Income Tax

Chancellor resists calls for business relief in Spring Statement

Chancellor Rachel Reeves has resisted calls from businesses for relief ahead of the upcoming tax changes this April, as part of her Spring Statement today (26 March). UK businesses had been hopeful the chancellor would raise the relief rate for retail, hospitality, and leisure after cutting it to 40% in…

Read More »

How will the Scottish budget affect businesses?

On 4 December 2024 first minister John Swinney announced the budget for Scotland for the period of 2025-2026. It followed the announcement of the budget for the rest of the UK by chancellor Rachel Reeves in October. As part of devolution powers introduced under the Tony Blair administration, the Scottish…

Read More »

Budget: Increases to employers’ NI and minimum wage

The Chancellor Rachel Reeves has increased Employers’ National Insurance contributions in a bid to help raise as much as £40bn in taxes, pledging to also boost long-term growth and “mark an end to short term-ism” as part of Labour’s first budget since it came into power. Employers’ National Insurance contributions…

Read More »

Chancellor cuts NI by a further 2p as part of Spring Budget

Chancellor Jeremy Hunt has announced a further 2p cut to National Insurance falling from 10% to 8% from 6 April, as part of his Spring Budget for “long-term growth”. The reduction in National Insurance is expected to save the average worker £450 a year, or £350 for those who are…

Read More »

Krispy Kreme revenues hit $407.4m in Q3

Krispy Kreme reported net revenues of $407.4m (£333m) in Q3 2023, a 7.9% increase compared with Q3 2022.  Total company organic revenues grew 9.6% in the quarter, led by the US, which delivered 10.2% organic growth in the quarter driven by growth across all sales channels, including delivered fresh daily…

Read More »

Spring Budget: Corporation tax to rise to 25%

Corporation tax is set to rise from 19% to 25% for firms with profits over £250,000, as part of a number of measures announced in chancellor Jeremy Hunt’s Spring Budget.  To help offset the corporation tax rise, Hunt also announced a provision of £9bn of “full capital expensing” which for…

Read More »

Chancellor freezes tax thresholds in Autumn statement

Chancellor Jeremy Hunt has announced a raft of measures to help “stabilise” the UK economy and reduce inflation, with tax cuts and spending cuts totalling £55bn in the Autumn statement. As part of the new measures, Hunt confirmed that tax as a percentage of GDP will rise by over 1%…

Read More »

Rishi Sunak to become next PM

Rishi Sunak is set to become the next leader of the Conservative party and the UK prime minister after becoming the sole candidate to surpass the threshold of 100 votes. Penny Mordaunt announced she was withdrawing from the race only minutes before the nominations deadline at 14:00 BST today (24…

Read More »

Liz Truss steps down as prime minister 

Liz Truss has announced that she is standing as prime minister after a turbulent week for the government, just six weeks after taking up the premiership. The statement of her resignation was made at 13:30pm today (20 October) following a meeting between Truss and Sir Graham Brady, chairman of the…

Read More »

Chancellor reverses almost all mini-budget tax cuts

Newly appointed chancellor Jeremy Hunt has reversed almost all of the mini-budget commitments made by previous chancellor Kwasi Kwarteng last month, in a statement made at the Treasury today (17 October). He confirmed the basic rate of income tax will remain at 20% “indefinitely” until the economic situation stabilises, marking…

Read More »