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The latest tax, employment, business and economic news affecting firms and individuals alike. Updated each day.
Inflation wipes out wage growth
Regular pay is down 0.8% in real terms.
UK economy contracted by 0.2% in December 2021
GDP equal to its pre-pandemic level.
HMRC issues marriage allowance reminder
Spouses can save up to £252 in 2021/22.
1 in 5 Scottish firms fear rising payroll costs
Scottish accountants cite concerns over clients’ futures.
MPs call to replace £38bn motoring taxes
Motoring taxation revenue forecast as zero by 2040.
Auto-enrolment threshold frozen for 2022/23
Freeze expected to bring 17,000 more employees onto the scheme.
Business confidence tumbled in late 2021
Confidence lowest in accommodation and food services.
Millions to get help with rising energy costs
Households entitled to £350.
Base rate of interest rises again to 0.5%
Interest rates rise for the second time in three months.
Average household ‘will pay £1.1m in tax’
Tax burden at highest level in 70 years.