Data releases in recent weeks from the Office of National Statistics (ONS) coupled with Bank of England decisions might make recent news about the economy seem a bit confusing. Understanding how this news affects businesses is important so let’s break it down.
HM Revenue & Customs (HMRC) have released figures showing that 295,250 Self Assessment tax returns were filed in the first week of the new tax year. Almost 70,000 were filed on the first day – April 6th. This seems to suggest an increasing trend for filing tax returns early. Last year, 246,210 returns were filed in the opening week.
While commenting on the GDP growth and what it indicates about the economy, the Prime Minister again drew attention to National Insurance. The article released by the Prime Minister’s Office noted that the progress in the economy has allowed them to bring down taxes, particularly the recent cuts in National Insurance.
The National Cyber Security Centre has joined forces with three major UK insurance associations to release new guidance designed to help reduce ransom payments made by victims of cyber crime. The guidance sets out best practice and gives recommendations that can help businesses and other organisations make informed decisions when they are faced with ransomware.
Submitting export declarations through the Customs Declaration Service (CDS) becomes mandatory for all businesses on 4 June. CDS will replace the Customs Handling Import and Export Freight (CHIEF) on that date. Businesses that use a customs agent to submit their export declarations should check that their agent is ready for the change.
HM Treasury have published a press release pointing out that over £2 billion has been invested by leading tech firms in the UK in the space of just one week. Coreweave, the AI (artificial intelligence) firm, are investing £1 billion in the UK and have confirmed that their new European headquarters will be based in London.
Measures to support farmers and help the UK’s farming and food sector grow were announced last week by the government. The support package is designed to support domestic food production and boost innovation so that the sector can reach its full potential.
Recycling can be confusing, leaving people and businesses wondering what items can be recycled on bin day. So, a new common-sense approach has been announced to make bin day easier and more standard across the country. Councils will now be allowed to collect plastic, metal, glass, paper, and card in one bin in all circumstances.
Over the last two years, the tax-free allowance for capital gains tax has been cut by over three-quarters. For the tax year that recently began on 6 April 2024, the Annual Exempt Amount has been reduced to £3,000 (£1,500 for trustees). These reductions mean that more and more of us are likely to be affected by capital gains tax.
Figures published by the Office for National Statistics on 10 May 2024 show that the UK has officially exited recession. UK gross domestic product (GDP) is estimated to have increased by 0.6% in Quarter 1 (Jan to Mar) 2024, following declines of 0.3% in Quarter 4 (Oct to Dec) and 0.1% in Quarter 3 (July to Sept) 2023.
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