Business News

UK tax system 'discourages employment and investment', IFS suggests

The Institute for Fiscal Studies (IFS) has suggested that the current UK tax system discourages employment, investment and corporate risk-taking and needs reform.

HMRC waives self assessment penalties for a month

Self assessment taxpayers will not be fined for late online returns if they file by 28 February, HMRC has said.

LITRG calls for rise in High Income Child Benefit Charge threshold

The Low Incomes Tax Reform Group (LITRG) has urged the government to raise the High Income Child Benefit Charge (HICBC) threshold to avoid it affecting basic-rate taxpayers for the first time in April.

Nine million people borrowed more in 2020 as result of COVID-19 pandemic

Almost nine million people had to borrow more money in 2020 as a result of the coronavirus (COVID-19) pandemic, data published by the Office for National Statistics (ONS) has revealed.

One in three blocked from paying with cash during pandemic

Over a third of UK consumers have been blocked from paying for goods with cash during the coronavirus (COVID-19) pandemic, according to research from consumer group Which?.

Big businesses must pay small suppliers more quickly under changes to PPC

Large businesses must now pay their smaller suppliers more quickly under changes to the UK's Prompt Payment Code (PPC).

CBI urges government to 'act on COVID business support' ahead of Budget

Ahead of the 2021 Budget in March, the Confederation of British Industry (CBI) has urged the government to provide more financial assistance to businesses affected by the coronavirus (COVID-19) pandemic.

Supreme Court backs small firms on business interruption claims

The UK's Supreme Court has found in favour of small firms receiving payments from COVID-19 business interruption insurance policies.

COVID-19 is reasonable excuse for self assessment late filing, says HMRC

HMRC says it will accept coronavirus (COVID-19) as a reasonable excuse for the late filing of self assessment tax returns.

Taxpayers using Time to Pay to spread cost of tax payments

Tax payments worth over £69 million are being spread through HMRC's Time to Pay facility, according to the tax authority.

Monthly deadline approaching for furlough claims

HMRC has reminded employers that there are now monthly deadlines for claims for furloughed staff under the Coronavirus Job Retention Scheme (CJRS).

ICAEW calls for further guidance on CIS changes

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged HMRC to publish draft regulations and guidance on the forthcoming changes to the Construction Industry Scheme (CIS).

HMRC issues self assessment scam warning

The approach of the 31 January self assessment tax return deadline will bring a surge in scams, HMRC has warned.

Pandemic drives dramatic increase in SME borrowing

Gross lending to small and medium-sized enterprises (SMEs) in the first three quarters of 2020 reached £54 billion driven by COVID-19 loan schemes, according to figures from trade body UK Finance.

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