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Business News Archive

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Business News

May 2021

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

December 2020

Your financial New Year's resolutions
Don't forget to file your self assessment tax return
Preparing your business for winter weather
BIRA urges retailers to remain vigilant during festive period and beyond
HMRC rejects calls to relax 31 January self assessment deadline
IPSE calls for government to extend SEISS
Government must take another look at support for businesses in Tier 4, says CBI
Chancellor extends furlough scheme until end of April 2021
Scheme launched to support firms moving goods after Brexit
IR35 status check failing to deliver results in a fifth of cases
CGT rise would adversely affect entrepreneurs, warns IoD
Individuals urged to remain vigilant when making festive charitable donations
UK growth slowed in October as economic recovery stalls
£100 billion savings glut could fuel economic recovery, says Bank of England
Monthly deadline approaching for furlough claims
Businesses have 'insufficient information' on Brexit changes, BCC finds
Lenders still supporting thousands with payment deferrals
AAT warns of dramatic rise in self-assessment filing
Government must shore up business confidence ahead of COVID-19 vaccine rollout
Number of CBILS applications to rise, experts predict
HMRC cracks down on marketing of tax avoidance schemes

November 2020

Third SEISS grant opens as IPSE issues warning
Business survival hanging by a thread in toughened tiers, warns CBI
Chancellor presents Spending Review
Applicants for third SEISS grant will face new test, ICAEW warns
ATT calls for clarity on virtual seasonal parties
HMRC begins 'Eat Out to Help Out' compliance checks
Self assessors warned to watch out for scammers posing as HMRC
£1 million Annual Investment Allowance cap extended for a year
Contactless payments reached record level in August
HMRC confirms MTD for corporation tax to be mandated from 2026
Wealth gap widening as result of coronavirus pandemic, research suggests
Current CGT regime 'fit for purpose', says ICAEW
UK economy rebounds from recession
Self-employed sector facing 'avoidable decline', according to IPSE
Real Living Wage increases across the UK
PAC finds over £1 billion worth of fraudulent Bounce Back loan applications
Chancellor extends furlough scheme to end of March
FCA proposes further support for consumer credit borrowers impacted by COVID-19
Government delays implementation of new pensions dashboards
Support for self-employed increased as lending schemes extended
Furlough scheme extended and changed for new lockdown

October 2020

ATT issues last call for firms seeking to use increased Annual Investment Allowance
Chancellor to set out one-year Spending Review in November
ICAEW calls for reform of 'inflexible business rates'
Survey finds small business confidence has been in negative territory since 2018
NAO finds 'significant levels of furlough fraud occurred' during start of pandemic
Chancellor increases financial support for businesses affected by COVID restrictions
IoD outlines reforms to Prompt Payment Code
HMRC urges businesses to ensure they are ready for new customs and tax rules
PAC calls on government to give 'honest picture' of UK tax gap
Government outlines plans to protect future of cash
Government launches new coronavirus fraud hotline
Over 54,000 workers claim home working tax relief using online portal
Tax rises 'inevitable', says IFS
Resolution Foundation warns of a 'lost COVID generation'
Job Support Scheme expanded for local lockdowns
Government to proceed with plans to create freeports across UK
NAO warns loan scheme could result in £26 billion in losses
Survey finds business conditions remained weak in third quarter of 2020
Coronavirus permanently changes working patterns
Retirement plans altered by pandemic
British Business Bank warns of fraud risks with coronavirus business loans
Benefits-in-kind regime 'not fit for purpose', says ICAEW

September 2020

Criminals exploiting coronavirus pandemic, trade association warns
Furlough scheme set to move into final month
Cyber security top risk for audit executives, research suggests
Business groups welcome extended coronavirus support
UK economic recovery slowing even before new Covid-19 curbs
Chancellor outlines Winter Economy Plan
Business groups call for more support following new restrictions
NAO calls on Treasury to safeguard access to cash
UK businesses voluntarily return £215 million in furlough funds
MPs urge Chancellor to extend job retention scheme
FCA confirms support for mortgage borrowers
HMRC urges VAT-registered businesses to prepare for Brexit trading changes
Private pension withdrawal age to be raised
CBI warns of rocky road despite July economic growth
Lockdown grants welcome but more support needed, say business groups
IoD urges government to extend coronavirus insolvency measures
Up to £3.5 billion in furlough payments fraudulent, HMRC finds
FSB urges government to provide Brexit transition vouchers
Treasury publishes consultation on VAT refund scheme
Tax hike for freelancers would be unjust, claims IPSE
Research reveals 800,000 workers being 'under-enrolled' in pension schemes
Kickstart Scheme opens for applications
UK plastic bag tax charge to be doubled and extended to all retailers

August 2020

ICAEW warns R&D credit cap may impact genuine claims
More than £30 million lost to pension scams
Small businesses call on government to extend Eat Out to Help Out scheme
Government provides £20 million in funding to boost recovery of small firms
HMRC blocks thousands of furlough applications
Treasury outlines plans for carbon emissions tax
Businesses 'vulnerable' as coronavirus schemes wind down, BCC suggests
29% of SMEs 'carried on as usual' during pandemic, survey finds
Drop in number of self-employed will lead to 'brittle workforce', IPSE warns
Second round of grants for the self-employed opens
Freelancers experience drop in income
FSB urges local councils 'not to delay small business grants'
UK economy falls into recession for first time in 11 years
Government coronavirus schemes 'failing to provide support', BCC finds
Bounce Back loans average 87,000 approvals a week since launch
Government further extends Tax-Free Childcare scheme as result of coronavirus
ICAEW warns taxpayers have 90 days to notify HMRC of overclaimed COVID-19 grants
Ensure interaction between VAT and Eat Out to Help Out is understood, ICAEW urges
Bank of England holds rates as economy set for record slump
HMRC publishes guidance on claiming Job Retention Bonus
SME manufacturing activity plummets, says CBI
FSB calls for further help for employers as furlough wind-down begins
Data reveals significant decrease in inheritance tax receipts
More firms to benefit from CBILS following changes to loan rules
HMRC sets up scheme for loan charge refunds

July 2020

Mixed picture for retail sector, CBI finds
Treasury publishes call for evidence on administration of pensions tax relief
Public warned to watch out for top coronavirus scams
LITRG urges HMRC to thoroughly test MTD for Income Tax before its introduction
Eat Out to Help Out scheme set to start
NIESR calls for furlough scheme to be kept open
Committee suggests many have 'fallen through gaps in support schemes'
Government announces review of business rates system
HMRC outlines changes to VAT treatment of imported goods
Fifth of small firms expect poor performance in next three months, data suggests
UK economy 'still stuck in first gear'
OTS publishes series of recommendations for simplifying tax system
FRC urges companies to provide high-quality disclosures on impact of coronavirus
Small business confidence begins to bounce back
Claims deadline approaching for first phase of furlough scheme
Treasury outlines agenda for modernised digital tax system
Lockdown has 'negatively impacted young people's labour market outcomes'
PAC urges government to assess tax reliefs for effectiveness
Credit card spending fell significantly at start of coronavirus lockdown, data reveals
Business groups cautious on easing of lockdown restrictions
Coronavirus borrowing now over £46 billion
Chancellor asks OTS to review capital gains tax
Homeworking creates new opportunities for cyber criminals, research finds
Three quarters of businesses not ready for end of Brexit transition period
Welsh government to reduce LTT rate
Self assessment deferral available to the self-employed
UK economy shrank by almost a fifth under lockdown
Scottish government to reduce LBTT rate
Tax gap falls to lowest recorded rate
Recovery advice scheme launched for small businesses
HMRC scraps benefit-in-kind charge on coronavirus tests
IFS warns taxes will rise as result of coronavirus lockdown
Business groups react to Summer Economic Update
More than one million businesses access Bounce Back loans
Chancellor to deliver Summer Economic Update
Accounting bodies join launch of green finance charter
Chancellor announces Job Retention Bonus in Summer Economic Update
VAT cut on PPE extended
Government to give £111 million to businesses to fund traineeships
HMRC finds lack of knowledge causing MTD non-compliance
Private sector off-payroll reforms given go ahead for April 2021
LITRG urges self-employed to check eligibility for SEISS
Government unveils £200 million Sustainable Innovation Fund
FCA confirms further support for consumer credit customers
FSB finds late payment crisis has worsened during coronavirus lockdown
Government expands Future Fund for start-ups
Furlough scheme now covering 9.3 million workers

June 2020

Business warned about rise in impersonation fraud
UK mortgage approvals slump during pandemic
Job retention scheme closing to new entrants
Coronavirus lockdown puts focus on UK skills gap
Overseas VAT claims subject to COVID delays
PMI data points to improved picture for UK economy
FSB outlines recommendations to Chancellor ahead of expected fiscal event
IoD urges government to support jobs and investment after coronavirus lockdown
Government-backed coronavirus lending now over £40 billion
ABI calls for overhaul of pensions tax relief system
Government urged to consider emergency VAT reduction
Report finds young people most likely to lose job as result of coronavirus lockdown
Lenders grant 1.9 million mortgage deferrals
UK public calls for greater transparency on tax avoidance and evasion
Bank of England announces £100 billion stimulus package for UK economy
UK pushing for global digital tax despite US reservations
HMRC begins sending MTD for VAT 'nudge' letters to firms
Businesses urged to reinstate VAT direct debits
Research suggests SMEs expect to borrow £48 billion post-coronavirus lockdown
HMRC updates CJRS guidance for employers
UK economy could contract by 8% in 2020, data suggests
HMRC updates guidance for self-employed coronavirus scheme
MPs call for VAT reduction to help firms affected by coronavirus
Jobs and training for the young must be prioritised to boost economy, says CBI
UK economy shrinks record 20.4% as result of coronavirus lockdown
LITRG warns self-employed that SEISS is taxable
Government extends furlough scheme for parents on statutory leave
Significant number of SME owners using personal savings to keep business trading
£35 billion loaned to businesses through coronavirus schemes
Pension savers warned over scams and transfers
Business debt 'will slow economic recovery' from coronavirus pandemic, IoD warns
Government plans to suspend Sunday trading laws to aid UK economy
HMRC delays VAT reverse charge on construction services
Deadline looming for new entrants to Coronavirus Job Retention Scheme
CIOT calls for property sales tax change
One in five highly skilled freelancers face business closure to COVID-19
Cash payments continued to fall in 2019
Strong economic recovery likely, but not certain
Women 'more likely to be on low pay', TUC research suggests
Over £31 billion borrowed through coronavirus schemes
Manufacturers call for coronavirus support
MPs open inquiry into £155 billion of tax reliefs
Chancellor announces changes to Job Retention Scheme
IPSE gives cautious welcome to extension of self-employed scheme

May 2020

FSB calls for government to give company directors more support
Data shows 5.2 million people have fallen victim to scams during coronavirus crisis
Data reveals retail sales 'remain depressed' in year to May
Coronavirus Statutory Sick Pay Rebate Scheme goes live
Government publishes revised Coronavirus Job Retention Scheme legislation
Changes to insolvency and company law to take effect
Government borrowing at record high, data reveals
Survey suggests one in ten firms cannot implement coronavirus guidance safely
IPSE urges government to extend self-employed support scheme
UK sets out post-Brexit tariff regime
Future Fund launches to give start-ups coronavirus support
Inflation rate falls to lowest level since August 2016
Government set to launch Coronavirus Statutory Sick Pay Rebate Scheme
Treasury confirms tax exemption for reimbursed home office expenses
CMA urges government to introduce emergency laws to prevent price hikes
Loan size increased to £200 million under large business interruption scheme
CBI concerned about lack of Brexit progress
BCC survey suggests firms ready for gradual reopening of UK economy
Government makes temporary changes to Tax-Free Childcare scheme
One million apply to self-employed grant scheme in 48 hours
Close to £15 billion borrowed through government's coronavirus schemes
Late payers warned over false economy
Chancellor extends Job Retention Scheme until October
Self-employed grant scheme to open to applications
HMRC extends tax appeal deadline due to pandemic
Stamp Duty liability should be switched to sellers
HMRC updates process for obtaining Government Gateway ID
Business groups need more guidance and financial support for return to work
Online marketplaces should be compelled to collect VAT
UK Finance warns firms over Bounce Back loan repayments
UK economy set to experience 'deepest recession in living memory'
HMRC begins contacting individuals eligible for coronavirus income support scheme
Over 110,000 businesses apply for Bounce Back loans on day one
FCA seeking legal clarity on business interruption insurance
Government changes ISA rules to help individuals affected by coronavirus
TPR calls for trustees and employers to 'work together to protect savers'
Government extends deadlines for tax consultations
Business leaders eager for lockdown to ease, says IoD

17 May 2021

Government confirms start date for Plastic Packaging Tax

The UK government has confirmed that its plastic packaging tax (PPT) will come into force on 1 April 2022.

14 May 2021

Effectiveness of OTS set to be reviewed by Treasury

The Treasury has launched a review into the effectiveness of the Office of Tax Simplification (OTS), the independent body responsible for helping to make the UK tax system simpler and easier to interact with for taxpayers.

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