(slight) Reprieve for self-employed having to report tax quarterly
Making Tax Digital for Income Tax has caused concerns for Accountants, the self-employed and small business owners. The main concerns are the increase in admin and costs that would have on put even more pressure on the recovery from COVID, therefore the government have decided to push this back.
Making Tax Digital for Income Tax was scheduled to start from April 2023, where all self-employed and small business owners would need to keep their records digitally. Instead, the measures will now come into place in April 2024, the Government announced on Thursday 23rd September 2021.
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Staff to gain right to request flexible working, from first day
The government is proposing to give all employees the right to request flexible working when they start new jobs.
Implementing this would allow new starters to request flexible working arrangements as soon as they are employed, rather than the current rule that workers must wait until they have been in their role for six months.
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Petrol will continue to flow, says Transport Secretary
Petrol is the next product that is experiencing problems caused by the shortages of drivers.
It is estimated that the UK is short of about 100,000 HGV drivers – with gaps made worse by the pandemic and Brexit.
The government has said, people should carry on buying petrol as normal, despite supply problems that have closed some petrol stations.
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Bank of England ramps up inflation forecast again but takes no action to help cool prices
However, it stopped short of taking action in a bid to help cool costs as its monetary policy committee (MPC) kept interest rates on hold.
The Bank said its staff now expected growth during the current third quarter to come in 1% weaker than estimated just last month amid the deteriorating price boom.
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