News Latest News for Business (Archive) April 2024 Relief at HMRC's reversal of helpline closures Jeremy Hunt cuts NICs again in the Spring Budget Business groups say challenges remain despite encouraging Budget New HMRC R&D tax relief guidance 'could be clearer', says ICAEW Bank holds interest rates as inflation and economy show improvement HMRC's services having a negative impact on SME productivity New measures aim to 'break the spell' of fraudsters The National Minimum Wage is the single most successful economic policy in a generation, says think tank March 2024 HMRC publishes guidance on MTD for ITSA for sole traders and landlords Over one million miss self assessment deadline HMRC warns self assessment taxpayers as scam referrals rise Double-cab pickups go back to being vans as guidance reversed Pensions income needed to retire rises More than 500 firms named and shamed for underpaying staff Latest guidance for employers Advisory fuel rates for company cars February 2024 Government borrowing falls as Chancellor hints at tax cuts in Spring Budget Tax cuts may have to be scrapped due to 'economic bind', warns IFS HMRC sends warning to cryptoasset users Raise VAT threshold to £100,000, says FSB Clarity on new border checks is vital, says BCC Artificial Intelligence will affect jobs and worsen inequality, says IMF Over 50s bucking decline in freelance numbers Only a third of UK adults confident with self assessment January 2024 Spring Budget 2024 date confirmed for 6 March UK at risk of recession after economy shrinks HMRC updates off payroll compliance guidance Countdown for 5.7 million to file their 2022/23 self assessment tax return Red tape, rising costs and regulation 'holding back exports' Businesses say hybrid working is here to stay Latest guidance for employers December 2023 Chancellor makes Full Expensing permanent in Autumn Statement National Insurance changes 'ease burden on strivers' Autumn Statement cuts won't stop tax revenues rising to highest ever levels HMRC is 'Making Tax Difficult' with MTD programme Government agrees to crack down on crypto tax evasion Real Living Wage to increase by 10% Rate of inflation falls as interest rates held Advisory fuel rates for company cars November 2023 Chancellor must use Autumn Statement to cement commitment to small firms Inflation rate holds steady as UK economy grows UK set for biggest tax rise in at least 50 years Scams warning issued to 12 million self assessment taxpayers Online platforms should sign up to Prompt Payment Code Hybrid and remote working here to stay Many firms still facing recruitment problems Latest guidance for employers October 2023 Firms looking to Autumn Statement for help with rising operating costs Interest rates held as inflation falls National Living Wage to rise from April 2024 SMEs 'struggling to access finance' Government slow to recover over £1 billion Covid grant fraud HMRC urges nearly 430,000 young people to claim Child Trust Fund cash Less than 1% of small firms receiving net zero help Number of cash transactions rises for first time in a decade September 2023 Inflation falls UK set for five years of lost economic growth, warns think tank Over a third of households across England will pay higher energy bills this winter HMRC should increase rewards for whistleblowers, says law firm Another million savers to be hit with tax on interest Government launches Business Climate Hub Latest guidance for employers Advisory fuel rates for company cars August 2023 UK inflation falls as economy shrinks in May Bank of England raises UK interest rates HMRC increases late payment interest rate CMA scheme will force retailers to publish live fuel prices Almost a million Child Trust Funds still unclaimed South Yorkshire named as first UK Investment Zone Tax down on pints but up on wines and spirits in Alcohol Duty overhaul HMRC gives £1.8 million a year to charities to help excluded taxpayers July 2023 HMRC extends deadline for voluntary NICs HMRC closes self assessment helpline for three months MTD expected to cost £1 billion more than originally forecast UK inflation stays at 8.7% Bank of England raises UK base interest rate More than 200 companies named and shamed for minimum wage breaches Post-Brexit trade plan must be replaced, says think tank Industrial strategy required to 'focus on innovation', says IoD June 2023 UK rate of inflation fell sharply in April Don't miss out on a tax refund for work expenses, HMRC urges Number of early self assessment filers doubles in five years HMRC increases late payment interest rate 'Fresh thinking' needed in regard to MTD for ITSA One in five workers will be higher rate taxpayers by 2027, says IFS Energy suppliers urged to renegotiate fixed contracts for small businesses Advisory fuel rates for company cars May 2023 Online VAT filing portal to close in May UK inflation falls to 10.1% in March Tax threshold freeze trebles to £25 billion PAC criticises government for billions lost to error and fraud No sign of hiring difficulties easing, says BCC £177.6 million lost to impersonation scams in 2022 Workers must be protected from decisions made by AI, TUC says Latest guidance for employers April 2023 Capital allowances reformed in 'Budget for growth' Business groups welcome Spring Budget HMRC issues guidance on abolition of pensions lifetime allowance Bank of England raises UK interest rates HMRC late payment interest rate Taxpayers given more time for voluntary national insurance contributions Two freeports confirmed for Wales Small businesses at risk as energy costs rise March 2023 HMRC sounds warning on new VAT penalties Spring Budget must ease cost pressures on businesses, says BCC Inflation remains close to 40-year high UK economy narrowly avoided recession last year Record 11.7 million tax returns received on time 'Digital pound' likely to launch this decade, says Treasury HMRC urges eligible couples to claim Marriage Allowance Advisory fuel rates for company cars February 2023 Energy bill support for firms to be reduced from April Bank of England raises interest rates to highest level in 14 years Government launches consultation on R&D relief Fewer firms investing in training despite skills shortage UK business confidence plummets to 13 year low Small 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 2023 MTD for ITSA delayed for two more years Tax non-compliance during pandemic Government extends mortgage guarantee scheme Chancellor announces Spring Budget date Bank of England raises base rate Brexit deal not delivering for businesses Plymouth and South Devon freeport gets go ahead Chancellor launches financial sector reforms December 2022 Tax burden rises following Autumn Statement CBI praises Chancellor for 'delivering stability' in Autumn Statement IFS warns of fall in household incomes OECD warns UK on course for biggest economic downturn Auto-enrolment has helped workers save £114 billion into pensions UK businesses anticipate growth in exports Digital Services Tax has raised £358 million Advisory fuel rates for company cars November 2022 Government pushes back economic statement New PM must restore confidence, say business groups Inflation returns to 40-year high FCA warns that eight million are struggling to keep up with bills IoD survey finds UK businesses anticipate growth in exports Self assessment clock ticks down to under 100 days Latest guidance for employers British Business Bank lending now exceeds £12 billion October 2022 Government abandons plan to scrap 45p top rate of income tax Chancellor outlines growth measures at Mini Budget IMF criticises government over tax plans Government caps business energy bills VAT businesses must be ready for Making Tax Digital filing by November SMEs facing recruitment struggles HMRC raises late payment interest from 11 October Action Fraud warns scammers are exploiting cost-of-living crisis September 2022 HMRC releases more details MTD for Income Tax Ofgem raises energy price cap Treasury Committee warns government against 'flying blind' with Emergency Budget Experts warn inflation could keep rising in 2023 Energy firms call for windfall tax to be scrapped by 2025 TUC urges government to raise NMW Report finds decline in the use of cash is easing Advisory fuel rates for company cars August 2022 Recovery Loan Scheme to be relaunched National insurance threshold rises IMF warns UK is set for slowest rate of growth of G7 countries Reform required to combat staff shortages, says BCC IoD calls for extension of capital allowances super-deduction Insurer warns of rise in fraudulent claims amid cost-of-living crisis New finance legislation aims to unlock investments Pandemic-born businesses could add £20.4 billion to UK economy July 2022 MTD for income tax pilot extended HMRC criticised over IR35 implementation Inflation hits 40-year high Bank of England raises UK interest rates to 13-year high NICs increase has immediate impact on businesses Manufacturers call for support package Latest guidance for employers New homeowners warned over tax refund claims June 2022 Chancellor announces windfall tax on energy firms Energy price cap set to rise to £2,800 in October Inflation hits 40-year high Almost 66,500 filed self assessment returns on 6 April New law to protect access to cash announced in Queen's Speech HMRC issues £14 million in penalties for minimum wage offences Advisory fuel rates for company cars Number of firms in critical financial distress rises sharply May 2022 HMRC starts chasing up SEISS overpayments UK government unveils energy strategy Treasury announces it will regulate some forms of cryptocurrency HMRC names avoidance scheme promoters for first time New HMRC one-stop online shop provides taxpayers with tax relief information Export growth is 'stagnant', BCC finds Latest guidance for employers Government inaction on long COVID could cost billions April 2022 Chancellor cuts fuel duty in Spring Statement Business groups give mixed response to Spring Statement OBR updates economic picture MTD for VAT brings in up to an extra £195 million in tax Bank of England raises interest rates for third time in a row UK economic growth to halve this year, warns BCC Student loan repayments for new borrowers to start at £25,000 CMA frees leaseholders from rising ground rents March 2022 Spring Statement 2022 Spring Statement is the time to act, says CBI Coronavirus SSP Rebate Scheme set to close on 17 March Businesses urged to apply for remaining COVID-19 support grants Two freeports planned for Scotland HMRC raises late payment interest rate MPs call for road pricing to replace motoring taxes Over a million take advantage of extra time to file self assessment returns Advisory fuel rates for company cars February 2022 COVID-19 support grants paid to companies must be included on company tax returns Government scheme gives discounts of up to £5,000 on accounting software Claims portal reopens for Statutory Sick Pay Rebate Scheme Consumer group urges taxpayers to avoid using refund firms to claim tax rebates National insurance rise 'set to squeeze budgets', warns CBI No 'convincing case' for digital UK currency, says House of Lords committee Scam HMRC call reports drop by 97% BCC calls for 'urgent action' to improve UK-EU trade January 2022 Chancellor announces £1 billion fund for businesses Self assessment taxpayers must declare COVID grants on tax returns HMRC waives self assessment penalties for one month to ease COVID-19 pressures Scottish Budget 2022 Welsh government delivers Budget FCA to introduce new consumer duty HMRC latest guidance for employers Over 440,000 small firms at risk due to late payment crisis December 2021 HMRC's tax take falls by billions due to pandemic Government sets out tax details on TAM Day Three-day wait for Statutory Sick Pay to return next year HMRC issues warning on self assessment scams New law introduced to help protect pension savers from scammers Services sector continues to recover despite rising costs Advisory fuel rates for company cars Costs 'weighing on businesses' sustainability intentions', FSB finds November 2021 Chancellor delivers Budget to lay foundation for a strong economy Business groups give mixed response to Budget IFS predicts millions to be worse off next year due to tax rises Payment period on residential CGT is doubled FSB warns tax rises threaten recovery from pandemic Applications now open for freeports Pensions experts say a minimum of £10,900 a year needed to retire Heat pump grants worth £5,000 will help replace gas boilers October 2021 Making Tax Digital for Income Tax Self Assessment delayed for a year National Insurance and dividend tax rises announced for social care reform Chancellor to deliver Autumn 2021 Budget on 27 October Chancellor warned of redundancies as furlough scheme ends COVID-19 sick pay rebate scheme closed in September £800 million Reinsurance Scheme opens for live events Government announces plans to make requesting flexible working a day one right British Business Bank provided £80.5 billion of COVID-19 support September 2021 HMRC outlines changes to late payment penalty regime Digital marketplaces to report sellers' incomes from 2023 CIOT warns over stamp duty refund claims Contactless limit to increase to £100 HMRC urges taxpayers to stay alert to digital scams BCC calls for government to extend skills training Advisory fuel rates for company cars Employers 'named and shamed' for paying less than minimum wage August 2021 Consultation launched on self-employed basis period reform The government has published draft Finance Bill clauses Claiming the fifth self-employed Income Support Scheme (SEISS) grant ICAEW urges HMRC to scrap exemptions to simplify VAT rules HMRC updates Salary Sacrifice guidance Data reveals 1.9 million workers remain on furlough Pension scams average losses now over £50,000 Increase in public trust in charities July 2021 Furlough scheme starts to wind down Apprenticeship cash boost Property tax changes HMRC launches 13,000 investigations into COVID-19 support schemes Schemes create one stop shop for VAT on EU trade Over 280,000 families now using Tax-Free Childcare 440,000 tax credit claimants still to renew their claims 800,000 claim tax relief for working from home June 2021 Fifth SEISS grant will be open to claims from late July HMRC's VAT Deferral New Payment Scheme to close this month NIC reliefs set for Freeports Government confirms start date for Plastic Packaging Tax Effectiveness of OTS set to be reviewed by Treasury Trade credit insurance scheme to close Advisory fuel rates for company cars Forms P11D - reporting employee benefits May 2021 Fourth self-employed grant now open for online applications Recovery Loan Scheme opens to businesses Recent changes to IR35 'undermine the self-employed' says IPSE CBI calls for extension of Kickstart Scheme as jobs market remains subdued New 95% mortgage scheme launched New claims required for home working tax relief HMRC sets out penalty regime for SEISS abuse Pension fraud increased to £1.8 million in first quarter of 2021 April 2021 Business rates relief extended with £1.5 billion fund Consultations launched on UK's first Tax Day Government publishes details of Finance Bill 2021 £20 million SME Brexit Support Fund opens for applications HMRC publishes details of final grants for self-employed National Minimum and Living wages increases UK cuts electric vehicle grants by £500 ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax March 2021 Sunak set out Budget to protect businesses Business groups welcome Budget Late payment penalties for Self Assessment waived until 1 April Online service opens for VAT deferral scheme HMRC clarifies off-payroll rules Domestic VAT reverse charge comes into effect on 1 March Borrowers of Bounce Back loans given six more months for repayments Advisory fuel rates for company cars Spring Budget 2021 February 2021 10.7 million taxpayers submitted their 2019/20 Self Assessment tax returns Rogue employers named and shamed for failing to pay employees the minimum wage Scottish Budget Income Tax Scottish Land and Buildings Transaction Tax Bonus of £1,000 to help businesses take on trainees LITRG calls for a rise in the High Income Child Benefit Charge threshold Government urged by CBI to act on COVID business support ahead of Budget Supreme Court backs small firms on business interruption claims January 2021 Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget Chancellor announces £4.6 billion lockdown grant package Extension of the Job Retention Scheme VAT deferral New action to disrupt promoters of tax avoidance schemes Self assessment deadline approaching Institute of Directors warns Capital Gains Tax rise would adversely affect entrepreneurs Individuals urged to remain vigilant when making festive charitable donations Self-Employment Income Support Scheme December 2020 Get prepared for the end of the Brexit transitional period Virtual Christmas parties will qualify for tax exemption Gifts to employees can be tax-free Minimum Wage Increases from April 2021 Advisory fuel rates for company cars Self assessment taxpayers warned to watch out for scammers posing as HMRC HMRC confirms MTD for corporation tax to be mandated from 2026 £1 million Annual Investment Allowance cap extended November 2020 Furlough scheme extended Increased support made available for the self employed Chancellor approves grants for businesses closed by lockdown Self assessment customers to benefit from enhanced payment plans Taxpayers claim tax relief for working from home Brexit imports and exports ATT issues last call for firms seeking to use increased Annual Investment Allowance Latest guidance for employers October 2020 Job Support Scheme Winter Economy Plan support for the self-employed VAT deferral and enhanced Time to Pay for self assessment Changes to the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes The VAT reverse charge Ministers announce new grants for businesses affected by local lockdowns New trade arrangements with the EU from 1 January 2021 House sales rise following the introduction of stamp duty holiday September 2020 Kickstart Scheme opens for applications Self Employment Income Support Scheme Grants Plastic bag tax charge to be doubled and extended to all retailers More than £30 million lost to pension scams Advisory fuel rates for company cars Eat Out to Help Out - over 64 million meals Self assessment deadlines HMRC latest guidance for employers August 2020 HMRC outlines Job Retention Bonus criteria Treasury sets out next steps for Making Tax Digital Government announces review of business rates scheme Eat Out to Help Out now up and running Scottish government cuts LBTT to help home buyers Wales reduces LTT rate Chancellor asks OTS to review capital gains tax Overclaimed COVID grants July 2020 Chancellor unveils three-point plan for jobs Stamp duty temporarily reduced Flexible furloughing starts on job retention scheme Government expands aid for start-ups and innovators Bank of England increases stimulus package for UK economy FCA confirms further support for consumer credit customers Private sector off-payroll reforms given go ahead for April 2021 Late payment crisis has worsened during coronavirus lockdown June 2020 Chancellor announces changes to Job Retention Scheme COVID-19: delay to VAT reverse charge on construction services Loan size increased to £200 million under large business interruption scheme Future Fund launches to give start-ups coronavirus support Coronavirus Statutory Sick Pay Rebate Scheme goes live Changes to insolvency and company law going through Parliament UK sets out post-Brexit tariff regime MPs open inquiry into £155 billion of tax reliefs May 2020 Government launches small business micro loan scheme Lenders relax evidence requirements for business interruption loan scheme applications Job Retention Scheme goes live HMRC releases guidance for self-employed scheme Government launches support finding tool for business OBR predicts UK economy will shrink by over a third Government borrowing could rise to £300 billion HMRC extends late reporting deadline for CGT
