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Bank of England raises interest rate to 1%
The Bank of England (BoE) has raised its base interest rate to 1%, marking the fourth rise in a row and the highest base rate in 13 years. The Bank’s monetary policy committee (MPC) voted 6-3 to increase the base rate of interest by 0.25% percentage points from 0.75%...
Work from home tax relief may not be available in 2022/23
Employees who claimed tax relief for working from home during the pandemic may no longer qualify in the 2022/23 tax year as HMRC changes its guidance for the scheme. During the COVID-19 pandemic, people who could do their normal job at home were required to do so at...
HMRC raises interest rates on late tax payments
HMRC has confirmed it will raise interest rates on late tax bills by 0.25 percentage points after the Bank of England increased the base rate of interest to 1%. The announcement means the late payment interest rate and corporation tax pay and file rate will increase...
The tax benefit for innovative companies
The lowdown on this relief for innovation. Research and development (R&D) tax credits were once a little-known tax incentive for companies which invested in innovation. But after rule changes in recent years, and a push by many tax advisers, they are now much more...