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OECD warns UK on course for biggest economic downturn | |
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| The UK economy is to suffer the biggest hit of all the G7 nations next year, according to a report from the Organisation for Economic Cooperation and Development (OECD). The OECD forecasts that the UK’s GDP will reduce 0.4% next year and grow 0.2% in 2024. This is better than previous OECD predictions which has been for the economy to remain static. | |
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Auto-enrolment has helped workers save £114 billion into pensions | |
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Workers have saved more than £114 billion into their pension pots since pensions automatic enrolment was implemented ten years ago, according to data published by the Department for Work and Pensions (DWP). The data showed that more than 10.7 million employees were paying into a workplace pension in 2021. | |
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VAT treatment of gift cards at Christmas | |
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A single-purpose voucher (SPV) is a gift card (physical or electronic) that can only be redeemed for goods or services with the same VAT rate. VAT is accounted for when the gift card is sold. An example is an online business that sells cosmetics (no overseas delivery) all VAT standard rate in the UK. | |
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UK businesses anticipate growth in exports | |
A significant number of UK businesses that trade internationally expect to see an increase in their exports over the coming year, according to an Institute of Directors (IoD) survey. The survey showed that 42% of UK international traders expect export growth over the next 12 months. | | | |
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| Digital Services Tax has raised £358 million | |
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| The UK's Digital Services Tax (DST) raised £358 million from large digital businesses in the 2020/21 tax year, according to data published by the National Audit Office (NAO). The DST was introduced in April 2020 to combat the government's fears that the international tax system 'did not recognise the value being generated for digital companies through UK online users'. The tax targets firms that make large revenues from UK users of social media platforms, online search engines and online marketplaces. | |
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Advisory fuel rates for company cars | |
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New company car advisory fuel rates have been published and took effect from 1 September 2022. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. For more information on the advisory fuel rates for journeys undertaken on or after 1 December 2022, please click below for more information. | |
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Catch up on our latest Webinar: Making Sense of Cryptocurrency | |
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In our latest webinar our sector leader, Sharon Omer-Kaye, provides insight for private individuals and businesses into this rapidly advancing technology and discusses the tax implications associated with cryptocurrency. Whether cryptocurrency seems like a far fetched, distant technology for your business, or you are already trading in digital assets, watch our webinar to find out how we can help you to maximise your potential. | |
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New VAT penalties and interest in 2023 | |
This applies to VAT returns with a start date of 1 January 2023 onwards. Depending upon your quarterly return stagger, it will commence for period 03/23 or 04/23 or 05/23. If you use monthly returns, it will commence from period 01/23.
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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