If using the VAT Flat Rate Scheme, businesses pay VAT as a fixed percentage of their VAT-inclusive turnover. The actual percentage used depends on the type of business. The scheme has been designed to simplify how a business accounts for VAT and reduce the administration costs of complying with the VAT legislation.

Following recommendations made by the Low pay commission (LPC) at the end of October 2020 the government has confirmed that the National minimum wage (NMW) and National Living Wage (NLW) will both be increasing from the 1 April 2021. 

Most people think the highest rate of income tax in the UK is 45%. But in fact there are two situations where you could be paying much more. 

Most people think the highest rate of income tax in the UK is 45%. But in fact there are two situations where you could be paying much more. 

The new corporate tax rates are now upon us and the Government is committed to continue to have the lowest corporate tax rate of the G20 major trading nations. As already announced the corporation tax rate reduces to 19% from1 April 2017 and then to 17% from 1 April 2020.

The new corporate tax rates are now upon us and the Government is committed to continue to have the lowest corporate tax rate of the G20 major trading nations. As already announced the corporation tax rate reduces to 19% from1 April 2017 and then to 17% from 1 April 2020.

At the beginning of August the Bank of England cut interest rates from 0.50% to 0.25%, reaching a new record low and introducing the first cut since way back in 2009, in order to counter the threat of a post Brexit recession. 

At the beginning of August the Bank of England cut interest rates from 0.50% to 0.25%, reaching a new record low and introducing the first cut since way back in 2009, in order to counter the threat of a post Brexit recession.