Threshold freezes could see 7.8 million pay 40%.
Current Affairs
Company insolvencies fall in April
Figures remain higher than pre-pandemic levels.
Economy fell by 0.3% in March
GDP grew slightly in Q1 of 2023.
Bank of England raises interest rates to 4.5%
Rate increases for 12th time since December 2021.
ACCA calls for action to tackle late payment
Poor payment practices have severe consequences for SMEs.
SME confidence increases in 2023
Confidence improves across all major sectors.
Tax take soars by almost 10%
Total receipts for 2022/23 hit £786.6 billion.
Company insolvencies rose by 37.7% in March
Insolvencies are higher than pre-pandemic levels.
Rural SMEs struggle with business costs
37% of firms reported a 10% increase in operating costs.
UK economy saw no growth in February
Economic outlook “brighter than expected”, despite slow progress.
IMF predicts interest rates will fall to pre-pandemic levels
Interest rates will ease when inflation is under control.
Business confidence rises in March
IoD report suggests UK economy grew strongly.
HMRC late payment interest rises to 6.75%
Late payment rates at highest level since 2008.
Reduced energy bill support puts SMEs at risk
Around 370,000 firms will pay more from April.
BoE raises interest rates to 4.25%
The decision follows an unexpected rise in inflation in February.
Inheritance tax receipts soar to £6.4bn
February’s inheritance tax take totalled £521 million.
Inflation rises to 10.4% in February
Salad and vegetable shortages drive soaring food prices.
Finance sector increases female representation
The proportion of women in senior management rises to 35%.
GDP rises by 0.3% in January
The increase follows a 0.5% drop in December.
MPs criticise HMRC’s approach to furlough fraud
£2.3 billion fraudulently claimed under the scheme.
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