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.
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BANK OF ENGLAND HOLDS INTEREST RATES STEADY
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.
SMALL BUSINESS CONFIDENCE IMPROVES IN Q3 2023
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.
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