April 2023 eNEWS
Mohammed Nahim FCCA
Director at Michael Heaven & Associates Limited, Chartered Certified Accountants
Welcome to our monthly newswire designed to keep you informed of the latest business and tax issues. Please contact us if you have any questions. Remember, we're here to help.
Capital allowances reformed in 'Budget for growth'
A £27 billion transformation of capital allowances from April was announced by Chancellor Jeremy Hunt as he delivered a 'Budget for growth'.
Business groups welcome Spring Budget
The UK's business groups largely welcomed the measures taken in the Chancellor's Spring Budget.
HMRC issues guidance on abolition of pensions lifetime allowance
HMRC recently issued preliminary guidance in regard to the abolition of the pensions lifetime allowance.
Bank of England raises UK interest rates
Interest rates have been increased to 4.25% from 4% by the Bank of England (BoE) as it tries to slow rising prices.
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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.
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.
Two freeports confirmed for Wales
Two freeports have been confirmed for Wales by the UK and Welsh governments.
Small businesses at risk as energy costs rise
The end of the Energy Bill Relief Scheme (EBRS) on 1 April could threaten the future of hundreds of thousands of small firms, according to research by the Federation of Small Businesses (FSB).
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