Keep up to date with the latest advise and guidelines
PAYE | July 2023
Electronic payment deadline falls on a weekend in July.
In July 2023, the electronic payment deadline of the 22nd falls on a Saturday. To make sure your payment for this month reaches HMRC on time, you need to have funds cleared into HMRC's account on or before 21 July 2023, unless you are able to arrange a Faster Payment.
Bank of England | Interest rates to 15-year high of 5.25%
Interest rates have risen to a 15-year high of 5.25%, with the Bank of England carrying out a hike of 0.25 percentage points.
It is the 14th consecutive rate rise, with the Bank seeking to bring down inflation, but prices have been rising at a slower rate than expected recently, giving cause for optimism that this could
be the last increase for a while.
But the high-point of 5.25% reached on the 3rd August 2023 has not been matched since the global financial crisis in March 2008, demonstrating the difficulties faced by the UK economy.
Bank of England | Interest rates finally stall after 14 increases
The Bank of England has finally paused its aggressive interest rate hikes.
Following news of yet another drop in inflation to 6.7%, the Bank of England (BoE) voted to maintain the current interest rate at 5.25%, bucking the trend of increasing interest rates that began in late 2021.
Chancellor announces major increase to National Living Wage
On Monday 2 October 2023 the National Minimum Wage will rise to two-thirds of average earnings. This would see the National Living Wage increase to over £11 an hour from April 2024 and would mean the annual earnings of a full-time worker on the National Living Wage will increase by over £1,000 next year.