Mixed Business Outlook for 2025
UK businesses are optimistic, with 70% expecting turnover growth and 73% forecasting higher profits, according to Lloyds Bank. Government initiatives are expected to boost competitiveness, but challenges remain. The CBI warns of a decline in hiring and output, while retail spending forecasts have dropped. The Bank of England reports stalled growth and inflation rising to 2.6%.
Charitable Donations Hit £2.1bn
Over £2.1bn was left to charities in wills in 2024, with high-value gifts up 33% year-on-year. Donating over 10% of an estate cuts inheritance tax to 36%, making it a popular tax planning tool.
Taxpayers File Over 90,000 Returns Over Christmas
Nearly 92,800 people submitted self-assessment tax returns over Christmas and New Year. 310 even filed just before midnight on New Year’s Eve! HMRC urges anyone yet to file to do so before 31 January to avoid penalties.
HMRC Helpline Strikes Set for Tax Season
HMRC workers are striking across eight days between 23 January and 14 February, causing potential delays for self-assessment and CIS users. Expect longer wait times, especially during peak hours.
📞 RBS Chartered Accountants in London, Canary Wharf—expert support when you need it.