Johnson Murkett & Hurst

• Government borrowing falls as Chancellor hints at tax cuts in Spring Budget
  Government borrowing fell to £7.8 billion in December 2023 giving Chancellor Jeremy Hunt more scope to make the tax cuts he has hinted at in the Spring Budget. The Office for National Statistics (ONS) data revealed that government borrowing for last December was around half of that borrowed in December 2022........ read more
• Tax cuts may have to be scrapped due to 'economic bind', warns IFS
  Tax cut promises may need to be scrapped as a result of the UK being in an 'unfortunate economic and fiscal bind', the Institute for Fiscal Studies (IFS) has warned. The next government is likely to face some of the most difficult economic and fiscal choices the UK has faced outside of pandemics, conflicts and financial crises, according to an IFS report. ........ read more
• HMRC sends warning to cryptoasset users
  As the use of cryptoassets continues to grow HMRC is warning people to check if they need to complete a self assessment tax return for the 2022/23 tax year to avoid potential penalties. Anyone with cryptoassets should declare any income or gains above the tax-free allowance on a tax return......... read more
• Raise VAT threshold to £100,000, says FSB
  The government should raise the turnover threshold for VAT from £85,000 to £100,000, according to the Federation of Small Businesses (FSB). The business group said that this would give firms stepping into the VAT-paying ring crucial breathing space. It would also be an incentive to grow their turnover without fear of having to charge customers an extra 20% overnight, the FSB added.......... read more
• Clarity on new border checks is vital, says BCC
  The government must clarify plans around new customs processes as firms remain in the dark about crucial aspects of their operation, says the British Chambers of Commerce (BCC). The first phase of the UK’s Border Target Operating Model began on 31 January, with imports of plant and animal products now requiring export health certificates......... read more
• Artificial Intelligence will affect jobs and worsen inequality, says IMF
  Artificial intelligence (AI) will affect almost 40% of all jobs around the world and deepen inequality, the International Monetary Fund (IMF) has warned. In a new analysis, IMF researchers examined the potential impact of AI on the global labour market. It found that, in advanced economies, around 60% of jobs may be impacted by AI. In contrast, in emerging markets, exposure to AI is expected to affect 40% of jobs......... read more
• Over 50s bucking decline in freelance numbers
  Tens of thousands more over 50s are now running their own businesses despite an overall decline in self-employment since 2020, according to the Association of Independent Professionals and the Self-Employed (IPSE). IPSE's research found that the number of self-employed business owners aged 50 and over increased to 1.1 million in 2023 – 89,000 more than in 2020......... read more
• Only a third of UK adults confident with self assessment
  Just 35% of UK adults are confident they could complete the self assessment tax return form correctly, according to research by Standard Life. Three in ten UK adults admit they do not feel confident they could complete the form correctly. A further 18% said they felt neither confident nor unconfident while 17% were not sure......... read more

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