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Business News Archive

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Archive

January 2020

Witchcraft and hamsters amongst worst self assessment excuses
Anti-money laundering penalties total £6.2 billion worldwide in 2019
New legislation aims to tackle late payments
Government promises review of student loans repayment system
WEF states businesses must take action to combat climate change
HMRC issues guidance on recognising phishing emails
Average household debt higher now than during financial crisis, study suggests
Data shows UK GDP shrank in November
Research reveals significant number of UK businesses anticipate a recession in 2020
Self assessment deadline only three weeks away
Employees 'losing five days a year' as result of travel disruption
Government launches review into off-payroll working rules
Chancellor announces post-Brexit Budget date
Data reveals many taxpayers filed self assessment returns over festive period
HMRC raises £5 billion from fraud investigations
UK minimum wage gets largest ever raise

December 2019

Have you made your financial New Year's resolutions?
Don't forget to file your self assessment tax return
Businesses must prepare for festive travel disruption
A quarter of small businesses 'face closure if Christmas trading disappoints'
Late payment delays getting longer, research finds
Government outlines policies in Queen's Speech
UK leading fight against suspicious transactions, financial body finds
WEF states gender pay gap 'will take another century to disappear'
Budget watchdog doubles borrowing forecast
HMRC making fewer tax avoidance deals
Business groups respond to General Election result
Almost half a million taxpayers sought income tax refunds from HMRC, data reveals
ICAEW sounds public finance warning as election approaches
OECD suggests tax revenues 'have reached a plateau'
UK manufacturing jobs cut as sales fall
ICAEW advises employers to take tax implications of seasonal parties into account
UK to press ahead with Digital Services Tax despite warnings from US
Report states counterfeit goods trade costing UK billions
Off-payroll changes to be reviewed
UK SMEs owed £23.4 billion in late payments

November 2019

HMRC collects record £133 billion in VAT
Services sector profits fall sharply
Research reveals UK firms spent £25 billion on R&D in 2018
New version of IR35 checking tool released by HMRC
HMRC issues self assessment scam warning
Firms 'would rather dismiss contractors than deal with IR35', research suggests
Politicians pledge to take action on late payments
Corporation tax cuts put on hold
Number of EIS approvals drops
Dividend payments rise for tenth consecutive year
UK taxes at historical high
Pension scam victims 'could lose 22 years of pension savings in 24 hours'
Off-payroll changes need to be delayed, says FSB
UK avoids recession but economic growth remains slow
Real Living Wage rise boosts pay for thousands
Loan charge review put on hold
OTS calls for overhaul of Personal Tax Accounts
HMRC sets out cryptoasset guidance for businesses
Business confidence at a 10-year low
Improved accuracy for VAT returns under MTD
Committee urges government to fix 'broken' business rates system

October 2019

OBR to publish financial forecast despite scrapping of Budget
More young people saving into pensions due to automatic enrolment
Study reveals UK eighth best country in world for doing business
ONS admits error found in UK public finances
HMRC clamping down on enablers of tax avoidance schemes
Charities failing to implement fraud protection basics
IFS calls for Entrepreneurs' Relief to be scrapped
Investors call for clearer climate-related financial reporting
Government abandons increase in probate fees
Business groups respond to announcement of new Brexit deal
HMRC to give importers no-deal Brexit 'breathing space'
HMRC data reveals significant rise in number of R&D tax credit claims
UK government outlines policies in Queen's Speech
Chancellor announces post-Brexit Budget date
'Lessons must be learned' from loan charge controversy, states ICAEW
OECD considering plans to tax tech giants' profits by jurisdiction
UK productivity suffers worst drop in five years
UK small businesses 'concerned about impact of Brexit on supply chains'
Banking crime cost over £600 million in first half of 2019
UK 'on cusp of recession' after services sector shrinks
Inheritance tax 'could be scrapped', Chancellor hints
Chancellor pledges to increase National Living Wage to £10.50
ATT calls for 'urgent clarity' on off-payroll working changes

September 2019

Bank of England hints at interest rate cut
FCA finds half of pension pots cashed in 'without advice'
Committee calls for frequent flyer tax to tackle emissions
BCC finds 'major gaps' in government no-deal Brexit guidance
BRC urges government to take action in regard to rising card fees
Record inheritance tax take for HMRC
Experts warn Chancellor over insolvency debts
FRC writes to finance directors with advice on preparing for Brexit
One in ten employees 'do not receive a payslip'
UK growth forecast downgraded by ICAEW
IoD states businesses facing 'impossible situation' in regard to Brexit
Think tank calls for tax overhaul
Former NAO chief to lead independent review of loan charge
ICAEW calls for delay to off-payroll working changes
Pace of tax reform has 'slowed', OECD finds
HMRC delays introduction of VAT reverse charge
Tax on sugary snacks 'could be more effective than Soft Drinks Industry Levy'
Chancellor claims 'austerity is over' as he unveils Spending Review
FSB calls on government to tackle 'business crime crisis'
HMRC states around 3.5 million individuals 'yet to benefit from Help to Save'
UK businesses 'negative on economic outlook'

August 2019

£10 million 'Brexit readiness fund' launched for UK businesses
'Bank of Mum and Dad' now one of the UK's biggest mortgage lenders
ICAEW calls for government to simplify Apprenticeship Levy
FTSE 100 companies set aside £4.5bn for tax disputes
HMRC penalties for PAYE late filing and late payment to remain risk-based
HMRC advises VAT-registered businesses to plan for potential no-deal Brexit
UK manufacturing output 'stabilised in three months to August', CBI finds
Think tank urges government to use tax system to combat air pollution
Chancellor states stamp duty liability won't be shifted to property sellers
BRC urges Chancellor to take action on business rates
Four in ten SMEs 'increasing prices as result of higher wages'
MPs call for review of HMRC loan charge
Government fast-tracks Spending Review to give 'financial clarity' on Brexit
Campaigners urge government to introduce 'calorie tax'
UK digital businesses 'struggle with complexity of tax compliance'
Government seeking to end NHS pensions row
Cyber-attacks on small businesses cost £4.5 billion, according to research
ICAEW calls for Prime Minister to tackle 'late payments crisis'
Insolvency figures reach new high
CIOT, IFS and IfG urge Chancellor to 'take a new approach to making tax policy'
Pensions regulator launches consultation on investment governance

July 2019

New OTS project aims to explore simplifying tax reporting for the self-employed
Report suggests neither UK nor EU ready for no-deal Brexit
FMB urges government to delay 'disruptive' VAT changes
TPR warns changing name of a business 'doesn't change pensions duties'
Government set to implement 'plastic packaging tax' in 2022
Government aiming to simplify VAT on capital goods scheme
UK economy 'may have already entered recession'
Many firms 'support extension of pensions auto-enrolment', CBI finds
Public borrowing 'could double in 2020 as result of no-deal Brexit', OBR cautions
Fraud 'costing UK businesses £130 billion each year', report suggests
Wage growth 'accelerates to highest rate since financial crisis'
HMRC urges firms to register for MTD for VAT before August
Research suggests women 'save just a third of amount men do' for retirement
Government publishes Finance Bill 2019-20 draft legislation
OTS outlines alterations to IHT system
UK corruption risks are 'significantly underestimated', Fraud Advisory Panel cautions
Brexit uncertainty 'crippling UK business investment', warns CBI
FSB states small businesses 'incurring mammoth costs' as result of business crime
TPR issues pension scheme warning to savers
Many working parents eligible for tax-free childcare this summer
Economic growth 'stalling', BCC warns
Survey finds business leaders 'committed to tackling climate change'
MPs condemn HMRC for long helpline wait times

June 2019

UK tax gap 'remains low'
Significant number of small firms experienced a cyber-attack in last year, data reveals
Typical UK SME 'worth £2.9 million', according to research
Research suggests small businesses 'unaware of AIA'
TUC calls for mandatory reporting of disability pay gaps
Many businesses 'including climate-related information in financial disclosures'
Government suspends scheme for naming employers who fail to pay NMW
Significant rise in number of data breach notifications since introduction of GDPR
HMRC repays tax penalties worth £1.8 million to nearly 5,000 parents
Rise in rental costs 'deterring young people from moving around country for jobs'
ICAEW responds to government 'off-payroll working rules' consultation
Government tax investigations 'taking three years to complete', data suggests
Business groups outline principles for UK trade policy
Government Equalities Office 'considering gender pay gap reporting for small firms'
Significant number of individuals 'choosing to live cashless life', research suggests
DIT launches online tool for international investors
HMRC launches consultation on the operation of Insurance Premium Tax
OECD outlines timetable for reaching agreement on digital taxation of multinationals
HMRC introduces new system to tackle scam phone calls
FSB urges government to 'push through late payments reform package'

May 2019

UK 'can afford higher minimum wage', states Resolution Foundation
Research suggests data protection fines have 'risen by 14% in a year'
Investment Association calls for 'greater transparency' on dividends
Banking code offering 'increased protection from criminals' takes effect
Millennials living in 'relative poverty', according to think tank
MPs urge government to make 'radical improvements' to apprenticeship programme
Research suggests many individuals 'unaware of IHT rules' when gifting money
OTS calls for review of PAYE system
ATT suggests couples 'could be affected' by increase in stamp duty for non-residents
CBI calls for UK firms to 'improve people management practices'
Welsh taxpayers urged to check payslips following income tax code mix-up
Government launches consultation on Companies House reforms
Cuts to grants 'affecting sales of electric cars in the UK'
Research suggests UK workers 'unaware of entitlement to paid travel time'
FSB urges government to create 'small business plan for Europe'
UK workers 'fear requesting a pay rise', research suggests
Stockpiling by SME manufacturers 'reached record high' last quarter, research finds
CIOT warns Digital Services Tax 'not a cure for struggling high streets'
Bank of England upgrades UK growth forecast
'Record number' of UK workers being underpaid, Commission suggests
AAT urges government to 'fix broken business rates system'

April 2019

Review to outline future of 1p and 2p coins
Government pledges additional £200 million in funding for UK firms
Research suggests 'less than a quarter' of UK SMEs plan to expand overseas
Scottish government announces further delay to Air Departure Tax plans
HMRC warns young people to 'stay vigilant' as number of tax scams rises
Business believes UK tax system is 'fundamentally unfair', research suggests
UK SMEs 'exploring new sources of finance', research finds
Study suggests UK employees 'work longest hours in EU'
Survey reveals businesses 'investing significantly in tax technology'
Experts urge government to simplify Apprenticeship Levy
IFS states high earners 'increasingly hit by lack of indexation'
Business groups react to 'flexible extension' of Article 50
IMF downgrades global growth forecast
TUC states shared parental leave scheme needs 'overhauling'
Government commits to implementation of pensions dashboard initiative
Business leaders urged to 'do more' to help prevent cyber-attacks
Older workers 'may be paying unnecessary tax on State Pension', research suggests
Survey suggests indicators of UK economic health have 'weakened'
MTD for VAT takes effect for over one million businesses
Survey finds awareness of gender pay gap reporting requirements is 'low'

March 2019

ATT warns of tax changes for non-residential UK property owners
Government delays probate fees rise
ONS warns automation could 'replace 1.5 million jobs'
HMRC urges firms to sign up for MTD for VAT
Data reveals significant rise in number of contactless payments
Data reveals 84,000 people fell victim to bank payment scams in 2018
HMRC warns businesses MTD registration 'takes seven days'
Government publishes additional Brexit advisory documents
MPs urge government to implement tax on social media firms
NEF calls for personal allowance to be replaced with 'weekly national allowance'
IFS states UK 'urgently' needs an 'effective' Spending Review
View our 2019 Spring Statement summary
2019 Spring Statement - Chancellor provides update on plans to tackle late payments
Chancellor delivers Spring Statement amid 'cloud of uncertainty'
2019 Spring Statement - the political reaction
2019 Spring Statement - the business reaction
2019 Spring Statement - the economic picture
2019 Spring Statement - what to expect
Report suggests millions of people 'would struggle in a cashless society'
Putting MTD software into place 'will cost firms an average of £564', FSB finds
HMRC publishes guidance on accounting for VAT in event of a 'no deal' Brexit
FSB advises Chancellor to use Spring Statement to 'help small businesses'
CIOT urges government to ensure Digital Services Tax is a 'temporary fix'
HMRC warns households of rise in landline tax scams
HMRC urges 1.17 million businesses to sign up to MTD for VAT
Data reveals 500,000 homebuyers have 'benefitted from Help to Buy schemes'

February 2019

Government publishes 'no deal' Brexit impact assessment
OTS publishes review into impact of technology on taxation
Government launches consultation on 'plastic packaging tax'
£3 billion in Apprenticeship Levy funding 'remains untouched', data reveals
Small businesses 'worrying about access to finance after Brexit', according to report
Survey suggests eight in ten businesses 'aware of MTD for VAT'
MPs call for introduction of new levy on clothing retailers
Data reveals parents 'failing to make use of Tax-Free Childcare'
Government publishes advice on minimising gender pay gap
HMRC reveals 700,000 couples are 'missing out' on Marriage Allowance
BCC publishes list of 20 'unanswered' 'no deal' Brexit questions
Chancellor will be required to spend 'billions' to end austerity, says IFS
Rise in probate fees to take effect despite opposition
CIOT urges government to simplify Structures and Buildings Allowance
Study suggests UK workers 'have already lost a week's wages' to Brexit
HMRC figures reveal an increase in first-time buyer relief claims
ICAEW suggests confidence amongst businesses has 'slumped'
Almost a third of UK businesses 'looking to relocate abroad due to Brexit'
Treasury Committee launches business rates inquiry
CBI outlines next stage of apprenticeship reform

January 2019

UK small firms spending 'significant amount' on tax and employment obligations
Chancellor announces Spring Statement date
Taxpayers urge HMRC to delete biometric data
IMF warns 'no deal' Brexit could 'damage global economy'
HMRC urges 3.5 million taxpayers to submit their tax return before deadline
Businesses to begin disclosing climate change risks in annual reports
HMRC confirms Brexit will not affect roll-out of MTD for VAT
Insolvency Service urges savers to 'protect pension pots from investment scammers'
Small business confidence 'falls to lowest level since 2011'
Rising cost of living 'causing financial concern' for young people, research finds
Government launches new taskforce to combat economic crime
Business groups respond to outcome of vote on Brexit deal
Data reveals slow growth in UK economy
SMEs 'waiting 43 days to be paid by government contractors', research suggests
HMRC extends MTD for VAT pilot scheme to all eligible firms
Ban on pensions cold-calling takes effect
Many firms 'actively tackling' gender pay gap, survey suggests
TUC report reveals household debt has 'hit new peak'
Experts call for introduction of 'pudding tax' to combat sugar consumption
Data reveals significant number of taxpayers filed tax returns over festive period
New energy price cap comes into effect
Small business group calls for focus on 'domestic agenda' in New Year message

23 Jan 2020

Witchcraft and hamsters amongst worst self assessment excuses

Vengeful witches and pet hamsters feature in HMRC's list of imaginative excuses and expense claims, which has been published in the run up to the self assessment deadline.

22 Jan 2020

Anti-money laundering penalties total £6.2 billion worldwide in 2019

Anti-money laundering (AML) penalties reached a record high of £6.2 billion worldwide last year, according to data from software company Encompass Corporation.

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