Accountancy, like many other industries, has long struggled with a dire skills vacuum within the sector. The pool of qualified accountants continues to shrink, with the over-50s and those aged 18 to 24 leaving the workforce in the greatest numbers. Figures suggest many older accountants chose to retire early during the pandemic, while younger individuals…
Read more
HMRC hikes interest rates again on late payments
HMRC interest rates for late payments will increase again this month to their highest level since 2001. Late payment interest is payable on tax bills covering income tax, National Insurance contributions, capital gains tax, corporation tax pay and file, stamp duty land tax, stamp duty and stamp duty reserve tax. The latest rise was triggered…
Read more
Banks with lowest savings rates to face robust action
The UK’s financial watchdog has warned it will crack down on lenders that fail to justify low savings rates. The Financial Conduct Authority (FCA) said providers who fail to show how their rates represent fair value to customers could face “robust action by the end of 2023”. This could include fines. It is part of…
Read more
Working overseas? Be aware of the tax implications
The pandemic triggered a seismic shift in working practices with remote and hybrid working become the norm at many UK businesses. Even when a return to the traditional workplace became possible, it was evident many workers preferred a more flexible arrangement. Well-reported difficulties in recruitment and talent acquisition led many employers to accept flexible working…
Read more