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Explore insightful articles, tips, and industry updates from RMT. Stay informed on the latest trends, innovations, and best practices in accounting and business services.

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Taxpayers given more time for voluntary national insurance contributions

The government has extended the voluntary national insurance deadline to give taxpayers more time to fill gaps in their contributions and boost their state pensions. This comes after members of the public voiced concern over the previous deadline of 5 April 2023. The deadline extension was announced via a Written Ministerial Statement earlier (7 March 2023)

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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

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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

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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

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£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

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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

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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

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Bank of England raises interest rates to highest level in 14 years

The Bank of England (BoE) has raised the base rate of interest. The Bank of England’s Monetary Policy Committee (MPC) sets monetary policy to meet the 2% inflation target, and in a way that helps to sustain growth and employment. At its meeting ending on 1 February 2023, the MPC voted by a majority of

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Restructuring Advisors say Charity Sector facing a challenging 2023

The number of charities in financial difficulty is expected to rise this year as a result of the increasing economic challenges facing the sector. That is the view of a North East restructuring expert, Chris Ferguson, who is Head of Recovery & Insolvency at RMT Accountants & Business Advisors based in Gosforth, Newcastle. His advice

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