News

25 Jan

Scam HMRC call reports drop by 97%

Reports of scam HMRC phone calls have fallen by 97% over the last 12 months, according to the latest figures from the tax authority.

24 Jan

Government scheme gives discounts of up to £5,000 on accounting software

The government's Help to Grow: Digital scheme - designed to support smaller businesses in adopting digital technologies - has opened for applications.

21 Jan

Study finds 82% of business owners suffered from poor mental health in pandemic

A study carried out by insurer Simply Business has found that 82% of business owners suffered from poor mental health during the coronavirus (COVID-19) pandemic.

20 Jan

Treasury writes off £4.3 billion in Covid payments lost to fraud

HMRC expects to recover only a quarter of the total £5.8 billion lost to fraudulent claims and mistaken payments from the coronavirus (COVID-19) support schemes.

19 Jan

UK inflation rises at fastest pace for 30 years

The cost of living rose at its fastest pace in nearly 30 years in the year to December, according to the latest figures from the Office for National Statistics (ONS).

18 Jan

No 'convincing case' for digital UK currency, says House of Lords committee

Creating an official digital currency in the UK could pose significant risks to banks, a House of Lords committee has warned.

17 Jan

Consumer group urges taxpayers to avoid using refund firms to claim tax rebates

Consumer group Which? has urged taxpayers to avoid using so-called 'refund firms' to claim tax rebates.

14 Jan

Government launches consultation on global minimum tax for multinationals

The government has launched a consultation on the framework for rolling out the 15% global minimum tax on profits which will be payable by the largest multinationals from 2023.

13 Jan

COVID-19 support grants must be included on company tax returns

HMRC has warned that businesses must declare any coronavirus (COVID-19) support grants or payments on their company tax returns and stated that the grants and payments are taxable.

12 Jan

More than one million will be dragged into higher rate tax bracket, research suggests

The Treasury's decision to freeze income tax thresholds will drag over one million people into the higher rate tax band over the next four years, according to research commissioned by the Liberal Democrats.

11 Jan

More than half of SMEs 'confused about plans to level up the UK'

Research published by Nucleus Commercial Finance has revealed that over half of small and medium-sized enterprises (SMEs) in the UK are confused about the government's plans to 'level up' the country.

10 Jan

Over £1 billion now recovered by HMRC's fraud squad

HMRC's Fraud Investigation Service (FIS) has now recovered more than £1 billion from proceeds of crime and tax offenders.

07 Jan

HMRC gives self assessment taxpayers more time to ease COVID-19 pressures

HMRC is waiving late filing and late payment penalties for self assessment taxpayers for one month.

06 Jan

Businesses facing 'unprecedented cost pressures', warns BCC

The British Chambers of Commerce (BCC) has warned that businesses are facing 'unprecedented cost pressures', with inflation predicted to surge.

05 Jan

Almost 3,000 file self assessments on Christmas Day

HMRC has revealed that 2,828 customers filed their self assessment tax return on Christmas Day, compared to 2,700 in 2020.

04 Jan

Over 440,000 small firms at risk due to late payment crisis

More than 440,000 small firms could be forced out of business by the late payment crisis, according to the Federation of Small Businesses (FSB).

31 Dec

Have you made your financial New Year's resolutions?

With 2022 just around the corner, you may wish to consider creating some financial New Year's resolutions to ensure that you remain on course for a successful and profitable year ahead.

30 Dec

Don't forget to file your self assessment tax return

The deadline for submitting your 2020/21 self assessment tax return is midnight on 31 January 2022.

29 Dec

Safeguard your business against adverse winter weather

With the festive period underway, businesses are advised to be prepared for adverse weather conditions during the winter months.

24 Dec

One in five businesses rely on Christmas sales to survive

A study carried out by insurance provider Simply Business has suggested that one in five small businesses in the UK rely on Christmas sales to survive.

23 Dec

Banks join forces to help protect cash services

An agreement has been reached between the major retail banks to share services, ensuring long-term cash availability across the UK.

22 Dec

Chancellor announces £1 billion fund for businesses

Chancellor Rishi Sunak has unveiled a £1 billion support fund for businesses, which includes cash grants of up to £6,000 per premises for each eligible firm.

21 Dec

Welsh government delivers Budget

On 20 December, the Welsh government outlined a Budget to 'build a stronger, fairer and greener Wales'.

20 Dec

Government must act to restore confidence, says CBI

The government must move quickly to restore confidence amid the rapid spread of the Omicron variant of the coronavirus (COVID-19), says the Confederation of British Industry (CBI).

17 Dec

Bank of England raises interest rates to 0.25%

The Bank of England has raised interest rates for the first time in more than three years in response to calls to tackle surging price rises.

16 Dec

Self assessment taxpayers must declare COVID grants on tax returns

HMRC has reminded self assessment taxpayers to declare any coronavirus (COVID-19) grant payments on their 2020/21 tax return.

15 Dec

HMRC's Time to Pay plan raises £46 million

HMRC's self-service Time to Pay payment plan has raised £46 million since April this year, according to the tax authority's data.

14 Dec

Bank of England issues cryptocurrency warning

The Bank of England (BoE) has warned that fast-growing cryptocurrency assets could endanger the UK's financial system.

13 Dec

Climate Change Committee calls for higher tax on household gas

Following COP26, the Climate Change Committee (CCC) has urged the government to introduce a higher tax on household gas.

10 Dec

FCA to introduce new consumer duty

The Financial Conduct Authority (FCA) is set to introduce a new consumer duty to better protect users of financial services.

09 Dec

New Covid restrictions are a 'setback for businesses', warns CBI

New restrictions in England aimed at limiting the spread of the Omicron variant of Covid-19 are a 'setback for businesses' the Confederation of British Industry (CBI) has warned.

08 Dec

CBI lowers growth forecasts as economy faces headwinds

The UK's economy will grow more slowly than previously expected, according to the latest data from the Confederation of British Industry (CBI).

07 Dec

Gender pay gap has seen 'barely any change' over past 25 years, IFS finds

A report published by the Institute for Fiscal Studies (IFS) has suggested that the gender pay gap 'has barely shifted' in the past 25 years.

06 Dec

Rising inflation could push family spend up £1,700 a year

A typical UK family will spend £1,700 more per year on household costs in 2022, according to a forecast for BBC Panorama.

03 Dec

FCA urges banks to free 'mortgage prisoners'

Banks and building societies have been urged to consider changes to lending criteria to help so-called 'mortgage prisoners'.

02 Dec

Government responds to OTS report on CGT

As part of its Tax Administration and Maintenance (TAM) Day, the government responded to a two-part review of capital gains tax (CGT) published by the Office of Tax Simplification (OTS).

01 Dec

Government sets out tax details on TAM Day

The UK government has marked the inaugural Tax Administration and Maintenance (TAM) Day with the release of 30 papers covering a wide range of tax issues.

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