Latest News for Business (Archive) November 2024Chancellor promises to drive growth and raises £40 billion in taxesAutumn Budget – the business reactionNational Living Wage rises by 6.7%New tipping law comes into forceMake Work Pay threatens employment and growth warns FSBNew Growth and Skills Levy must end ‘cycle of failure’10,000 boost State Pension with online paymentsLatest guidance for employers October 2024IPSE calls for fairer off-payroll rules in BudgetBillion-pound tax bombshell to hit hospitality, warns trade bodyReforms to IHT, CGT and NI ‘could raise over £20 billion a year’Government announces apprenticeship reformsHMRC urged to take action to defuse side hustle time bomb£5.5 billion lost as a result of tax evasionYoung people reminded to reclaim government savingsGovernment cracks down on late payments September 2024HMRC failing on responsiveness, says Charter reportHMRC sends ‘nudge letters’ to crypto investorsHMRC late payment interest cutScrap fuel duty cut, says RACFreelancers want to see fairer, simpler tax system from Autumn BudgetUK has record number of self-employed workers aged 60 or overAdvisory fuel rates for company carsLatest guidance for employers August 2024Chancellor takes difficult decisions as Budget date setKing’s Speech pledges to secure economic growthHMRC launches VAT Registration EstimatorUK announces National Wealth FundBritish Business Bank launches Growth Guarantee SchemeHMRC to send Simple Assessment tax statements to pensionersUK’s economic recovery putting down rootsLatest guidance for employers July 2024Business ready to work in partnership with Labour governmentTax gap at record highHMRC has not fined a single enabler of offshore tax evasionUK economy grew by more than previously estimated during first quarterAverage earnings just £16 a week higher than 2010EU trade deal not working for UK business, warns BCCUK’s investment rates worse than every other G7 countrySavers dangerously underestimating minimum cost of retirement June 2024Next government will need to build trust between HMRC and self-employedRevitalise ‘Brand Britain’, says CBIHMRC error means self-employed workers could lose out on state pensionTaxpayers spend total of 800 years waiting to speak to HMRCRetirees report £119,000 shortfall in pension savings300,000 file tax returns in the first week of the tax yearInflation falls after UK moves out of recessionAdvisory fuel rates for company cars May 2024MTD for Income Tax pilot now liveIR35 reforms taking their toll on skilled contractorsGovernment urged to implement reforms to R&D tax systemHMRC clarifies tax rules for WFH commutingHMRC launches online voluntary NICs payment serviceUK borrowing reduces Chancellor’s wiggle roomMore than seven million adults still struggling to pay bills, finds FCALatest guidance for employers April 2024Relief at HMRC’s reversal of helpline closuresJeremy Hunt cuts NICs again in the Spring BudgetBusiness groups say challenges remain despite encouraging BudgetNew HMRC R&D tax relief guidance ‘could be clearer’, says ICAEWBank holds interest rates as inflation and economy show improvementHMRC’s services having a negative impact on SME productivityNew measures aim to ‘break the spell’ of fraudstersThe National Minimum Wage is the single most successful economic policy in a generation, says think tank March 2024HMRC publishes guidance on MTD for ITSA for sole traders and landlordsOver one million miss self assessment deadlineHMRC warns self assessment taxpayers as scam referrals riseDouble-cab pickups go back to being vans as guidance reversedPensions income needed to retire risesMore than 500 firms named and shamed for underpaying staffLatest guidance for employersAdvisory fuel rates for company cars February 2024Government borrowing falls as Chancellor hints at tax cuts in Spring BudgetTax cuts may have to be scrapped due to ‘economic bind’, warns IFSHMRC sends warning to cryptoasset usersRaise VAT threshold to £100,000, says FSBClarity on new border checks is vital, says BCCArtificial Intelligence will affect jobs and worsen inequality, says IMFOver 50s bucking decline in freelance numbersOnly a third of UK adults confident with self assessment January 2024Spring Budget 2024 date confirmed for 6 MarchUK at risk of recession after economy shrinksHMRC updates off payroll compliance guidanceCountdown for 5.7 million to file their 2022/23 self assessment tax returnRed tape, rising costs and regulation ‘holding back exports’Businesses say hybrid working is here to stayLatest guidance for employers December 2023Chancellor makes Full Expensing permanent in Autumn StatementNational Insurance changes ‘ease burden on strivers’Autumn Statement cuts won’t stop tax revenues rising to highest ever levelsHMRC is ‘Making Tax Difficult’ with MTD programmeGovernment agrees to crack down on crypto tax evasionReal Living Wage to increase by 10%Rate of inflation falls as interest rates heldAdvisory fuel rates for company cars November 2023Chancellor must use Autumn Statement to cement commitment to small firmsInflation rate holds steady as UK economy growsUK set for biggest tax rise in at least 50 yearsScams warning issued to 12 million self assessment taxpayersOnline platforms should sign up to Prompt Payment CodeHybrid and remote working here to stayMany firms still facing recruitment problemsLatest guidance for employers October 2023Firms looking to Autumn Statement for help with rising operating costsInterest rates held as inflation fallsNational Living Wage to rise from April 2024SMEs ‘struggling to access finance’Government slow to recover over £1 billion Covid grant fraudHMRC urges nearly 430,000 young people to claim Child Trust Fund cashLess than 1% of small firms receiving net zero helpNumber of cash transactions rises for first time in a decade September 2023Inflation fallsUK set for five years of lost economic growth, warns think tankOver a third of households across England will pay higher energy bills this winterHMRC should increase rewards for whistleblowers, says law firmAnother million savers to be hit with tax on interestGovernment launches Business Climate HubLatest guidance for employersAdvisory fuel rates for company cars August 2023UK inflation falls as economy shrinks in MayBank of England raises UK interest ratesHMRC increases late payment interest rateCMA scheme will force retailers to publish live fuel pricesAlmost a million Child Trust Funds still unclaimedSouth Yorkshire named as first UK Investment ZoneTax down on pints but up on wines and spirits in Alcohol Duty overhaulHMRC gives £1.8 million a year to charities to help excluded taxpayers July 2023HMRC extends deadline for voluntary NICsHMRC closes self assessment helpline for three monthsMTD expected to cost £1 billion more than originally forecastUK inflation stays at 8.7%Bank of England raises UK base interest rateMore than 200 companies named and shamed for minimum wage breachesPost-Brexit trade plan must be replaced, says think tankIndustrial strategy required to ‘focus on innovation’, says IoD June 2023UK rate of inflation fell sharply in AprilDon’t miss out on a tax refund for work expenses, HMRC urgesNumber of early self assessment filers doubles in five yearsHMRC increases late payment interest rate‘Fresh thinking’ needed in regard to MTD for ITSAOne in five workers will be higher rate taxpayers by 2027, says IFSEnergy suppliers urged to renegotiate fixed contracts for small businessesAdvisory fuel rates for company cars May 2023Online VAT filing portal to close in MayUK inflation falls to 10.1% in MarchTax threshold freeze trebles to £25 billionPAC criticises government for billions lost to error and fraudNo sign of hiring difficulties easing, says BCC£177.6 million lost to impersonation scams in 2022Workers must be protected from decisions made by AI, TUC saysLatest guidance for employers April 2023Capital allowances reformed in ‘Budget for growth’Business groups welcome Spring BudgetHMRC issues guidance on abolition of pensions lifetime allowanceBank of England raises UK interest ratesHMRC late payment interest rateTaxpayers given more time for voluntary national insurance contributionsTwo freeports confirmed for WalesSmall businesses at risk as energy costs rise March 2023HMRC sounds warning on new VAT penaltiesSpring Budget must ease cost pressures on businesses, says BCCInflation remains close to 40-year highUK economy narrowly avoided recession last yearRecord 11.7 million tax returns received on time‘Digital pound’ likely to launch this decade, says TreasuryHMRC urges eligible couples to claim Marriage AllowanceAdvisory fuel rates for company cars February 2023Energy bill support for firms to be reduced from AprilBank of England raises interest rates to highest level in 14 yearsGovernment launches consultation on R&D reliefFewer firms investing in training despite skills shortageUK business confidence plummets to 13 year lowSmall firms ‘facing challenges when applying for financing’BCC warns SME exporters ‘under tightening pressure’Pensioners outnumber young people for filing self assessment tax returns January 2023MTD for ITSA delayed for two more yearsTax non-compliance during pandemicGovernment extends mortgage guarantee schemeChancellor announces Spring Budget dateBank of England raises base rateBrexit deal not delivering for businessesPlymouth and South Devon freeport gets go aheadChancellor launches financial sector reforms December 2022Tax burden rises following Autumn StatementCBI praises Chancellor for ‘delivering stability’ in Autumn StatementIFS warns of fall in household incomesOECD warns UK on course for biggest economic downturnAuto-enrolment has helped workers save £114 billion into pensionsUK businesses anticipate growth in exportsDigital Services Tax has raised £358 millionAdvisory fuel rates for company cars November 2022Government pushes back economic statementNew PM must restore confidence, say business groupsInflation returns to 40-year highFCA warns that eight million are struggling to keep up with billsIoD survey finds UK businesses anticipate growth in exportsSelf assessment clock ticks down to under 100 daysLatest guidance for employersBritish Business Bank lending now exceeds £12 billion October 2022Government abandons plan to scrap 45p top rate of income taxChancellor outlines growth measures at Mini BudgetIMF criticises government over tax plansGovernment caps business energy billsVAT businesses must be ready for Making Tax Digital filing by NovemberSMEs facing recruitment strugglesHMRC raises late payment interest from 11 OctoberAction Fraud warns scammers are exploiting cost-of-living crisis September 2022HMRC releases more details MTD for Income TaxOfgem raises energy price capTreasury Committee warns government against ‘flying blind’ with Emergency BudgetExperts warn inflation could keep rising in 2023Energy firms call for windfall tax to be scrapped by 2025TUC urges government to raise NMWReport finds decline in the use of cash is easingAdvisory fuel rates for company cars August 2022Recovery Loan Scheme to be relaunchedNational insurance threshold risesIMF warns UK is set for slowest rate of growth of G7 countriesReform required to combat staff shortages, says BCCIoD calls for extension of capital allowances super-deductionInsurer warns of rise in fraudulent claims amid cost-of-living crisisNew finance legislation aims to unlock investmentsPandemic-born businesses could add £20.4 billion to UK economy July 2022MTD for income tax pilot extendedHMRC criticised over IR35 implementationInflation hits 40-year highBank of England raises UK interest rates to 13-year highNICs increase has immediate impact on businessesManufacturers call for support packageLatest guidance for employersNew homeowners warned over tax refund claims June 2022Chancellor announces windfall tax on energy firmsEnergy price cap set to rise to £2,800 in OctoberInflation hits 40-year highAlmost 66,500 filed self assessment returns on 6 AprilNew law to protect access to cash announced in Queen’s SpeechHMRC issues £14 million in penalties for minimum wage offencesAdvisory fuel rates for company carsNumber of firms in critical financial distress rises sharply May 2022HMRC starts chasing up SEISS overpaymentsUK government unveils energy strategyTreasury announces it will regulate some forms of cryptocurrencyHMRC names avoidance scheme promoters for first timeNew HMRC one-stop online shop provides taxpayers with tax relief informationExport growth is ‘stagnant’, BCC findsLatest guidance for employersGovernment inaction on long COVID could cost billions April 2022Chancellor cuts fuel duty in Spring StatementBusiness groups give mixed response to Spring StatementOBR updates economic pictureMTD for VAT brings in up to an extra £195 million in taxBank of England raises interest rates for third time in a rowUK economic growth to halve this year, warns BCCStudent loan repayments for new borrowers to start at £25,000CMA frees leaseholders from rising ground rents March 2022Spring Statement 2022Spring Statement is the time to act, says CBICoronavirus SSP Rebate Scheme set to close on 17 MarchBusinesses urged to apply for remaining COVID-19 support grantsTwo freeports planned for ScotlandHMRC raises late payment interest rateMPs call for road pricing to replace motoring taxesOver a million take advantage of extra time to file self assessment returnsAdvisory fuel rates for company cars February 2022COVID-19 support grants paid to companies must be included on company tax returnsGovernment scheme gives discounts of up to £5,000 on accounting softwareClaims portal reopens for Statutory Sick Pay Rebate SchemeConsumer group urges taxpayers to avoid using refund firms to claim tax rebatesNational insurance rise ‘set to squeeze budgets’, warns CBINo ‘convincing case’ for digital UK currency, says House of Lords committeeScam HMRC call reports drop by 97%BCC calls for ‘urgent action’ to improve UK-EU trade January 2022Chancellor announces £1 billion fund for businessesSelf assessment taxpayers must declare COVID grants on tax returnsHMRC waives self assessment penalties for one month to ease COVID-19 pressuresScottish Budget 2022Welsh government delivers BudgetFCA to introduce new consumer dutyHMRC latest guidance for employersOver 440,000 small firms at risk due to late payment crisis December 2021HMRC’s tax take falls by billions due to pandemicGovernment sets out tax details on TAM DayThree-day wait for Statutory Sick Pay to return next yearHMRC issues warning on self assessment scamsNew law introduced to help protect pension savers from scammersServices sector continues to recover despite rising costsAdvisory fuel rates for company carsCosts ‘weighing on businesses’ sustainability intentions’, FSB finds November 2021Chancellor delivers Budget to lay foundation for a strong economyBusiness groups give mixed response to BudgetIFS predicts millions to be worse off next year due to tax risesPayment period on residential CGT is doubledFSB warns tax rises threaten recovery from pandemicApplications now open for freeportsPensions experts say a minimum of £10,900 a year needed to retireHeat pump grants worth £5,000 will help replace gas boilers October 2021Making Tax Digital for Income Tax Self Assessment delayed for a yearNational Insurance and dividend tax rises announced for social care reformChancellor to deliver Autumn 2021 Budget on 27 OctoberChancellor warned of redundancies as furlough scheme endsCOVID-19 sick pay rebate scheme closed in September£800 million Reinsurance Scheme opens for live eventsGovernment announces plans to make requesting flexible working a day one rightBritish Business Bank provided £80.5 billion of COVID-19 support September 2021HMRC outlines changes to late payment penalty regimeDigital marketplaces to report sellers’ incomes from 2023CIOT warns over stamp duty refund claimsContactless limit to increase to £100HMRC urges taxpayers to stay alert to digital scamsBCC calls for government to extend skills trainingAdvisory fuel rates for company carsEmployers ‘named and shamed’ for paying less than minimum wage August 2021Consultation launched on self-employed basis period reformThe government has published draft Finance Bill clausesClaiming the fifth self-employed Income Support Scheme (SEISS) grantICAEW urges HMRC to scrap exemptions to simplify VAT rulesHMRC updates Salary Sacrifice guidanceData reveals 1.9 million workers remain on furloughPension scams average losses now over £50,000Increase in public trust in charities July 2021Furlough scheme starts to wind downApprenticeship cash boostProperty tax changesHMRC launches 13,000 investigations into COVID-19 support schemesSchemes create one stop shop for VAT on EU tradeOver 280,000 families now using Tax-Free Childcare440,000 tax credit claimants still to renew their claims800,000 claim tax relief for working from home June 2021Fifth SEISS grant will be open to claims from late JulyHMRC’s VAT Deferral New Payment Scheme to close this monthNIC reliefs set for FreeportsGovernment confirms start date for Plastic Packaging TaxEffectiveness of OTS set to be reviewed by TreasuryTrade credit insurance scheme to closeAdvisory fuel rates for company carsForms P11D – reporting employee benefits May 2021Fourth self-employed grant now open for online applicationsRecovery Loan Scheme opens to businessesRecent changes to IR35 ‘undermine the self-employed’ says IPSECBI calls for extension of Kickstart Scheme as jobs market remains subduedNew 95% mortgage scheme launchedNew claims required for home working tax reliefHMRC sets out penalty regime for SEISS abusePension fraud increased to £1.8 million in first quarter of 2021 April 2021Business rates relief extended with £1.5 billion fundConsultations launched on UK’s first Tax DayGovernment publishes details of Finance Bill 2021£20 million SME Brexit Support Fund opens for applicationsHMRC publishes details of final grants for self-employedNational Minimum and Living wages increasesUK cuts electric vehicle grants by £500ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax March 2021Sunak set out Budget to protect businessesBusiness groups welcome BudgetLate payment penalties for Self Assessment waived until 1 AprilOnline service opens for VAT deferral schemeHMRC clarifies off-payroll rulesDomestic VAT reverse charge comes into effect on 1 MarchBorrowers of Bounce Back loans given six more months for repaymentsAdvisory fuel rates for company carsSpring Budget 2021 February 202110.7 million taxpayers submitted their 2019/20 Self Assessment tax returnsRogue employers named and shamed for failing to pay employees the minimum wageScottish Budget Income TaxScottish Land and Buildings Transaction TaxBonus of £1,000 to help businesses take on traineesLITRG calls for a rise in the High Income Child Benefit Charge thresholdGovernment urged by CBI to act on COVID business support ahead of BudgetSupreme Court backs small firms on business interruption claims January 2021Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish BudgetChancellor announces £4.6 billion lockdown grant packageExtension of the Job Retention SchemeVAT deferralNew action to disrupt promoters of tax avoidance schemesSelf assessment deadline approachingInstitute of Directors warns Capital Gains Tax rise would adversely affect entrepreneursIndividuals urged to remain vigilant when making festive charitable donationsSelf-Employment Income Support Scheme December 2020Get prepared for the end of the Brexit transitional periodVirtual Christmas parties will qualify for tax exemptionGifts to employees can be tax-freeMinimum Wage Increases from April 2021Advisory fuel rates for company carsSelf assessment taxpayers warned to watch out for scammers posing as HMRCHMRC confirms MTD for corporation tax to be mandated from 2026£1 million Annual Investment Allowance cap extended
