News

24 Jun

Tax gap remains steady at 5.1%

The estimated tax gap for the 2020/21 tax year is 5.1% - the second lowest recorded percentage - and is unchanged from the previous year, according to the latest data from HMRC.

23 Jun

UK outlines plans to tighten 'buy now pay later' rules

The UK government has announced plans to strengthen rules on 'buy now pay later' services, improving protection for users of the short-term credit.

22 Jun

Inflation hits 40-year high of 9.1% amid cost-of-living crisis

UK inflation has risen to 9.1% in May from 9% in April as the cost-of-living crisis continues, according to the latest data from the Office of National Statistics (ONS).

21 Jun

Manufacturers call for support package

Manufacturing trade body Make UK is calling for an emergency, pre-recess package of business support measures.

20 Jun

MTD for income tax pilot extended

HMRC is extending the pilot for Making Tax Digital for income tax self assessment (MTD ITSA) to more self-employed workers and landlords.

17 Jun

Bank of England raises UK interest rates to 13-year high of 1.25%

The Bank of England (BoE) has raised UK interest rates to a 13-year high of 1.25% and is now predicting inflation will hit 11% this autumn, when energy bills are set to rise again.

16 Jun

IoD launches new inquiry into governance arrangements and framework

The Institute of Directors (IoD) has launched a new inquiry to analyse how good corporate governance can drive innovation.

15 Jun

Trade body urges Chancellor to keep tax rates low on electric company cars

The British Vehicle Rental and Leasing Association (BVRLA) has urged Chancellor Rishi Sunak to keep benefit-in-kind (BiK) tax rates low on electric company cars to promote their usage amongst UK workers.

14 Jun

COVID-19 emergency loan schemes may have saved 500,000 businesses

The government's coronavirus (COVID-19) emergency loan guarantee schemes may have saved between 150,000 and 500,000 businesses, according to research from the British Business Bank (BBB).

13 Jun

CBI downgrades forecast and warns of recession

The government must take 'vital action' to avoid a recession after the forecast for economic growth was downgraded, warns the Confederation of British Industry (CBI).

10 Jun

New homeowners warned over tax refund claims

New homeowners are being warned about cold calls from rogue tax repayment agents advising them to make speculative Stamp Duty Land Tax (SDLT) refund claims, which could leave them with large tax bills.

09 Jun

UK economy will 'grind to a halt', warns the BCC

Britain's economy will 'grind to a halt' before shrinking in the second half of this year as rising inflation and tax increases take their toll, according to the British Chambers of Commerce (BCC).

08 Jun

Give people more control over their energy bills, says CBI

Energy efficiency measures are 'missing piece' of tackling the cost-of-living crisis, says the Confederation of British Industry (CBI).

07 Jun

HMRC criticised over IR35 implementation

HMRC needs to demonstrate that off-payroll working rules, commonly known as IR35, can operate effectively and fairly in the real world, according to a report by the Public Accounts Committee (PAC).

06 Jun

UK companies trial four-day working week with same pay

A four-day week with no loss of pay is being trialled at dozens of companies across the UK from today.

01 Jun

NICs increase has immediate impact on businesses

Four out of five employers stated that they were immediately impacted by the increase in national insurance contributions (NICs), according to research by the British Chambers of Commerce (BCC).

31 May

Tax credits customers warned about scammers posing as HMRC

HMRC is warning tax credits claimants to be aware of fraudsters who imitate the department and try to steal individuals' personal information or money.

30 May

Lending to small businesses hits all-time low

Lending to small and medium-sized enterprises (SMEs) in the UK is the lowest it has ever been, with fewer than one in ten small businesses applying for finance in the first quarter, according to data from the Federation of Small Businesses (FSB).

27 May

Chancellor announces windfall tax on energy firms

Chancellor Rishi Sunak will impose a windfall tax on energy firms alongside a package to help households with the cost-of-living crisis.

26 May

Statistics reveal more than 500,000 families used Tax-Free Childcare in past year

New data published by HMRC has revealed that 512,415 families made use of the Tax-Free Childcare (TFC) scheme in the past year.

25 May

Energy price cap set to rise to £2,800 in October

The energy price cap is now expected to rise to around £2,800 in October, according to the UK's energy regulator.

24 May

Government 'refuses to rule out windfall tax' on oil and gas companies

A Treasury minister has stated that the government 'cannot rule out' a windfall tax on gas and oil companies in order to help with the cost-of-living crisis.

23 May

Ofgem proposals aim to avoid price shocks on energy bills

Household energy bills could change every three months under new plans proposed by the energy regulator Ofgem.

20 May

CBI chief calls for cost-of-living help for people on lower incomes

The government should immediately support those hardest hit by the cost-of living crisis, according to the Confederation of British Industry (CBI).

19 May

HMRC issues £14 million in penalties for minimum wage offences

HMRC issued 580 penalties totalling over £14 million for minimum wage offences during 2020/21, according to a report released by the Department for Business, Energy and Industrial Strategy (BEIS).

18 May

Inflation hits 40-year high of 9%

Inflation has hit its highest level in 40 years amid the deteriorating cost-of-living crisis, according to the latest figures from the Office for National Statistics (ONS).

17 May

Charity warns lowest income households will wait longest for council tax rebate

National Energy Action (NEA) has warned that the poorest households in the UK will wait the longest for the government's £150 council tax rebate.

16 May

Almost 66,500 filed self assessment returns on 6 April

Nearly 66,500 taxpayers filed their 2021/22 self assessment return on the first day of the new tax year, according to figures from HMRC.

13 May

Pension regulator running spot checks on UK employers

Employers suspected of failing to meet their workplace pensions duties are being targeted with spot check inspections by the Pensions Regulator (TPR).

12 May

Inflation takes its toll as UK economy contracts in March

The UK economy contracted by 0.1% in March as surging inflation took a toll on demand, according to the latest figures from the Office for National Statistics (ONS).

11 May

New law to protect access to cash announced in Queen's Speech

New laws to protect access to cash and help victims of financial scams were announced in the Queen's Speech at the state opening of parliament on 10 May.

10 May

Shoppers slow spending as consumer confidence dips

The soaring cost of living has seen consumers slowdown spending, according to the latest retail monitoring report from BRC-KPMG.

09 May

FSB finds one in three business owners suffered COVID-related mental health decline

Research carried out by the Federation of Small Businesses (FSB) has found that 34% of small business owners had their mental health adversely impacted by the coronavirus (COVID-19) pandemic.

06 May

Bank of England warns UK economy to shrink as interest rates rise

The Bank of England has warned that the UK economy will shrink this year as it raised interest rates to try to stem the pace of rising prices.

05 May

Drop online passwords to foil hackers

Both business and personal users need to 'drop passwords altogether' and move to other technology to protect private information from hackers, a cybersecurity expert has said.

04 May

Number of firms in critical financial distress rises sharply

A growing number of UK businesses are at risk of going under as costs spiral and COVID loan repayments become due, according to a report from insolvency firm Begbies Traynor.

03 May

MPs consider changes to help tackle increasing cost of living

With inflation increasing energy and food prices, ministers have pitched ideas to help tackle the cost-of-living crisis.

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