2024 for eligible non-domestic consumers in Great Britain and Northern Ireland. The current Energy Bill Relief Scheme announced in September comes to an end in March 2023. It

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Upcoming corporation tax changes

It was announced at Budget 2021 that from 1 April 2023 different rates of corporation tax will apply depending on the level of taxable profits of a company and number of ‘associated’ companies.  This is very similar to the corporate tax rules which applied prior to 1 April 2015. In summary, from 1 April 2023

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Hanover Dairies Agrees NatWest Finance Restructure Deal To Support Investment Plans

The North East’s leading independent milk delivery service is planning further investment in its business and services after securing a new refinancing agreement with NatWest. Hanover Dairies delivers a wide range of milk, eggs and non-dairy products to customers across the North East, North West and Southern regions from a network of 12 depots across

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MTD for ITSA delayed for two more years

Self-employed individuals and landlords will have more time to prepare for Making Tax Digital (MTD) for Income Tax Self Assessment (ITSA), following a government announcement today (19 December 2022). Understanding that self-employed individuals and landlords are currently facing a challenging economic environment, and the transition to Making Tax Digital (MTD) for Income Tax Self Assessment

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Chancellor launches financial sector reforms

On 9 December, the Chancellor of the Exchequer announced a set of reforms to drive growth and competitiveness in the financial services sector. At the Autumn Statement, the Chancellor highlighted financial services as one the UK’s five key growth sectors. In a written statement to Parliament on 9 December 2022, the Chancellor set out a

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Brexit deal not delivering for businesses

Thousands of businesses across the UK have been having to get to grips with new rules surrounding VAT, imports and exports since the Brexit transition period ended at the start of this year. More than three quarters (77%) of firms, for which the Brexit deal is applicable, say it is not helping them increase sales or grow their business More than half (56%) of

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Bank of England raises base rate

The Bank of England Monetary Policy Committee voted on 15 December 2022 to increase the Bank of England base rate to 3.5% from 3%. HMRC interest rates are linked to the Bank of England base rate. As a consequence of the change in the base rate, HMRC interest rates for late payment and repayment will increase. These changes

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Government extends mortgage guarantee scheme

The Mortgage Guarantee Scheme will be extended by a year to the end of December 2023, helping people with 5% deposits on to the property ladder. The Mortgage Guarantee Scheme will be extended by a year, having already helped over 24,000 households get onto the property ladder Launched in April 2021, the scheme supports first-time

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TAXMAN’S ‘NUDGE LETTERS’ PUTTING FOCUS ON OVERSEAS ASSETS AND INCOME

By Chris Moir, Associate Director and Head of Personal Tax at RMT Accountants & Business Advisors Ltd Along with root canal work and motorway blowouts, getting a nudge from the taxman is something that most of us will be hoping to avoid. But for anyone with overseas assets, the likelihood of a nudge coming your

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