Business News

This section contains the latest business news stories.

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.

19 Jan 2022

UK inflation rises at fastest pace for 30 years

The cost of living rose at its fastest pace in nearly 30 years in the year to December, according to the latest figures from the Office for National Statistics (ONS).

18 Jan 2022

No 'convincing case' for digital UK currency, says House of Lords committee

Creating an official digital currency in the UK could pose significant risks to banks, a House of Lords committee has warned.

17 Jan 2022

Consumer group urges taxpayers to avoid using refund firms to claim tax rebates

Consumer group Which? has urged taxpayers to avoid using so-called 'refund firms' to claim tax rebates.

14 Jan 2022

Government launches consultation on global minimum tax for multinationals

The government has launched a consultation on the framework for rolling out the 15% global minimum tax on profits which will be payable by the largest multinationals from 2023.

13 Jan 2022

COVID-19 support grants must be included on company tax returns

HMRC has warned that businesses must declare any coronavirus (COVID-19) support grants or payments on their company tax returns and stated that the grants and payments are taxable.

12 Jan 2022

More than one million will be dragged into higher rate tax bracket, research suggests

The Treasury's decision to freeze income tax thresholds will drag over one million people into the higher rate tax band over the next four years, according to research commissioned by the Liberal Democrats.

11 Jan 2022

More than half of SMEs 'confused about plans to level up the UK'

Research published by Nucleus Commercial Finance has revealed that over half of small and medium-sized enterprises (SMEs) in the UK are confused about the government's plans to 'level up' the country.

10 Jan 2022

Over £1 billion now recovered by HMRC's fraud squad

HMRC's Fraud Investigation Service (FIS) has now recovered more than £1 billion from proceeds of crime and tax offenders.

07 Jan 2022

HMRC gives self assessment taxpayers more time to ease COVID-19 pressures

HMRC is waiving late filing and late payment penalties for self assessment taxpayers for one month.

06 Jan 2022

Businesses facing 'unprecedented cost pressures', warns BCC

The British Chambers of Commerce (BCC) has warned that businesses are facing 'unprecedented cost pressures', with inflation predicted to surge.

05 Jan 2022

Almost 3,000 file self assessments on Christmas Day

HMRC has revealed that 2,828 customers filed their self assessment tax return on Christmas Day, compared to 2,700 in 2020.

04 Jan 2022

Over 440,000 small firms at risk due to late payment crisis

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).

31 Dec 2021

Have you made your financial New Year's resolutions?

With 2022 just around the corner, you may wish to consider creating some financial New Year's resolutions to ensure that you remain on course for a successful and profitable year ahead.

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