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Children’s savings: Starting their financial future early
Many parents and carers want to give children a solid financial base, yet feel unsure where to begin. The UK tax system offers several wrappers and allowances designed for minors, each with different rules on access, tax treatment and contribution levels. Saving for a child is not just about handing over a lump sum at…
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Tax relief opportunities for businesses embracing sustainability
The policy push for a net-zero economy is now hard-wired into the UK tax system, with many businesses investing in lower-carbon equipment, property upgrades and greener vehicles. The tax system offers a range of permanent and time-limited reliefs that can cut the headline cost of those projects by up to 25%. We have summarised the…
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Nearly 149m working days lost to sickness in 2024
UK sickness absence edged closer to pre-pandemic norms last year, according to new Office for National Statistics (ONS) figures. Workers took an average of 4.4 days off for sickness or injury in 2024, amounting to 148.9m lost working days, or 2% of all possible days. That is 0.2% lower than 2023 but still above the…
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Employer NIC hike drives record May job losses
Early HMRC information shows UK payrolled employment fell by 109,000 (-0.4%) in May 2025, the sharpest monthly decline for four years. The drop pushed the unemployment rate up to 4.6%, its highest level since April 2021. Economists have highlighted the 1.2 percentage point rise in employer National Insurance – from 13.8% to 15% on 6…
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UK growth forecast downgraded by OECD
The Organisation for Economic Co-operation and Development (OECD) expects UK economic growth to be slower than previously forecast. The Paris-based body has revised its UK growth forecast for 2025 from 1.4% to 1.3% and cut its 2026 estimate from 1.2% to just 1%. The downgrade follows a broader fall in global growth expectations, primarily driven…
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Pensioners earning under £35k to get winter fuel cash again
Chancellor Rachel Reeves has reversed last year’s decision to restrict winter fuel payments, confirming that pensioners in England and Wales with taxable incomes of £35,000 or less will again receive the benefit from this autumn. Pensioners aged 67-79 will be paid £200, while over-80s will receive £300. Scotland and Northern Ireland run separate schemes. The…
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Diversifying your portfolio
Diversification spreads risk across different assets, markets and tax wrappers. It helps private investors smooth returns instead of relying on a single share, fund or property. The principle is simple: assets rarely move in perfect sync, so setbacks in one area may be offset by steadier performance elsewhere. A balanced portfolio is therefore less exposed…
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Exporting for growth: Strategies for small businesses expanding abroad
Exports already account for around 30% of UK gross domestic product (GDP), and the government wants that share to rise further by helping more small firms sell overseas. In the 2024 Autumn Statement, ministers renewed the goal of lifting UK exports to £1 trillion a year by 2030. Although the headline target often makes the…
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UK unemployment hits highest level since 2021
Unemployment has risen to 4.5%, the highest level since summer 2021. The figure covers the first quarter of 2025 and marks a 0.2 percentage point increase from the previous quarter. The rise in joblessness is based on data from the Office for National Statistics’ (ONS) Labour Force Survey, which has faced heavy criticism due to…
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Bank cuts rates to 4.25 percent amid slow growth
The Bank of England has cut interest rates by 0.25% to 4.25%, aiming to support the UK economy as uncertainty rises. It marks the fourth reduction since August 2024. The Monetary Policy Committee (MPC) warned that economic growth will likely remain subdued, predicting a further 0.3% slowdown over the next three years. Two members called…
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HMRC stops phone support for UTR numbers
From 6 May 2025, HMRC is no longer confirming a taxpayer’s unique taxpayer reference (UTR) number over the phone. This change applies to individual taxpayers and agents calling on behalf of clients. Instead, UTR numbers will only be available through HMRC’s digital services via the HMRC app or a personal tax account on gov.uk. Taxpayers…
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UK India trade deal cuts tariffs
Britain and India have signed a long-anticipated trade deal that is expected to boost the UK economy by £4.8bn a year by 2040. Finalised after more than three years of negotiations under multiple governments, this agreement is one of the most significant post-Brexit wins for British trade. The deal focuses heavily on tariff reductions across…
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Successfully navigating a business merger or acquisition
A merger or acquisition can open new doors for growth, streamline operations, and enhance market presence. Businesses across the UK often consider combining forces to improve economies of scale, benefit from complementary expertise, or secure new technology. Although this form of restructuring can bring advantages, it also involves risks if it is not managed correctly.…
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The State Pension changes in 2025: What they mean for you
The State Pension remains a foundation of retirement income for millions across the UK. Although private pensions and other investments often play a significant part in retirement plans, the State Pension provides a consistent baseline of support. Many people seek clear guidance on what to expect from the State Pension, especially when government policies evolve.…
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Rising employment taxes hit UK hiring
Nearly half of UK businesses are rethinking their recruitment plans in response to higher employment taxes and labour costs According to new research by recruitment company Reed, 46% of companies said the recent rise in national insurance contributions (NICs) would impact their hiring decisions. From 6 April, employers began paying NICs at a higher rate…
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Government steps in to save British Steel
The UK Government has taken control of British Steel’s Scunthorpe plant after passing emergency legislation in a rare Saturday sitting of Parliament. The new law gives Business Secretary Jonathan Reynolds sweeping powers to intervene in the operations of the Chinese-owned site, including the ability to enter the plant by force to secure assets and ensure…
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Bank of England expected to cut rates in May
The Bank of England (BoE) is now widely expected to cut interest rates in May, as escalating trade tensions sparked by Donald Trump’s tariff hikes weigh heavily on the global economic outlook. President Trump has imposed a 10% tariff on all UK exports to the US (although a 90-day pause on proposed tariff hikes has…
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Business confidence hits two-year low
According to a new survey from the Institute of Chartered Accountants in England and Wales (ICAEW), business confidence in the UK has dropped to its lowest level in two years. The industry body found that rising tax concerns, persistent cost pressures, and weakening sales expectations weigh heavily on companies. Its business confidence index fell to…
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The Spring Statement explained
Economic outlook, fiscal stability and planning reforms Introduction The Government of the United Kingdom has typically held two major fiscal events each year – the Autumn Budget and the Spring Statement – with each updating on the economy’s performance, significant tax changes, fiscal measures and adjustments to allowances. In 2024, however, Chancellor Rachel Reeves committed…
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Inheritance tax essentials for 2025/26
Strategies for minimising IHT liabilities. Inheritance tax (IHT) in the United Kingdom applies to the transfer of wealth after death. It can affect property, savings, investments, and other assets. Although it applies to a smaller portion of estates, those crossing certain value limits may face a 40% tax charge on amounts above available allowances. Thresholds…