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Recession looming, what will it mean for your business?

Goldman economists said that if prices stayed at current peaks, the UK will be forced to increase its energy cap by a further 80% in January. That would be on top of October’s 80% increase in the cap, which is lifting average dual fuel bills to £3,549 per year. If it happened, Goldman calculates it would push inflation to 22.4%, and trigger a 3.4% decline in GDP.

Government sets out new plans for data protection

Once the UK left the EU, rules surrounding data protection were taken into domestic law virtually unchanged as UK GDPR. That situation is set to change as the government has published its response to Data: a New Direction, a 2021 consultation on reforms to create “an ambitious, pro growth and innovation friendly data protection regime”.

How inflation will affect small businesses

Increased demand, high energy prices and supply chain issues have all put pressure on the economy – inflation has risen and is expected to get even higher. How will the increase affect you? Start preparing your business and protecting your supply chains.

VAT Flat Rate Scheme – changes are coming…

There are key changes to the VAT flat rates scheme coming in to force from 1 June 2022. The changes will apply to small businesses using the scheme, which are importing goods and using postponed VAT accounting.

The Plastic Packaging Tax is here – will it affect your business?

ou manufacture or import 10 or more tonnes of plastic packaging within a 12 month period, you may need to register for the new plastic packaging tax (PPT). The tax will come into force on 1 April 2022 and will be charged at a rate of £200 per tonne.

Late tax payment penalties to change

The government is changing the penalties charged for late submission of returns and late payment of tax it has been announced. The changes will initially apply to VAT and Income Tax Self Assessment (ITSA). As part of this reform, interest charges and repayment interest will be harmonised to bring VAT in line with other tax regimes.