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Business News Archive

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Business News

WE LVE NUMBERS!

April 2024

Inheritance tax receipts hit a record high of £7.5 billion
Small firms confused over upcoming import rules
HMRC launches MTD for Income Tax pilot
Umbrella company regulation in 'precarious position', warns IPSE
Business price pressures persist, warns BCC
UK inflation falls to lowest level since September 2021
Small firms 'treading water' on investment, BCC warns
Government must 'ensure growth among small firms is nurtured', says FSB
Only five MTD for ITSA software products ready for testing
More than seven million adults still struggling to pay bills, finds FCA
IR35 reforms taking their toll on skilled contractors
PAC challenges HMRC on governance and accountability of MTD
Accessing finance getting more difficult for SMEs
Government urged to reform Landfill Tax
Government urged to implement reforms to R&D tax system
1.6 million pensioners expected to fall into income tax net, according to research
Research suggests SMEs are 'bracing' themselves for tough months ahead

March 2024

AI could replace up to 8 million UK jobs, warns report
NMW is the 'single most successful economic policy in a generation', says think tank
HMRC's services having a negative impact on SME productivity
Small businesses still hampered by late payments, warns FSB
Interest rate decision prolongs uncertainty for firms, warns BCC
HMRC halts helpline closures
HMRC closes self assessment helpline for six months a year
Number of company insolvencies rises by 17%
New HMRC R&D tax relief guidance 'could be clearer', says ICAEW
HMRC urges working families to save on childcare costs
New measures aim to 'break the spell' of fraudsters
UK economy returns to growth
Budget introduces increase in Landfill Tax rates
UK workers 'face 20 years of pay stagnation', Foundation warns
Think tank warns Budget tax cuts will not compensate for price rises
View our 2024 Spring Budget Report
Chancellor introduces new ISA in Spring Budget
Jeremy Hunt cuts NICs again in the Spring Budget
2024 Spring Budget - the business reaction
2024 Spring Budget - the political reaction
2024 Spring Budget - the economic picture
2024 Spring Budget - what to expect
Reports suggest air travel tax could rise in Spring Budget
Chancellor 'considering scrapping non-dom tax rules' in Spring Budget
HMRC's tough approach to IR35 has 'chilling effect' on economic activity, warns IPSE

February 2024

Chancellor 'considering national insurance cut' in Spring Budget
March is top month for Marriage Allowance claims
Minister warns 'Tourist Tax' unlikely to be reversed in Spring Budget
500 firms named and shamed for underpaying staff
HMRC publishes guidance on MTD for ITSA for sole traders and landlords
Less than 3% of individuals paid CGT over decade to 2020, research shows
Number of tax fraud cases opened by HMRC fallen by more than half
Business group urges Chancellor to outline 'sustainable growth plan'
AAT outlines top asks in Budget representation
HMRC warns self assessment taxpayers as scam referrals rise
UK fell into recession at the end of 2023
Inflation unchanged but remains top concern for business
British families facing a 'triple savings challenge', Foundation warns
NAO publishes findings on HMRC's monitoring of effectiveness of tax reliefs
'More ambitious approach' needed towards preserving access to cash
Pensions income needed to retire rises
CBI calls for Chancellor to use Budget to 'build momentum' in the economy
Small businesses 'finding it harder to access finance'
Record 11.5 million taxpayers file tax returns by 31 January deadline
Interest rates stay at 5.25%
Employment Allowance should be increased at Spring Budget

January 2024

IMF warns UK government against further tax cuts
Clarity on new border checks is vital, says BCC
Only a third of UK adults confident with self assessment
Think tank warns tax cuts may have to be scrapped due to 'economic bind'
Fall in government borrowing 'increases possibility of tax cuts' in Budget
Almost four million still to file self assessment returns
Small business confidence 'lost ground' in final quarter of 2023
Chancellor suggests taxes may be cut in Spring Budget
Almost 45,000 set up HMRC payment plans
Raise VAT threshold to £100,000, says FSB
UK inflation rises to 4% in December
IMF warns AI will affect jobs and worsen inequality
BCC warns there are 'uncertain times ahead' for global trade
Value of tax penalties surged by 25% between 2022 and 2023, data shows
Cost of student loan system 'has increased by more than £10 billion', IFS finds
HMRC sends warning to cryptoasset users
Over 50s bucking decline in freelance numbers
National Insurance contributions cut from 6 January
Business confidence up but investment remains flat
HMRC targets side hustles as online platforms share information
Countdown for 5.7 million to file their 2022/23 self assessment tax returns
Spring Budget 2024 date confirmed for 6 March

December 2023

Have you made your financial New Year's resolutions?
Don't forget to file your self assessment tax return
Trade body issues warning over festive scams
Companies House warns late filers
Higher earners in Scotland to pay increased rate of income tax
UK inflation rate falls to 3.9%
More than half of SME owners say they intend to work on Christmas Day
Businesses say hybrid working is here to stay
Bank of England holds interest rates at 5.25%
UK economy shrank in October
98% of Covid fraud tip-offs not being investigated, ministers admit
Government urged to 'firm up foundations for growth'
Business group welcomes energy regulator's proposals to protect firms
Cash usage rises as result of cost-of-living crisis
HMRC updates IR35 compliance guidance
Research finds UK is 'hub for innovation'
BCC warns red tape, rising costs and regulation 'holding back exports'
Directors' confidence 'stuck in a rut', IoD finds
Private sector activity falls in November

November 2023

Businesses still struggling to understand net zero target
Autumn Statement spending plans represent 'very big fiscal risk', OBR warns
Utility bills 'main drivers of rising costs' for many small firms, FSB finds
Report finds HMRC has 'lost sight of putting taxpayers first' in relation to MTD
Autumn Statement cuts 'won't stop tax revenues rising to highest ever levels'
Autumn Statement national insurance changes 'ease burden on strivers'
2023 Autumn Statement - what to expect
Chancellor delivers tax cuts with Full Expensing made permanent
2023 Autumn Statement - the economic picture
2023 Autumn Statement - the business reaction
2023 Autumn Statement - the political reaction
Cutting inheritance tax 'not as simple as its proponents suggest', warns IFS
Chancellor unveils Back to Work plan
Nearly 100,000 taxpayers use HMRC's app to pay self assessment tax bills
Small firms facing 'sky rocketing business rates bills', warns FSB
Inflation falls to two-year low of 4.6%
Government agrees 'historic' commitment to crack down on crypto tax evasion
UK economy stagnates in third quarter of 2023
UK requires 'more certain tax system', says CIMA
UK growth 'in the doldrums', warns think tank
Business groups respond to policies announced in 2023 King's Speech
Real Living Wage increases by 10%
Business group calls for AI training for new skills to be made tax deductible
Interest rates held at 5.25%
'Digital revolution' priorities for SMEs outlined by BCC
Insolvencies on track for worst year since 2009

October 2023

Private sector growth prospects freeze over this winter
SMEs involved in banking disputes have 'nowhere to turn', FSB warns
Government report warns AI could increase risk of cyber-attacks
HMRC responds to Treasury Committee's call for review into tax reliefs
Chancellor must use Autumn Statement to 'cement commitment to small firms'
Government 'considering extending mortgage guarantee scheme'
Self assessment deadline nears for paper filers
Chancellor in a 'fiscal bind' ahead of Autumn Statement, says IFS
Scams warning issued to 12 million self assessment taxpayers
Rate of inflation remained steady in September, data shows
Online platforms should sign up to Prompt Payment Code, says FSB
Hybrid and remote working here to stay, says IoD
FRC outlines reporting expectations amidst cost-of-living crisis
UK economy grew in August, official data shows
IMF rejects criticisms of its latest UK growth forecast
UK set for biggest tax rise in at least 50 years
Many firms still facing recruitment problems, BCC finds
HMRC tax error sees thousands overcharged on student loans
Chancellor urged to 'unleash green markets to deliver prosperity'
FSB responds to government's proposals to tackle late payments
Chancellor confirms rise in National Living Wage from April 2024
UK economy 'grew faster since start of Covid pandemic than originally thought'

September 2023

BCC unveils proposals aimed at creating a more efficient business investment system
Less than 1% of small firms receiving net zero help
Chancellor planning ISA 'overhaul', reports suggest
Firms 'will look to Autumn Statement for measures to help with rising operating costs'
IoD outlines 'top five policy recommendations' to help drive economic growth
Interest rates held at 5.25%
HMRC urges nearly 430,000 young people to claim Child Trust Fund cash
UK inflation rate falls to 6.7%
Autumn Statement to be a 'watershed moment' for small business support
IoD reacts to changes to Corporate Governance Code
Number of cash transactions rises for first time in a decade
Government slow to recover over £1 billion Covid grant fraud
UK economy shrank in July, official data shows
Run-up to General Election to be marred by 'continued stagnation' of living standards
SMEs 'struggling to access finance', says ACCA
Business group calls for 'urgent' new legislation to safeguard workers against AI
'Fragile' UK economy 'stuck in first gear', BCC warns
Government confirms 2023 Autumn Statement date
Individuals warned scammers are impersonating finance watchdog
BCC calls for government to 'unlock power of British business'
FSB makes Christmas wish list for UK tourism, hospitality and retail

August 2023

Cyber security centre warns businesses about cyber chatbot risks
Business needs an 'integrated transport plan' from government
Half a million pound pay rise given to FTSE 100 CEOs, research shows
Over a third of households across England will pay higher energy bills this winter
Deadline for extending Child Benefit claims for teenagers is 31 August
HMRC should increase rewards for whistleblowers, says law firm
More than 550,000 SMEs 'struggling to pay tax bills'
Three 'key changes' need to be made to reach net zero, says BCC
Government launches Business Climate Hub
Another million savers to be hit with tax on interest
Inflation falls to 6.8% in July
UK wages grow at record rate
UK importers feeling geopolitical pressures
UK economy grows by 0.2% in second quarter of 2023
UK set for five years of lost economic growth, warns think tank
HMRC revises late payment interest rates
Support for small businesses 'must not be left to fall through cracks', warns FSB
HMRC collects record CGT receipts totalling £16.7 billion
Bank of England raises UK interest rates to 5.25%
Recruitment key to fixing inflation, says BCC
Tax down on pints but up on wines and spirits in Alcohol Duty overhaul
MPs call for UK tax system to be overhauled

July 2023

Interest rate hikes cause business confidence to fall
Rapid scam response scheme prevented over £55 million of fraud, data shows
Almost a million Child Trust Funds not yet accessed, MPs warn
Government debt reaching 100% of GDP creates 'tough economic inheritance'
More than £50 million in overpaid pensions tax repaid by HMRC
UK firms finding trading with EU 'as challenging as they did a year ago'
HMRC gives £1.8 million a year to charities to help excluded taxpayers
South Yorkshire named as first UK Investment Zone
UK inflation rate falls to 7.9%
Interest rate rise causes household wealth to fall by £2.1 trillion
'Vast majority' of UK businesses offer flexible working, research finds
UK economy shrinks in May
Economic uncertainty causing hiring to slow, report finds
Mothers 'may have been underpaid £1 billion in State Pension payments'
Wages rise at record rate as unemployment jumps unexpectedly
Older workers who retired at start of Covid much poorer, says IFS
Alcohol Duty set for August overhaul
Business confidence plummets in June
HMRC increases late payment interest rate to 7.5%
CMA scheme will force retailers to publish live fuel prices
Private sector activity stabilised in June, says CBI

June 2023

Britain needs 'better taxes' to boost economic growth, says think tank
Government must show how it plans to steer economy towards net zero, says BCC
Falling oil and gas prices 'will lead to drop in Windfall Tax revenue'
1.4 million people 'could lose 20% of disposable income' due to interest rate hikes
More than 200 companies named and shamed for minimum wage breaches
Bank of England raises UK base interest rate to 5%
Pension funds urged to hold late paying companies they invest in to account
UK inflation rate plateaus at 8.7%
Tax avoidance promoters ordered to stop or face heavy penalties from HMRC
Post-Brexit trade plan must be replaced with 'ambitious strategy', says think tank
MTD expected to cost £1 billion more than originally forecast
HMRC closes self assessment helpline for three months
UK economy 'grew marginally' in April, data shows
HMRC extends deadline for voluntary NICs to April 2025
£3.2 million in money laundering penalties issued by HMRC
ESG 'helps business leaders make better decisions', survey finds
Industrial strategy required to 'focus on innovation', says IoD
'Road Duty' needed to ensure electric vehicles 'don't put pressure on public finances'
Nearly £9 billion in old banknotes and coins not cashed in, says Bank of England
Women 'more than twice as likely' to miss out on pensions auto-enrolment
Business confidence in economy 'stabilised' in May
SMEs planning 'significant investment' in technology this year, research suggests

May 2023

Economic Advisory Council launched by BCC to 'power up growth'
HMRC increases late payment interest rate to 7%
Tax-Free Childcare helps 650,000 families save on their childcare costs
Typical energy bill to fall under new price cap
UK rate of inflation fell sharply in April, data shows
Don't miss out on a tax refund for work expenses, HMRC urges
HMRC seeks views on changes to Construction Industry Scheme
Small businesses 'see no progress on the barriers to growth', BCC warns
Number of early self assessment filers doubles in five years
One in five workers will be higher rate taxpayers by 2027, says IFS
Small business owners' mental health 'affected by financial concerns'
'Fresh thinking' needed in regard to MTD for ITSA
Interest rates raised for 12th time in a row
Energy suppliers urged to renegotiate fixed contracts for small businesses
Business confidence rises for the fifth consecutive month
77% of financial scams originating on social media, banks warn
CMA launches review into AI foundation models
Unsolicited calls selling financial products set to be banned in UK
No sign of hiring difficulties easing, says BCC
Confidence amongst small businesses has rebounded, says FSB

April 2023

47% of workers have had a late or incorrect wage on pay day, research suggests
Tax take rises by 10% to reach £786.6 billion, official data shows
High trading costs 'deterring UK SMEs from expanding internationally'
HMRC urges companies that file VAT returns annually to use compatible software
Economic growth adversely affected by 'shrinking workforce', committee warns
Workers must be protected from decisions made by AI, TUC says
£177.6 million lost to impersonation scams in 2022
UK inflation falls to 10.1% in March
UK economy is 'back on the right track', says Chancellor
Confidence amongst CFOs has risen at sharpest rate since 2020
Rising childcare costs 'keeping parents from returning to work', report suggests
Demand for banknotes at lowest level in 20 years, research suggests
Interest rates expected to fall to pre-COVID levels
Large tech companies may be able to bypass Digital Services Tax, committee warns
Men 'still earning more than women', research suggests
Size of six-year tax threshold freeze has trebled to £25 billion, research finds
UK firms require energy support contingency plan, says BCC
State pension age rise will not be brought forward, government confirms

Latest news stories

24 Apr 2024

Inheritance tax receipts hit a record high of £7.5 billion

Data published by HMRC has revealed that inheritance tax (IHT) receipts rose to a record high of £7.5 billion in the 2023/24 tax year.

23 Apr 2024

Small firms confused over upcoming import rules

The government has been accused of confusing small firms before new import rules on plant and food products are introduced, according to the Federation of Small Businesses (FSB).

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