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HMRC has published the latest advisory fuel rates (AFR) for company car users, which applies from the 1st December 2023.

The rates for some petrol engines and all vehicles with diesel engines increased by 1p per mile.

Meanwhile, LPG engine rates for 2000cc plus vehicles fell by 1p, while the advisory electricity rate (AER) for fully electric cars dropped from 10p to 9p per mile.

According to HMRC, hybrid cars will be treated as either petrol or diesel cars for AFR purposes.

The AFR for December 2023 to February 2024 are as follows:

Advisory fuel only mileage rates
Rates per mile
Engine size Petrol LPG
1400cc or smaller 14p 10p
1401cc to 2000cc 16p 12p
Over 2000cc 26p 18p

Engine size Diesel
1600cc or smaller 13pv
1601cc to 2000cc 15p
Over 2000cc 20p

The previous rates, effective September 2023, can be used for up to one month from the date the new rates apply.

These rates are only applicable to employees using company cars to either reimburse them for business travel or when an employee needs to repay the cost of fuel used for private travel. Employers must not use these rates in any other circumstances.

The AFR and AER will be updated again on 1 March 2024.

Contact us about employee benefits-in-kind.

HMRC has announced a major shift in tax procedures, exempting high earners with PAYE income exceeding £150,000 from self-assessment tax returns starting in the 2024/25 tax year.

This change, following the recent threshold increase from £100,000 to £150,000 for 2023/24, is expected to benefit approximately 338,000 taxpayers.

While this move appears to streamline the process, caution is advised. Individuals with additional income, such as dividends, savings interest or rental income, are still obligated to file self-assessment returns.

Furthermore, the Association of Taxation Technicians (ATT) has raised concerns about the reduction in tax returns, potentially increasing penalties and straining HMRC’s customer service.

Jon Stride, vice chair of the ATT technical steering group, said:

“From April, if you have dividend income of more than £500, you will have tax to pay on that income if you’re an employee earning more than the personal allowance.

“Holding a few shares here and there is not unusual, and dividend information is not readily available to HMRC, so taxpayers will need to remember to contact HMRC to declare this type of additional income and arrange to pay tax on it.”

Stride also warned:

“In a time of high interest rates, plenty of employees could find themselves with tax to pay on their savings. At current interest rates, savings of £10,000 which aren’t held in an ISA could easily give rise to a tax liability for a higher rate taxpayer.”

Changes to the dividend allowance also open up risks of tax liability.

ATT said that reducing tax returns would not benefit HMRC, and if anything, it would put more pressure on HMRC’s already stretched customer service staff.

Amend your PAYE codes
PAYE codes can be amended to ensure tax codes are correct, but this requires interaction with HMRC, defeating the goal of reducing calls to HMRC.

Stride voiced concern at the lack of consultation:

“As was the case with the rule change on self-assessment announced in June, there was no consultation of these proposals. We worry the changes may have been introduced primarily as a cost-saving measure without consideration of the wider impacts.”

Talk to us about these changes.

All you need to know to make the right choice.

Running a successful business entails astute financial management, and at the core of this is the crucial decision of how to handle your accounting needs.
Should you bring a full-time, in-house accountant into the fold, or does the more flexible route of outsourcing better suit your business objectives?
In this in-depth exploration, we’ll dissect the pros and cons of each option, providing you with comprehensive insights to empower you in making an informed decision aligned with the unique goals of your business.
Navigating your accounting needs
In the contemporary business landscape, outsourcing financial services has become a prevalent strategy for organisations seeking enhanced efficiency and specialised expertise. Several key factors contribute to the higher rate of outsourcing in the financial sector:
Evolving business dynamics: The dynamic nature of the UK business environment has prompted businesses, particularly in the financial sector, to reassess their operational models. Outsourcing tasks like accounting and bookkeeping offers the flexibility needed to adapt to changing market conditions and regulatory landscapes.
Cost considerations: Cost efficiency remains a primary driver for the outsourcing trend in financial services. By engaging external service providers, organisations can control and reduce their operational costs, allowing for a more streamlined allocation of resources.
Access to specialised skills: Outsourcing financial services provides access to a diverse pool of specialised skills and expertise without the cost of hiring a full-time employee. External partners often bring a wealth of experience, industry-specific knowledge and an outside perspective, contributing to improved service quality.
Technological advancements: The rapid evolution of financial technologies, such as cloud-based accounting, has accelerated the outsourcing trend. Companies seek partners with advanced technological capabilities to stay competitive and leverage the latest innovations without incurring substantial internal development costs.
Regulatory compliance: Navigating the intricate landscape of financial regulations is a complex task. Outsourcing allows businesses to tap into the compliance expertise of external providers, ensuring adherence to evolving regulatory frameworks.
Increased focus on core competencies: By outsourcing financial services, organisations can redirect their focus towards their core competencies. This strategic shift enhances overall business performance as internal teams concentrate on key functions while leaving specialised tasks to external experts.
Outsourcing statistics for the UK show that around 70% of B2B companies outsource key tasks and processes to third parties in order to meet their goals. The most commonly outsourced skills for small businesses include accounting (37%), IT tasks (37%), digital marketing (34%), and human resources and development (28%).

This is largely due to the fact that small businesses often do not have the required skills and proficiency for important business processes such as accounting, which they choose to supplement with virtual and outsourced accounting services.

Other statistics show that up to 28% of companies outsource for payroll tax purposes.

While these figures show that outsourcing accounting tasks is on the rise, is that the right option for you? Let’s look at the advantages and disadvantages of both.

What are the pros and cons of hiring an in-house accountant?
Pros
• Immediate accessibility: A full-time, in-house accountant is readily available for real-time financial support and guidance.
• Deep understanding of business: Training an in-house accountant means they can develop an in-depth understanding of your business, tailoring their approach to your specific needs.
• Direct oversight: Direct supervision allows for tighter control over financial processes and ensures compliance.
• Customised solutions: An in-house accountant can craft bespoke solutions aligned with the intricacies of your business.
• Cultural integration: Seamless integration with the company culture.

Cons
• Less flexibility: Fixed salaries, benefits, and overheads for a dedicated finance professional can become especially burdensome during economic downturns.
• Limited specialisation: While an in-house accountant can build a comprehensive understanding of internal processes, they may lack specialist knowledge or experience in other areas.
• Dependency: Over-reliance on a single individual, posing risks during vacations, sick leave, or staff turnover.
• Recruitment challenges: Although you can tailor the recruitment process to fit your business needs, finding the right talent can be time-consuming, with potential mismatches.

What are the pros and cons of outsourcing accounting?
Pros
• Cost efficiency: Outsourcing allows businesses to pay for specific accounting services instead of a full-time salary, reducing fixed overheads.
• Access to expertise: Working with an outsourced accounting firm can give you access to a diverse talent pool and more specialised skills.
• Scalability: Flexible remote accounting services can scale with your business needs, ensuring you always get the right level of support.
• Focus on your area of expertise: Outsourcing your accounting responsibilities allows the in-house team to concentrate on core business activities and more high-level decision-making.
• Outside perspective: Experts outside of your organisation can provide a valuable outside perspective, helping you see the bigger financial picture more clearly.

Cons
• Communication challenges: While recent technological developments have made it easier than ever to collaborate with your outsourcing partners, communication is often more straightforward with in-house accounting teams.
• Less control: Outsourcing can reduce your workload, but also means relinquishing some control.
• Security concerns: If you outsource your accounting tasks, it’s vital to choose a firm that protects your sensitive data.
Choosing the right type of firm
If you decide to outsource and want to build a successful partnership, choosing the right accountancy firm is crucial.

To ensure a positive outsourcing experience, you should work with an accountancy firm that specialises in supporting businesses like yours.

The right firm will also maintain regular and transparent communication and seamlessly integrate its processes into your day-to-day business operations.

By opting for a tech-savvy firm that understands your business and keeps you updated, you can develop a collaborative and responsive partnership that goes beyond the traditional periodic touchpoints. That way, you’ll receive the support needed for your business to thrive.
Making the right choice
In the ever-changing landscape of the UK business environment, the choice between hiring an in-house accountant or outsourcing accounting services requires careful consideration.

Each option presents its own set of pros and cons, and the right choice depends on your business’s unique needs, financial situation, and long-term goals. Conducting a thorough analysis, considering immediate costs, long-term sustainability and adaptability is imperative.

Whether you opt for the stability of an in-house accountant or the flexibility of outsourcing, the key lies in aligning your accounting strategy with the overarching financial health of your business. The flexibility, expertise and cost-effectiveness outsourcing offers make it the right fit for many modern businesses.

Don’t leave this choice to chance. Come straight to the source and speak to us.

In November, Prime Minister Rishi Sunak hosted a summit at Hampton Court to spotlight foreign firms’ plans to invest £29.5 billion in the UK, signalling confidence in the economy.

Despite recent setbacks like the cancellation of HS2, the attendance of global leaders at the summit and Nissan’s recent £2bn electric car investment in Sunderland highlight ongoing international interest in the UK.

In his Autumn Statement on 22 November, Chancellor Jeremy Hunt introduced several measures to stimulate domestic business investment amid lower growth forecasts. While the policies were met with some criticism, the OECD notes a rise in UK foreign direct investment to $14bn (£11bn) in 2022.

The summit focuses on the UK’s strengths in innovation, “thriving” universities and key sectors like clean energy and technology.

Notable attendees such as Jamie Dimon emphasised the Government’s commitment to growth and foreign direct investment. Ongoing discussions may confirm substantial commitments, including a £10bn investment from IFM Investors and Microsoft’s £2.5bn in AI infrastructure.

While the summit underscored the UK’s appeal, challenges persist, highlighting the need for ongoing efforts to enhance stability and business-friendly policies.

Commenting on the modest economic outlook for the UK, business and trade secretary Kemi Badenoch said the UK is dealing with “the same problems” as many countries around the world, noting the economy was “doing well despite significant headwinds”.

Talk to us about your business.

HMRC has rolled out a new initiative enabling taxpayers to voluntarily disclose unpaid tax on cryptoassets covering exchange tokens, non-fungible tokens, and utility tokens.

The tax authority has initiated contact with selected taxpayers engaged in cryptoasset transactions who may not have fulfilled their tax obligations.

Taxpayers must report transactions incurring capital gains during the 2022/23 or 2023/24 tax years via self-assessment returns or HMRC’s ‘real-time’ capital gains tax service.

To access the facility, users require a government gateway user ID and password, along with specific information for a comprehensive report submission.

Taxpayers must determine the number of years for which they need to declare unpaid tax, contingent on their past adherence to tax obligations regarding cryptoasset income or gains. The disclosure period could potentially span up to 20 years.

In light of these developments, HMRC advises those uncertain about disclosure to seek specialist advice. Further guidance on paying taxes for cryptoassets has been issued separately.

This disclosure facility launch aligns with the UK’s commitment to joining the Cryptoasset Reporting Framework (CARF). The CARF facilitates the automatic exchange of information on crypto exchanges among financial authorities.

Talk to us about your investments.

How to reward your team in a tax-efficient way.

As 2023 draws to a close, many employers will be looking for ways to reward their teams’ hard work. But how can you do that in a tax-efficient way that benefits both you and your employees?

Thankfully, showing your appreciation doesn’t need to cost the earth. In most cases, work Christmas parties and gifts for staff members are tax-deductible.

However, it’s essential to understand the tax rules surrounding annual events and gift-giving. Overspending on festivities won’t just eat into your bottom line; it can also have tax implications for your employees.

In this guide, we’ll help demystify the tax treatment of your end-of-year celebrations.

The tax treatment of work Christmas parties
Limited companies can often claim the cost of staff Christmas parties as an allowable expense. That means you can celebrate with your employees, boost morale and minimise your corporation tax bill all at once.

However, some functions may be treated as a taxable benefit for employees who attend. To understand the tax treatment of your staff Christmas party, you’ll need to consider the following:

How much did it cost?
Ideally, your Christmas party should not cost more than £150 per head, including VAT. Exceeding this threshold may impact any attending employees (including yourself), as the entire cost of the event will be treated as a benefit-in-kind (BIK) for tax purposes. In many cases, they’ll need to pay more income tax as a result. If this happens, you must report the cost to HMRC and pay employers’ Class 1A National Insurance contributions (NICs) on the total.

Suppose you spend £7,000 on a Christmas party for 40 people, meaning the cost per head is £175. As this exceeds the £150 allowance, the event will count as a taxable benefit, which means all attending staff members must pay income tax on the total £175, not just the £25 excess. You’ll need to report this on each employee’s P11D form at the end of the tax year.

Closely monitoring your spending is therefore essential if you want to keep your employees happy.

Who did you invite?
Be careful when planning events exclusively for directors or a specific department in your company. Unless the party is made available for all employees, attendees must pay tax on the cost.

Entertaining non-employees
The £150-per-head rule applies to all attendees – not just staff members. That means if you invite your employees’ spouses or partners to the function, they’ll get their own £150 limit.

However, the exemption only applies to entertainment for employees and their partners or family members. That means any events you hold for clients will not qualify for corporation tax relief.

You should also be cautious when inviting contractors or subcontractors to your work Christmas party, as this could affect their employment status.

Is it a recurring event?
Most costs associated with entertaining staff will qualify as a business expense – but don’t get caught out. Unless your party is a recurring annual event, it will typically attract a taxable benefit on any employees attending.

In many cases, that means that if you take an employee out for lunch, they should technically pay tax on the cost of that meal.

How many annual events do you hold?
Many businesses have more than one recurring event each year. For example, if you hold both a summer party and a Christmas party, you’ll need to split the £150-per-head limit between the two functions. If the combined cost of these events exceeds £150, only one function will be exempt for tax purposes. As a result, any members of staff who attend the non-exempt event could face a higher income tax bill.

VAT
As mentioned above, you’ll need to include VAT when working out the cost-per-attendee. However, VAT-registered businesses may also be able to claim a VAT refund on goods and services purchased for the event.

Be aware that claiming a VAT refund may be more complicated if partners and family members of your employees also attend the event.

Giving gifts to your employees
It’s not just annual events that are tax deductible; small gifts to employees are usually exempt. That means you can deduct the cost from your taxable profits, and employees won’t usually incur an income tax charge – so long as the gifts meet certain conditions:

• The cost of the gift does not exceed £50. Small gifts to employees costing £50 or less are treated as a ‘trivial’ benefit. Spend any more than this, and the entire value of the gift will count as a taxable benefit – not just the excess over £50.
• The benefit is not cash or a cash voucher. While non-cash vouchers and store gift cards under £50 can be classed as trivial, employers should avoid giving cash or non-cash vouchers as gifts.
• Entitlement to the gift is not in the employee’s contract. This includes any salary sacrifice arrangements.
• The benefit is not rewarding a specific service. Certain gifts may not be tax-free if you provide them to an employee in recognition of a particular service. Different tax rules apply for long-service awards.

The rules will also vary for limited companies privately owned by five or fewer individuals (also known as ‘close’ companies). Any qualifying trivial benefits provided to directors of close companies, other office holders, and their families are subject to an annual £300 cap.

What happens if I overspend?
Don’t panic if you overspend on Christmas festivities or inadvertently provide a taxable benefit to your employees; you may be able to set up a PAYE settlement agreement (PSA) with HMRC.

A PSA allows employers to pay tax on certain benefits on an employee’s behalf, so they don’t need to foot the bill themselves. These arrangements can also significantly reduce your administrative burden.

If you don’t already have a PSA in place for the 2023/24 tax year, you must apply for an arrangement by 5 July 2024.

Helping you navigate the rules
As an employer, you’ll understand the importance of keeping your team’s spirits high. Rewarding the people who help move your business forward can contribute to a positive working environment, boosting morale and increasing productivity levels as a result. Employees who feel appreciated are also more likely to stay in your business longer.

If you’re planning to throw a staff Christmas party or surprise your team with gifts, a financial adviser can help you easily navigate the potential tax implications. With our support, you’ll be able to keep your celebrations as tax-efficient as possible.

Get in touch with us today to discuss your end-of-year festivities.

What to watch out for when navigating this important financial obligation.

The UK self-assessment system has its quirks and nuances, and understanding how to stay compliant is crucial to a smooth and stress-free income tax process.

From early paper deadlines to penalties for late-filers, self-assessment holds a few surprises. As always, a professional accountant can help you navigate the process successfully, make the most of available tax reliefs, and avoid potential pitfalls along the way.

Self-assessment: What is it?
Self-assessment is the system the UK Government uses to collect income tax. This requires many individuals and businesses to declare their untaxed income, capital gains and other relevant financial information to HMRC.

Over 11 million taxpayers filed a self-assessment return for the 2021/22 tax year, and this number is likely to rise for 2022/23. As such, it is essential to understand your reporting obligations. Here are some of the main aspects to be aware of this self-assessment season.

Who needs to send a tax return?
You will be required to send a tax return if, in the last tax year (6 April 2022 to 5 April 2023), any of the following applied:

• you were self-employed as a sole trader and earned more than £1,000 (before taking off anything you can claim tax relief on)
• you were a partner in a business partnership
• you had a total taxable income of more than £100,000
• you had to pay the high income child benefit charge.

You may also need to send a tax return if you have any untaxed income, such as:

• money from renting out a property
• tips and commission
• income from savings, investments, and dividends
• foreign income.

You can confirm whether you need to send a self-assessment tax return on the Government website or by getting in touch with your accountant.

Deadlines matter
One of the first aspects to watch out for is the importance of deadlines. Filing your self-assessment on time is crucial to avoid penalties.

The deadline for paper returns is 31 October following the end of the relevant tax year, while the deadline for online submissions is 31 January of the following year. That means that you must file your online self-assessment tax return for the 2022/23 tax year return by midnight, 31 January 2024. You’ll also need to pay the balance by this date.

Missing these deadlines can result in financial penalties, so you should mark these dates in your calendar. These late-filing; penalties can vary depending on the degree of lateness and the amount of tax owed. HMRC will also charge interest on late payments.

If you are filing a self-assessment for the first time, you’ll need to first register with HMRC. Often, people assume that the deadline for registering is the same as the deadline for submitting, and thus end up registering late. In fact, you will need to register by 5 October; for instance, if you need to file for the 2023/24 tax year, you should register by 5 October 2024.

What should self-assessment taxpayers look out for?

Accurate recordkeeping
One critical element of self-assessment is the need to maintain accurate financial records. Keeping well-organised records of your income, expenses and other financial transactions will significantly ease the self-assessment process.

Effective record-keeping ensures you are not overpaying or underpaying your taxes and provides an accurate snapshot of your financial health. Recording all your business transactions can also make it easier to maximise expense claims and reduce your tax bill.

Providing accurate information is crucial when filling out your self-assessment form. Collaborate closely with your accountant and be thorough in providing all necessary financial information.

HMRC enquiries
You should be aware that HMRC can conduct an enquiry into your self-assessment. In such cases, your accountant plays a crucial role by providing the necessary records and explanations to HMRC. Again, accurate record-keeping is essential for these situations.

Mistakes can lead to penalties
HMRC has the authority to impose penalties for inaccuracies in your self-assessment, whether they are intentional or not. Failing to take reasonable care when completing your return or providing inaccurate information can lead to more severe fines. Your accountant’s role is vital in ensuring the accuracy of your submission.

If you do spot an historic mistake in your self-assessment, it is worth amending this yourself, rather than waiting for HMRC to raise the issue. This will typically result in significantly lower penalties (if any).

Tax planning opportunities
Self-assessment season also presents opportunities for tax planning. Working with your accountant, you can identify legitimate deductions, reliefs and allowances that can reduce your overall tax liability.

As a result, it’s vital to start your self-assessment return earlier rather than later. This can give you more time to explore different tax reliefs and maximise your expense claims, making it easier to save money and helping you stay compliant with the law.

Allowable expenses
When filing your self-assessment, allowable expenses play a crucial role in determining your taxable income. These include costs directly related to business operations or those incurred while earning income.

Common allowable expenses span office rent, utilities, and office supplies for the self-employed. Travel expenses, both local and business-related, are eligible, as are costs associated with professional development. Additionally, allowable expenses cover financial and professional fees, such as accountant charges. However, it’s essential to meticulously document and justify each expense, ensuring compliance with HMRC guidelines.

Marriage allowance
Marriage allowance can be a valuable tax-saving opportunity for married couples and civil partners. In certain circumstances, this tax break allows you to transfer a portion of your personal allowance to your spouse or civil partner.

Take advantage of tax-saving opportunities
Always be on the lookout for tax-saving opportunities. The UK tax system is complex, and tax regulations are constantly changing. As income tax experts, we can keep you informed about new opportunities and help you adapt your financial strategies accordingly.

Paying your income tax bill
Understanding how to make your income tax payments is another aspect to watch out for.

Repeat self-assessment customers often need to pay their bills in two instalments. This process is known as payments on account.

The first payment is due by 31 July following the end of the relevant tax year, with your final ‘balancing’ payment due by 31 January. If you cannot pay your tax bill in full, you may be able to set up ‘a payment plan to pay it in monthly instalments — generally over a 12-month period. This is called a ‘Time to Pay’ arrangement.

Depending on your circumstances, some arrangements can be made over longer periods.

Navigate the self-assessment

Process with confidence
Self-assessment is a significant financial obligation that should not be taken lightly. Working closely with a professional accountant who is well-versed in the latest tax regulations can help ensure that the process is as efficient, accurate and stress-free as possible.

As income tax experts and professional bookkeepers, we can help you understand the intricacies of self-assessment. With our support, you’ll be able to keep accurate records, meet deadlines and make the most of available tax-saving opportunities.

By watching out for the aspects mentioned here, you can navigate the self-assessment process with confidence, ensuring you comply with tax regulations and make the most of your financial resources.

Need assistance with your self-assessment? Get in touch today.

A recent survey from the Association of Chartered Certified Accountants (ACCA) has shed light on the challenges UK accountants face when dealing with HMRC services.

Over 90% of respondents expressed the urgent need for HMRC to improve its service across several key areas.

The survey, which involved 207 ACCA members, uncovered significant concerns within the accounting profession. More than half of respondents (52%) reported that HMRC’s service levels were negatively affecting productivity and efficiency, impacting both accountants and their clients.

The areas identified for drastic improvement included:
• Reduced call waiting times: Accountants called for shorter waiting times when seeking assistance from HMRC.
• Enhanced call handling systems: They urged HMRC to provide better call handling systems, including queue information and call-back options.
• Improved communications: Respondents emphasised the need for more efficient communication methods, with a preference for greater use of email.

The challenges accountants face in their interactions with HMRC have increased in recent months, leading to growing frustration. Some professionals have resorted to raising formal complaints to prompt a response from HMRC.

Glenn Collins, head of technical and strategic engagement at ACCA, said:

“Many of our members have raised with us, over a number of years, their struggles and difficulties in working effectively with HMRC services.”

Talk to us about your accounting.

Small business confidence in the UK improved slightly in Q3 2023, although challenges persist, according to the latest Small Business Index from the Federation of Small Businesses (FSB).

The headline confidence reading in Q3 stood at -8.0 points, an improvement from the -14.2 points recorded in the previous quarter but still below the -2.8 points measured in Q1.

The decline in confidence over the past six quarters can be attributed to factors such as rising inflation and the energy crisis.

The hospitality sector exhibited the lowest confidence level, recording -31.1 points for accommodation and food services. Retail and wholesale followed closely with -22.8 points, while the construction, manufacturing, and information and communication sectors also reported negative confidence.

The only sector with a positive confidence reading was professional, scientific and technical services, at 6.9 points.

According to the FSB, the low business confidence in the hospitality and retail sectors underscores the need for additional support.

Martin McTague, FSB’s national chair, said:

“After the economic turmoil wrought by the cost of doing business crisis over the past year and a half, our latest Small Business Index shows signs of stabilisation in small firms’ performance.

“The improvement in the overall confidence measure since Q2 is a good start, but we really want to see it firmly back in positive territory, rather than eight points below zero, as it is currently.”

Talk to us about your small business.

The Bank of England (BoE) announced it would maintain its interest rate at 5.25% for the second consecutive time, following a series of 14 rate hikes.

The Monetary Policy Committee (MPC) voted by a majority of 6–3 to maintain the bank rate on 2 November, with three members preferring to increase the Bank Rate by 0.25 percentage points to 5.5%.

The BoE’s decision to keep interest rates unchanged is driven by inflationary pressures affecting UK businesses. It also aligns with recent moves by other central banks worldwide, including the US Federal Reserve and the European Central Bank, which have also opted to maintain their interest rates.

While the BoE has relied on interest rates as its primary tool to combat inflation, the central bank still faces challenges in reaching its 2% target by the end of 2025.

The MPC anticipates that inflation will eventually fall below the target as reduced domestic inflationary pressures follow a period of economic slack.

The decision highlights the ongoing struggle to manage inflationary pressures and their impact on the UK economy. This is evident in Q3 insolvency figures, which contributed to the highest corporate insolvency levels in over two decades.

BoE governor, Andrew Bailey, said:

“Inflation is falling, and we expect it to keep falling this year and next. Our increases in interest rates are working to bring inflation back to the 2% target.”

Get in touch about your finances.