The new Bills and Notes product is now open to guarantee payments by overseas buyers. The product will be available to more financial institutions with a simpler, more streamlined process.

HMRC has announced their suggested reimbursement rates for employees' private mileage using their company car from 1 December 2022, which are summarized in the table below. The rates have been reduced in line with the recent fall in petrol prices. However, diesel prices remain the same and LPG reimbursement rates have increased.

The British Standards Institution (BSI) have published a national standard, giving organisations guidance on how to manage modern slavery risks in their operations, supply chains and wider operating environment.

Data released last week 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).

Royal Mail are adding barcodes to their regular stamps. After 31 January 2023, regular stamps without a barcode will no longer be valid.

Over the last few months, we’ve been hearing from clients and small businesses in the local community about the effects inflation, interest rates and the energy crisis have had on them and their businesses.

For VAT periods starting on or after 1 January 2023, HMRC is replacing the default surcharge with separate penalties for late returns and late payment of VAT. At the same time, HMRC is introducing a new approach to charging interest on late-paid VAT

His measures on taxes mean that tax as a percentage of national income will increase by 1% over the next 5 years and this is now amongst the highest proportion of income going to HMRC for at least 70 years.

The government’s Energy Bill Relief Scheme is in place to reduce the unit price businesses pay for their energy, but navigating these schemes can be a challenging process so we want to offer as much help as possible.

Creating a business continuity plan will help you understand and manage the risks faced in the event of extreme snowfall, flooding or similar.

Businesses are also advised to prepare a grab bag with essential items which can be easily accessed should the premises be evacuated or unable to be accessed.

The Bank of England Monetary Policy Committee voted on 3 November 2022 to increase the Bank of England base rate to 3% from 2.25%.

HMRC interest rates are linked to the Bank of England base rate

On 17 November we will know more about the government’s spending plans and taxation policies. The prospect is one in which the economy will be less dependent on the government, with spending to be cut aggressively and taxes to rise across the board.

Umbrella companies are commonly used by employment agencies to pay temporary workers. HMRC are aware that some umbrella companies purport to avoid tax and claim to be able to maximise the worker’s take-home pay

The new Register of Overseas Entities requires overseas entities that own land or property in the UK to declare their beneficial owners and/or managing officers.

The accountancy definition of R&D is modified for tax purposes by the Guidelines, which are given legal force by Parliamentary Regulations.

The Living Wage rates are independently calculated based on the real cost of living in the UK and London.

The valuation of business goodwill for tax purposes is very subjective and is often a contentious area. HMRC have recently updated their guidance in their Shares and Assets Valuation Manual.