Blog | RMT Accountants and Business Advisors Newcastle

April 6, 2023

HMRC late payment interest rate

HMRC has revised interest rates with late payment bills charged 6.75% from 13 April, the highest level since January 2008. HMRC interest rates are set in legislation and are linked to the Bank of England base rate. There are 2 rates: late payment interest, set at base rate plus 2.5% repayment interest, set at base

April 6, 2023

HMRC issues guidance on abolition of pensions lifetime allowance

HMRC recently issued preliminary guidance in regard to the abolition of the pensions lifetime allowance. This measures ensures that no-one will face a Lifetime Allowance charge from April 2023. It increases the Annual Allowance, Money Purchase Annual Allowance, Tapered Annual Allowance, and the adjusted income for the Tapered Annual Allowance. This measure applies to all

April 6, 2023

Capital allowances reformed in ‘Budget for growth’

A £27 billion transformation of capital allowances from April was announced by Chancellor Jeremy Hunt as he delivered a ‘Budget for growth’. A revolution in childcare, a £27 billion tax cut for business and a trio of freezes to help families with the cost-of-living headlined the Chancellor’s Spring Budget today, Wednesday 15 March. Aimed at

March 16, 2023

Spring Budget 2023

Chancellor Jeremy Hunt delivered a ‘Budget for Growth’ after the Office for Budget Responsibility forecast a stronger than expected performance from the UK economy this year with inflation continuing to fall. Driving business investment The Chancellor announced a £27 billion transformation of capital allowances from April this year, which will include the Full Expensing of

February 23, 2023

£2M upgrade planned after Apartment Group acquires historic Croft Hotel

An historic North East hotel is set for a £2m upgrade after becoming the latest addition to The Apartment Group’s growing portfolio of unique wedding venues. The 24-bedroom, Grade II listed Croft Hotel at Croft-on-Tees has been acquired by the Newcastle-headquartered leisure operator for an undisclosed sum. Work is set to start imminently on the

February 10, 2023

Pensioners outnumber young people for filing self assessment tax returns

HMRC has today revealed that more pensioners filed a tax return for the 2020 to 2021 tax year compared to young people. Overall, those aged 65 and over accounted for 16% of individuals who submitted a tax return, whereas 16 to 24 year olds made up 2.7% of total filers. The new data is part of

February 10, 2023

BCC warns SME exporters ‘under tightening pressure’

The British Chambers of Commerce (BCC) has warned that small and medium-sized enterprises (SMEs) that export are facing ‘tightening pressure’ as a result of decreasing export sales. Most Small and Medium Sized Enterprise (SME) exporters report no improvement to exports, with 27% reporting decreased export sales in the quarter and 47% reporting no change. Only 26% of SME exporters saw increased export sales

February 10, 2023

Small firms ‘facing challenges when applying for financing’

Many small firms in the UK face challenges when it comes to finding and applying for funding, according to a report published by the Federation of Small Businesses (FSB). The “Credit Where Credit’s Due” report highlights concerns around access to finance among small businesses, which will be crucial to any future economic recovery New Federation

February 10, 2023

Government launches consultation on R&D relief

The government has launched a consultation on simplifying the UK’s research and development (R&D) tax relief system, driving innovation and growing the economy. R&D tax relief reform set to simplify the system and help grow the economy Clearer information about how much relief business will receive to be offered up front, helping them budget for