The UK government borrowed £5 billion less than expected by the Office for Budget Responsibility in the year so far to December, raising the chances of the chancellor cutting taxes at the budget on March 6.
Category: News
The latest news affecting small and medium sized (SME) businesses in the UK
Inheritance Tax receipts reach £5.7BN from April ’23
Figures released by HMRC today show that the Treasury raked in £5.7 billion in inheritance tax receipts in the nine months from April to December 2023. This is £400 million more than in the same period a year earlier, continuing the upward trend.
House of Lords votes to delay Sunak’s Rwanda deportation plans
The House of Lords has voted for a motion to delay ratifying the Government’s new treaty with Rwanda.
Energy prices predicted to fall by 16% in April
Domestic energy prices will fall by 16% in April, according to a prediction by consultancy Cornwall Insight, bringing some relief to billpayers.
Nearly 50,000 UK businesses on ‘brink of collapse’, warn insolvency experts
More than 47,000 UK companies are on the brink of collapse after a 25% jump in the number of businesses facing “critical” financial distress in the final three months of 2023, according to a report.
HMRC has not charged a single company over tax evasion for past 6 years
HMRC has not charged a single company under landmark legislation passed six years ago to crack down on corporate tax evasion.
Hunt hints further tax cuts could be announced in spring budget
The Chancellor, Jeremy Hunt, has given a strong hint that he wants to cut taxes in the spring Budget.
HMRC slammed in Parliament for Loan Charge and its “frightening” parallels with Horizon scandal
A cross-party group of MPs have slammed HMRC over its tactics and approach to enforcing the Loan Charge and said it drew “frightening” parallels with the Post Office Horizon scandal.
Luxury cars ‘not immune’ as Bentley sees sales fall in 2023
Purchases of new Bentley cars have fallen sharply because of the state of the global economy, according to the company that assembles the luxury vehicles in Cheshire.
Google to build new $1bn data centre in Waltham Cross
Google has announced a billion-dollar investment in a UK data centre in a move hailed by the government as a “huge vote of confidence in Britain”.
Sainsbury’s to wind down bank as it focuses on food
Sainsbury’s is to wind down its banking division as it continues to focus on its core food business.
Spotify attacks Apple’s ‘outrageous’ 27% commission
Spotify has launched an outspoken attack on new transaction fees of up to 27% being levied by Apple in the US.
Jeremy Hunt hints further tax cuts may be coming
The Chancellor, Jeremy Hunt, has given strong hints that he wants to cut taxes in the spring Budget.
Tata Steel to cut 3,000 jobs at Port Talbot
Tata Steel is to push ahead with plans to close both blast furnaces at its Port Talbot works in south Wales.
UK banks expect sharp rise in defaults on unsecured debt
Britain’s biggest high street lenders expect the sharpest rise in defaults on unsecured lending since 2009, according to a Bank of England survey, as households come under growing pressure amid the cost of living crisis.
