No ‘convincing case’ for digital UK currency, says House of Lords committee
Posted on Monday, February 28th, 2022
Creating an official digital currency in the UK could pose significant risks to the financial stability of banks, a House of Lords committee has warned. The Lords Economic Affairs Committee said introducing a Central Banking Digital Currency (CBDC) ‘would... Read Full Article...
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BCC calls for ‘urgent action’ to improve UK-EU trade
Posted on Monday, February 28th, 2022
The British Chambers of Commerce (BCC) has called for urgent action to help improve trade with the EU. A survey carried out by the BCC revealed that 60% of UK exporters reported difficulties trading with the EU.... Read Full Article...
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Chancellor announces £1 billion fund for businesses
Posted on Friday, January 14th, 2022
On 21 December 2021, Chancellor of the Exchequer, Rishi Sunak, unveiled a £1 billion COVID-19 fund, including cash grants of up to £6,000 per premises for each eligible firm. Mr Sunak said the government would also help certain firms with the... Read Full Article...
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HMRC waives self assessment penalties for one month to ease COVID-19 pressures
Posted on Friday, January 14th, 2022
HMRC is waiving late filing and late payment penalties for self assessment taxpayers for one month. The measure will give those taxpayers affected by the coronavirus (COVID-19) extra time, if they need it, to complete their 2020/21... Read Full Article...
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FCA to introduce new consumer duty
Posted on Friday, January 14th, 2022
The Financial Conduct Authority (FCA) is set to introduce a new consumer duty to better protect users of financial services. The new rules will help tackle harmful practices such as providers of financial services presenting information in... Read Full Article...
HMRC latest guidance for employers
Posted on Friday, January 14th, 2022
HMRC has published the latest edition of the Employer Bulletin. This guidance for employers, and their agents, includes articles on: reporting PAYE information in real time when payments are made early at Christmas preventing and correcting payroll... Read Full Article...
Over 440,000 small firms at risk due to late payment crisis
Posted on Friday, January 14th, 2022
More than 440,000 small firms could be forced out of business by the late payment crisis, according to the Federation of Small Businesses (FSB). An FSB study of more than 1,200 business owners found that close to one in three... Read Full Article...
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HMRC’s tax take falls by billions due to pandemic
Posted on Tuesday, December 14th, 2021
HMRC saw a drop of almost £30 billion in tax revenues in the latest financial year because of the pandemic, according to its annual accounts. In its 2020/21 annual report, HMRC reported that it had collected £608.8 billion in... Read Full Article...
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Government sets out tax details on TAM Day
Posted on Tuesday, December 14th, 2021
The UK government marked the inaugural Tax Administration and Maintenance (TAM) Day with the publication of 30 papers covering a wide range of tax issues. Chancellor Rishi Sunak made the commitment to have a TAM Day in... Read Full Article...
Services sector continues to recover despite rising costs
Posted on Tuesday, December 14th, 2021
Optimism improved for firms across the services sector in the three months to November, according to the latest Service Sector Survey from the Confederation of British Industry (CBI). However, cost growth continued to pick up, increasing at... Read Full Article...
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