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Food price inflation hit record high in December

UK food prices rose at a record rate in December as families stocked up for Christmas, according to data from the British Retail Consortium (BRC).

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HMRC raises late payment interest from 6 January

HMRC will raise interest rates on tax debt from 6 January following the latest 0.5% increase in the Bank of England base rate

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King Charles III bank notes due in 2024

The King Charles III bank note designs have been revealed by the Bank of England, which are likely to enter circulation in 2024

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New Year Resolutions to Save Tax

At this time of year we think about New Year’s resolutions. It is also a good time to start planning your tax affairs before the end of the tax year on 5th April.

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Spring Budget set for 15 March

The Treasury has confirmed that the Spring Budget will be held on 15 March 2023

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Funding for the country’s woodlands and timber industry

Projects that tackle some of the greatest threats to trees and forests will get government funding

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Fuel prices dropping too slowly at the pump

There is evidence that 'rocket and feather' fuel pricing happened in 2022, according to a report published by the Competition and Markets Authority (CMA).

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£4.5 billion lost to COVID-19 fraud

The total value of fraud in three coronavirus (COVID-19) schemes totalled £4.5 billion, with the tax authority only expecting to recover £1.1 billion

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Tax Free Christmas Gifts To Staff

As many businesses will be preparing for the Christmas festivities, this is a timely reminder that employers may make small tax-free gifts to employees and directors

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Avoid the tax traps when giving money to children

As the cost of living crisis intensifies, shoring up the financial future of your children and other young family members has never felt more important but beware the tax traps

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Small businesses owed £23.4bn in late payments

The government plans a major review into tackling late payments for small businesses, with £23.4bn currently owed in outstanding invoices

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UK house prices see biggest fall for two years

UK house prices saw their biggest monthly fall for more than two years in November, according to the latest data from building society Nationwide.

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Thinking long term is a key business strategy

Businesses of every size face challenges that are now suppressing growth. A business might have a great product or service, but without a strategic plan to help it define, articulate and communicate where it is going, it will be at the mercy of outside events.

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UK sanctions on Russia top £18 billion for the first time

Data has been released which reveals the full effect of UK sanctions on Russia – with £18.39 billion of Russian assets frozen and reported to the Office of Financial Sanctions Implementation (OFSI).

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HMRC advisory fuel rates for company car users from 1 December 2022

HMRC has published the latest advisory fuel rates (AFR) for company car users, effective from 1 December 2022.

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Road tax on electric vehicles will raise £985m

The government plans to tax electric vehicles with the introduction of vehicle excise duty for zero emission cars, vans and motorcycles from 2025

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Taxpayer debts hit £37.8bn

Taxpayer debts to HMRC swelled by 10% to £37.8bn in just three months as interest rates and inflation continues to rise

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The key to business success in challenging times

Times are tough and they are likely to remain challenging for many businesses. History shows us that only when things are difficult does genuine quality rise to the surface.

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Auto-enrolment helps workers save £114 billion into pensions

Data published by the Department for Work and Pensions (DWP) has revealed that since pensions automatic enrolment was implemented ten years ago, workers have saved more than £114 billion into their pension pots.

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Self-Assessment: Declare your COVID-19 payments

HMRC is reminding their Self-Assessment taxpayers that they must declare COVID-19 payments in their tax return for the 2021 to 2022 tax year.

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