Amidst all the news about increased tariffs in the US, the UK government has announced a cut to zero in import tariffs on a range of 89 foreign products.
Plywood and plastics, as well as pasta, fruit juices, coconut oil, pine nuts, agave syrup and plant bulbs are all included. Construction, food and hospitality, and garden-related businesses could all benefit from reduced costs as a result.
The changes relate to goods where the UK Global Tariff applies, i.e. where the goods entering the UK don’t qualify for preferential treatment under, for example, a free trade agreement. The government anticipates that businesses will save at least £17 million because of these cuts.
The suspension to the import tariffs on these products will last until July 2027.
See: https://www.gov.uk/government/news/government-cuts-price-of-everyday-items-and-summer-essentials
With just 10 weeks or so to go until the new tax year, many businesses are preparing for the changes that Making Tax Digital (MTD) will bring. From April, sole traders and landlords with an income of over £50,000 will need to submit quarterly updates to HMRC.
If you are new to being self-employed or being a landlord, Self Assessment can feel like one of those jobs you know you should understand better, but never quite get around to.
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