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Business News Archive

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Business News

January 2022

Study finds 82% of business owners suffered from poor mental health in pandemic
Treasury writes off £4.3 billion in Covid payments lost to fraud
UK inflation rises at fastest pace for 30 years
No 'convincing case' for digital UK currency, says House of Lords committee
Consumer group urges taxpayers to avoid using refund firms to claim tax rebates
Government launches consultation on global minimum tax for multinationals
COVID-19 support grants must be included on company tax returns
More than one million will be dragged into higher rate tax bracket, research suggests
More than half of SMEs 'confused about plans to level up the UK'
Over £1 billion now recovered by HMRC's fraud squad
HMRC gives self assessment taxpayers more time to ease COVID-19 pressures
Businesses facing 'unprecedented cost pressures', warns BCC
Almost 3,000 file self assessments on Christmas Day
Over 440,000 small firms at risk due to late payment crisis

December 2021

Have you made your financial New Year's resolutions?
Don't forget to file your self assessment tax return
Safeguard your business against adverse winter weather
One in five businesses rely on Christmas sales to survive
Banks join forces to help protect cash services
Chancellor announces £1 billion fund for businesses
Welsh government delivers Budget
Government must act to restore confidence, says CBI
Bank of England raises interest rates to 0.25%
Self assessment taxpayers must declare COVID grants on tax returns
HMRC's Time to Pay plan raises £46 million
Bank of England issues cryptocurrency warning
Climate Change Committee calls for higher tax on household gas
FCA to introduce new consumer duty
New Covid restrictions are a 'setback for businesses', warns CBI
CBI lowers growth forecasts as economy faces headwinds
Gender pay gap has seen 'barely any change' over past 25 years, IFS finds
Rising inflation could push family spend up £1,700 a year
FCA urges banks to free 'mortgage prisoners'
Government responds to OTS report on CGT
Government sets out tax details on TAM Day

November 2021

Services sector continues to recover despite rising costs
Third of UK manufacturers struggling with debt and rising costs, research suggests
House sales drop dramatically after stamp duty holiday ends
Data requests 'costing businesses thousands each year', research suggests
PM announces electric vehicle revolution
Taxpayers warned over refund companies
Customs Declarations from EU changing on 1 January
Jobs recovery continues despite end of furlough
Three-day wait for Statutory Sick Pay to return next year
HMRC issues warning on self assessment scams
Real Living Wage increases as cost of living rises
Only a third of businesses taking action to cut emissions
UK economic recovery slowed by supply problems
Time running out for HMRC customers with Post Office card accounts
Cryptocurrency tax gap triples
New law introduced to help protect pension savers from scammers
HMRC's tax take falls by billions due to pandemic
Bank of England hints interest rates could rise in coming months
Household finances not set to return to pre-COVID levels until 2023
Costs 'weighing on businesses' sustainability intentions', FSB finds
Payment period on residential CGT is doubled
IFS predicts millions to be worse off next year due to tax rises

October 2021

Treasury received five million malicious emails over past three years, research finds
Chancellor makes significant changes to fuel duty and alcohol duty
View our 2021 Autumn Budget Report
2021 Autumn Budget - what to expect
Chancellor delivers Budget to lay foundation for a strong economy
2021 Autumn Budget - the economic picture
2021 Autumn Budget - the political reaction
2021 Autumn Budget - the business reaction
CBI urges government not to introduce business tax rises
'Bank of mum and dad' financing half of first-time purchases, research finds
Manufacturing activity remains firm, but supply pressures mount, says CBI
FSB study shows small firms losing £25 billion per year to tax admin
Heat pump grants worth £5,000 to help replace gas boilers
Pensions experts say a minimum of £10,900 a year needed to retire
Applications now open for freeports
Over 40 trade associations back statement on business rate reform
Deadline for 2020/21 self assessment tax returns approaching
Chancellor has 'little room for manoeuvre' in the Budget
ICAEW calls for Autumn Budget to 'accelerate work to build modern tax system'
Three in ten firms to employ fewer people as result of NIC increase, IoD finds
Business groups warn that fragile economy is on shaky ground
IoD urges government to introduce tax super-deduction for investment in retraining
FSB warns tax rises 'threaten recovery from pandemic'
Chancellor commits £500 million to extend job support schemes
Working Tax Credit customers must report changes to working hours
Off payroll rules the forgotten factor driving the HGV crisis, says IPSE

September 2021

Chancellor warned of redundancies as furlough scheme ends
New emergency fraud hotline launched
£800 million Reinsurance Scheme opens for live events
Government announces plans to make requesting flexible working a day one right
Making Tax Digital for Income Tax self assessment delayed for a year
IoD urges government to reduce planned level of business tax rises
British Business Bank provided £81.5 billion of COVID-19 support
CBI survey finds three quarters of firms worried about labour shortages
COVID-19 sick pay rebate scheme to end on 30 September
OTS says changing date of tax year end would be beneficial
FSB survey suggests unemployment to rise by 50,000 as result of NICs rise
Inflation sees sharpest increase on record
Higher taxes and lower business investment 'not a plan for growth', warns CBI
Thousands of teenagers missing out on Child Trust Fund cash
1.6 million still on furlough in July
Chancellor to deliver Autumn 2021 Budget on 27 October
Business groups warn over tax increases
Staff shortages could continue for two years, warns CBI
Tax-Free Childcare can ease the cost of the return to school, says HMRC
Drop proposed basis period reform, urges ICAEW
FSB suggests business rates system 'disincentivises investment'
UK business confidence at four-year high

August 2021

Contactless limit to increase to £100 from 15 October
HMRC urges taxpayers to stay alert to digital scams
UK recovery slows as staff shortages take their toll
CIOT warns over stamp duty refund claims
HMRC outlines changes to late payment penalty regime
Deadline looms for parents to update Child Benefit for 16-year-olds
Study reveals 83% of businesses not aware of Plastic Packaging Tax
FSB warns inflationary pressure threatens to 'stifle recovery among small firms'
HMRC publishes list of excuses given by employers for not paying minimum wage
Wage rises could result in price spikes, employers warn
IoD warns staff shortages 'could undermine recovery'
Two-fifths of freelancers lost over 40% of turnover during pandemic
UK partners and sole traders face bigger tax bills in 2022
Almost 1.8 million couples claiming marriage allowance
Only 11% of businesses are measuring their carbon footprint
Employers 'named and shamed' for paying less than minimum wage
Digital marketplaces to report sellers' incomes from 2023, HMRC confirms
SME manufacturing activity grew at record pace, CBI survey reveals
BCC calls for government to extend skills training
CBI survey reveals bumper growth in private sector activity
Empty shop numbers continue to rise

July 2021

Data reveals nearly two million workers remain on furlough scheme
ICAEW urges HMRC to scrap exemptions to simplify VAT rules
Public trust in charities reaches highest level since 2014
SMEs 'keen to invest in growth but struggle to find financial backing', says survey
Government announces simplified tax reporting for self-employed and small firms
FSB urges government to provide SMEs with better access to support and advice
UK to overhaul funding of research and development
HMRC launches consultation on basis period reform
CIOT urges government to make tax system easier to navigate
CBI calls for urgent solution to 'crippling staff shortages'
Over 40% of UK employers planning to increase investment in skills
Job vacancies increase to over pre-pandemic levels
High Street sales bounce back in spring
Government urged to provide more clarity over reopening
International tax reform backed by 130 countries
HMRC publishes guidance on the fifth SEISS grant
Average losses from pensions scams now over £50,000
Businesses borrowed £79 billion in COVID-19 support loans
Questions remain over re-opening, say business groups
Aftermath of COVID-19 pandemic has caused 'significant rise in costs for businesses'
800,000 claim tax relief for working from home
Furlough scheme starts to wind down

June 2021

13,000 investigations launched into COVID-19 support scheme fraud
CBI warns of 'perfect storm' of staff shortages
Schemes create one stop shop for VAT on EU trade
Flexible rail fares must be just the start of changes, says BCC
Cash payments fell by over a third during 2020
UK economy back to pre-covid level by end of year
UK Infrastructure Bank opens for business
Delayed EU import declarations due
Commercial rent moratorium extended until March 2022
Over 280,000 families now using Tax-Free Childcare
Finance Act 2021 receives early Royal Assent
Business groups press for further support after lockdown easing delayed
HMRC outlines intention to recover £1 billion in fraudulent furlough funds
R&D relief regime ready for update, says ICAEW
Cash boost for apprenticeships launched
OTS considers moving tax year end
G7 announces global tax agreement
Bounce Back Loan repayments due for many small businesses
TUC suggests UK 'lagging behind G7 peers in green jobs plans'
Fifth SEISS grant will be open to claims from late July
Remote working was most common form of working during pandemic, BCC finds
Economic growth accelerates in three months to May

May 2021

Trade credit insurance scheme to close
Optimism across UK services sector has 'improved significantly', CBI finds
Number of freelancers increases for first time since onset of pandemic
Finance Bill outlines amendments to super-deduction
Plastic bag charge doubled in all shops in England
HMRC's VAT Deferral New Payment Scheme to close in June
NIC reliefs set for Freeports
Almost 950,000 have already filed 2020/21 self assessment returns
UK unemployment rate falls to 4.8% in March
Government confirms start date for Plastic Packaging Tax
Effectiveness of OTS set to be reviewed by Treasury
Data finds HMRC received 91,000 calls to report fraud in first months of pandemic
UK economy shrank 1.5% in first quarter of 2021, data reveals
Record level of Apprenticeship Levy funds expired in 2020, research finds
Next step of roadmap out of lockdown to take effect from 17 May
UK economy set to grow rapidly once COVID restrictions are relaxed
Optimism amongst SME manufacturers has risen significantly, survey suggests
Businesses planning to adopt 'hybrid' working after easing of COVID restrictions
CBI calls for more clarity on COVID-19 roadmap

April 2021

HMRC sets out penalty regime for SEISS abuse
Industry groups say more work needed after UK-EU trade deal ratified
Pandemic caused biggest annual employment fall for older workers
HMRC records huge increase in scam attempts
IPSE demands clarity on gig economy
HMRC contacting claimants for fourth self-employed grant
Pension fraud increased to £1.8 million in first quarter of 2021, data reveals
CBI calls for extension of Kickstart Scheme as jobs market remains subdued
Cyber-attacks on the rise for businesses
New 95% mortgage scheme launched
Recent changes to IR35 'undermine the self-employed', says IPSE
FSB urges government to provide greater support for UK exports
HMRC contacting claimants for fourth self-employed grant
UK economy improved in February despite lockdown
UK cuts electric vehicle grants by £500
New claims required for home working tax relief
Business confidence boosted by plans to re-open UK economy
IMF upgrades UK economic forecasts for 2021 and 2022
Start of new tax year ushers in raft of fiscal changes
Workers set to benefit from increases in National Minimum and Living wages

March 2021

ICAEW warns SMEs have 'limited window' to apply for Brexit grant
Over £46 billion borrowed through Bounce Back loans
Payment deadline looming for self assessment taxpayers
Business rates relief extended with £1.5 billion fund
Chancellor responds to OTS report on inheritance tax
Government publishes range of consultations to help modernise UK tax system
COVID lockdowns have cost the UK economy £251 billion, says CEBR
HMRC to accept bulk appeals for late tax returns due to pandemic
Thousands missing out on Tax-Free Childcare bonus
UK economy shrank in January, data reveals
£20 million SME Brexit Support Fund opens for applications
Extend Kickstart Scheme by six months, urges CBI
Government publishes details of Finance Bill 2021
CBI calls for overhaul of government policy on environmental taxes
COVID-19 vaccines and stimulus plans will aid global growth, says OECD
ICAEW urges HMRC to rethink quarterly reports under MTD for corporation tax
Female freelancers have faced 'disproportionate financial struggle' during pandemic
Details of fourth grant for the self-employed published
Government to invest over £100 million in COVID fraud taskforce
Chancellor extends SDLT cut
View our 2021 Budget Report
2021 Budget - what to expect
Sunak sets out Budget to protect businesses
2021 Budget - the economic picture
2021 Budget - the political reaction
2021 Budget - the business reaction
Committee calls for Chancellor to outline plans for tax reform
COVID schemes now supporting 1.6 million UK businesses

February 2021

SMEs needing advice on imports and exports can apply for grants, HMRC confirms
Online service for VAT deferral scheme opens
Late payment penalties for self assessment waived until 1 April
More support needed to help businesses once lockdown lifts
Domestic VAT reverse charge comes into effect on 1 March
SME service for bank complaints goes live
HMRC clarifies off-payroll rules
IFS urges Chancellor to outline economic recovery plans in upcoming Budget
Over half a million businesses could collapse without further support
Clarity needed on taxation of COVID test costs, says ICAEW
UK economy shrank by record 10% in 2020
IoD calls for government to put entrepreneurs at heart of economic recovery
Borrowers of Bounce Back loans given six more months for repayments
HMRC's customer service levels impacted by COVID-19
Almost a third of house sales fall through as stamp duty deadline nears
Vaccination programme set to boost economic recovery
COVID-19 business lending exceeds £71 billion
1.8 million still to file self assessment returns
CBI urges government to publish roadmap out of lockdown
Government announces £1,000 bonus to help businesses take on trainees

January 2021

Finance Secretary for Scotland outlines spending plans in 2021/22 Scottish Budget
More than 900,000 businesses 'at risk of failing by April', research warns
UK tax system 'discourages employment and investment', IFS suggests
HMRC waives self assessment penalties for a month
LITRG calls for rise in High Income Child Benefit Charge threshold
Nine million people borrowed more in 2020 as result of COVID-19 pandemic
One in three blocked from paying with cash during pandemic
Big businesses must pay small suppliers more quickly under changes to PPC
CBI urges government to 'act on COVID business support' ahead of Budget
Supreme Court backs small firms on business interruption claims
COVID-19 is reasonable excuse for self assessment late filing, says HMRC
Taxpayers using Time to Pay to spread cost of tax payments
Monthly deadline approaching for furlough claims
ICAEW calls for further guidance on CIS changes
HMRC issues self assessment scam warning
Pandemic drives dramatic increase in SME borrowing
HMRC reveals 2,700 tax returns submitted on Christmas Day
Business groups urge Chancellor to do more to support firms
Chancellor unveils £4.6 billion lockdown grant package
TUC urges employers to offer furlough to parents affected by school closures

21 Jan 2022

Study finds 82% of business owners suffered from poor mental health in pandemic

A study carried out by insurer Simply Business has found that 82% of business owners suffered from poor mental health during the coronavirus (COVID-19) pandemic.

20 Jan 2022

Treasury writes off £4.3 billion in Covid payments lost to fraud

HMRC expects to recover only a quarter of the total £5.8 billion lost to fraudulent claims and mistaken payments from the coronavirus (COVID-19) support schemes.

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