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The UK ended 2021 with consumer prices rising by 5.4%, which then hit a 30-year high of 5.5% in January 2022 – the highest inflation rate since 1992.

For contrast, the previous rate was a mere 0.6% in December 2020, but the Consumer Price Index (CPI) charted a rapid increase over the following 12 to 13 months.

With inflation shooting past 4.8% in the winter of 2021, which hasn’t happened since the global financial crisis in 2008, there’s a lot of talk about a new ‘cost of living crisis’ for Britons.

But why is inflation continuing to increase, and what does it mean for you? Is it all bad news? Let’s take a look at the state of inflation in 2022 and how you can expect things to change.

Following a consultation in November 2018 and a statement in the March 2021 Budget, the controversial business rates loophole for second homes will soon be closing.

The UK government is cracking down on owners who avoid paying council tax and claim business rates relief on their second homes, without actually letting them out to holidaymakers.

Local authorities in popular destinations like Cornwall and the Lake District have been losing millions of pounds as tax-dodging second home owners leave their holiday residences sitting empty.

The rules regarding business rates relief for second homes will be changing from April 2022 in Scotland and April 2023 in England – so let’s take a look at how this could affect you.

If you’re the type of person who leaves things to the last minute, you might not be thinking about tax-year-end planning. However, the 2021-2022 tax year will be ending on Tuesday 5th April 2022.

With no Spring Budget this year and the Easter holiday not falling until 15th April, there’s nothing standing in the way of your preparations for the end of this tax year and the start of the next one.

You still have several weeks to get your tax affairs in order and take advantage of the available tax allowances. The sooner you start, the better – so here are some key factors you need to consider.

When an employer covers Statutory Sick Pay (SSP) for an employee, this isn’t usually recoverable. However, the UK government ran a Statutory Sick Pay Rebate Scheme (SSPRS) until 30th September 2021 to allow small/medium businesses to claim back SSP for employee absences due to COVID-19.

Following the spread of the Omicron variant in December, the government is reintroducing the SSPR Scheme from 21st December 2021. Employers can submit retrospective claims from January 2022.

If you’re an employer with a small to medium business and the Omicron wave caused your staff to take sick leave during this time, read on to find out if you’re eligible for a Statutory Sick Pay rebate.

After receiving Royal Assent on 15th December 2021, the Rating (Coronavirus) and Directors Disqualification (Dissolved Companies) Act enforces greater investigative powers for the Insolvency Service. First announced back in 2018, these new powers are only just coming into effect now.

Previously, the Insolvency Service could only investigate current directors of firms becoming insolvent. Now it has the power to look into directors after the dissolution of a company. Rather than escaping their debts, the service can disqualify directors if they find evidence of misconduct.

Though the government’s ‘Plan B’ didn’t require business closures when it came into effect in December, the limits on socialising and other COVID-19 restrictions still led to dramatic losses for the hospitality and leisure sectors over the festive season. To help businesses recover from the effects of the Omicron variant, a new support package was announced on 21st December 2021.

Since 7th January 2022, the government has been distributing millions of pounds of funding to councils across England. Thousands of businesses can apply for grants of up to £6,000 per premises, plus other discretionary funding from their local authorities. Applications will close on 18th March, so read on to find out more about the COVID-19 grants available and how businesses can apply.