Business News

Business groups respond to General Election result

Business groups, including the Confederation of British Industry (CBI), the Federation of Small Businesses (FSB) and the British Chambers of Commerce (BCC) have responded to the General Election result.

Almost half a million taxpayers sought income tax refunds from HMRC, data reveals

Nearly half a million taxpayers sought income tax refunds from HMRC in the 2018/19 tax year, according to insurer Royal London.

ICAEW sounds public finance warning as election approaches

The UK's political parties are making 'unsustainable' election promises in regard to public spending, the Institute of Chartered Accountants in England and Wales (ICAEW) has warned.

OECD suggests tax revenues 'have reached a plateau'

In a new report, the Organisation for Economic Co-operation and Development (OECD) has suggested that tax revenues in advanced economies have 'reached a plateau'.

UK manufacturing jobs cut as sales fall

UK manufacturing jobs fell at the fastest rate in seven years during November as low sales squeezed the sector, according to the IHS Markit Purchasing Managers' Index.

ICAEW advises employers to take tax implications of seasonal parties into account

The festive season is now in full swing, and the Institute of Chartered Accountants in England and Wales (ICAEW) has advised employers to be aware of the tax implications associated with a seasonal party.

UK to press ahead with Digital Services Tax despite warnings from US

Prime Minister Boris Johnson has said that the UK will continue with plans to impose its Digital Services Tax (DST) on American tech giants, despite the US threatening France for a similar move.

Report states counterfeit goods trade costing UK billions

The global trade in counterfeit goods costs the UK billions of pounds in lost sales and missing tax revenues, according to a new report by the Organisation for Economic Co-operation and Development (OECD).

Off-payroll changes to be reviewed

The expansion of the off-payroll rules into the private sector will be reviewed, says Chancellor of the Exchequer Sajid Javid.

UK SMEs owed £23.4 billion in late payments

Late payment debts owed to the UK's small to medium-sized enterprises (SMEs) now total £23.4 billion, according to new research from Pay.UK.

HMRC collects record £133 billion in VAT

Data published by HMRC has revealed that the Revenue collected a record £133 billion in VAT during the 2018/19 tax year.

Services sector profits fall sharply

Profitability in the UK's services sector fell at the fastest rate in eight years in the three months to November, according to the Confederation of British Industry (CBI).

Research reveals UK firms spent £25 billion on R&D in 2018

Research published by the Office for National Statistics (ONS) has revealed that UK businesses spent £25 billion on Research and Development (R&D) in 2018.

New version of IR35 checking tool released by HMRC

HMRC has released an updated version of the Check Employment Status for Tax (CEST) tool, which is used to determine whether a contractor should be classed as self-employed in line with IR35 legislation.

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