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Business News Archive

October 2020

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

April 2020

Lenders relax evidence requirements for business interruption loan scheme applications
New mothers and over 60s 'most likely to miss out on self-employed support'
CIPD urges government to make Coronavirus Job Retention Scheme more flexible
Mortgage lenders grant over 1.6 million payment holidays
Government launches small business micro loan scheme
HMRC reminds businesses using VAT deferral to cancel direct debits
NCSC removes over 2,000 coronavirus scams
FSB urges government to increase 80% guarantee on coronavirus business loans
SMEs access £2.8 billion through business interruption loan scheme
Government launches support finder tool for businesses
BCC finds significant number of UK businesses have furloughed employees
UK inflation rate falls to 1.5%
Coronavirus pandemic 'has already cost SMEs £277,000 each', research suggests
Government borrowing could reach £300 billion, according to think tank
Survey reveals quarter of UK businesses have temporarily suspended trading
Government unveils support package for innovative businesses affected by coronavirus
March retail sales nosedive
Coronavirus Job Retention Scheme goes live as it is extended to end of June
UK pushing ahead with Brexit trade talks
Pensions regulator issues auto-enrolment guidance for pandemic
Government widens eligibility for job retention scheme
HMRC extends CGT reporting deadline
OBR predicts UK economy could shrink by 35%
HMRC releases guidance on coronavirus Self-employment Income Support Scheme
HMRC issues guidance for VAT deferral
Coronavirus Job Retention Scheme set to launch on 20 April
Data reveals global debt reached 322% of GDP in 2019
Chancellor announces financial aid package for charities
Don't rush financial decisions, urge regulators
Firms struggling to access emergency coronavirus loans
UK economic output reduces to 31% as result of coronavirus lockdown
Start of new tax year ushers in raft of fiscal changes
Business groups respond to Chancellor's overhaul of business loan measures
Chancellor announces changes to Business Interruption Loan Scheme
Majority of UK firms have less than three months' cash reserves
Major UK banks will pay no dividends or bonuses this year
Government publishes details on coronavirus grant schemes for small businesses
CBI finds retail sales propped up by stockpiling in March
Directors on PAYE can furlough under job retention scheme
HMRC extends MTD digital links deadline until 2021

March 2020

Research suggests two in five individuals worry about debt levels
Government relaxes insolvency rules during coronavirus pandemic
HMRC urges businesses using VAT deferral to cancel direct debits
HMRC publishes guidance on recognising genuine government contact
Chancellor unveils help for self-employed workers
Pensions at increased risk of being targeted by scammers
Government and financial regulators tell banks to keep lending
Contactless card payment limit set to rise from April
UK facing 'worst recession in modern history'
Regulators request delay in corporate reporting
Increase in home working raises risk of cyber-attacks
Government unveils wage bailout scheme
Coronavirus crisis sees UK interest rates cut to lowest level ever
HMRC delays introduction of off-payroll rules to private sector
View our COVID-19 update
Chancellor unveils £330 billion support package for coronavirus pandemic
HMRC to stop sending automatic paper returns for self assessment
Economists warn of global coronavirus recession
Buy-to-let landlords getting cold feet over sector regulation
View our 2020 Budget Report
Chancellor takes measures to combat coronavirus
Chancellor delivers Budget to meet 'challenging times'
2020 Budget - the economic picture
2020 Budget - the political reaction
2020 Budget - the business reaction
2020 Budget - what to expect
Coronavirus to blame as business confidence falls
Pensions sector loses billions per year to fraud
ICAEW joins industry leaders urging Bank of England to get tough on climate change
Business groups urge Chancellor to take 'strategic approach' to tax policy
Loan charge repayment guidance issued by HMRC
Coronavirus 'gravest threat to global economy since financial crisis', says OECD
FSB states scrapping Entrepreneurs' Relief would 'destroy retirements'

February 2020

Off-payroll working rules get green light for April
IFS urges Chancellor to raise taxes in upcoming Budget
UK public spending to top £1 trillion a year, predicts think tank
Chancellor states IR35 enforcement will not be 'heavy handed'
Government to name and shame minimum wage offenders
Government pledges additional financial support for flooding victims
UK fast becoming cashless, says report
NAO finds tax reliefs cost UK £155 billion per year
Low take-up of TFC linked to poor understanding of scheme
Small landlords exiting buy-to-let market
Rishi Sunak appointed as new Chancellor
Flat growth 'should be a warning to government' ahead of Budget, states FSB
HMRC carries out fewer dawn raids
CBI publishes Budget wishlist
HMRC announces off-payroll changes will not be applied retrospectively
Finance Minister for Scotland outlines tax plans in Scottish Budget
Budget 'must address skills shortages' to boost UK growth, says BCC
UK business confidence bounces back in January
Over 950,000 taxpayers miss self assessment deadline
Company insolvencies increase to highest level since 2013

January 2020

Chancellor raises NIC threshold to £9,500
MTD for VAT proving costly and failing to reduce errors
CIOT warns of 'seismic shift' in CGT rules
IoD calls for government to publish Brexit negotiating objectives
Over three million still to file self assessment returns
HMRC publishes secondary draft legislation for off-payroll reforms
Witchcraft and hamsters amongst worst self assessment excuses
Anti-money laundering penalties total £6.2 billion worldwide in 2019
New legislation aims to tackle late payments
Government promises review of student loans repayment system
WEF states businesses must take action to combat climate change
HMRC issues guidance on recognising phishing emails
Average household debt higher now than during financial crisis, study suggests
Data shows UK GDP shrank in November
Research reveals significant number of UK businesses anticipate a recession in 2020
Self assessment deadline only three weeks away
Employees 'losing five days a year' as result of travel disruption
Government launches review into off-payroll working rules
Chancellor announces post-Brexit Budget date
Data reveals many taxpayers filed self assessment returns over festive period
HMRC raises £5 billion from fraud investigations
UK minimum wage gets largest ever raise

December 2019

Have you made your financial New Year's resolutions?
Don't forget to file your self assessment tax return
Businesses must prepare for festive travel disruption
A quarter of small businesses 'face closure if Christmas trading disappoints'
Late payment delays getting longer, research finds
Government outlines policies in Queen's Speech
UK leading fight against suspicious transactions, financial body finds
WEF states gender pay gap 'will take another century to disappear'
Budget watchdog doubles borrowing forecast
HMRC making fewer tax avoidance deals
Business groups respond to General Election result
Almost half a million taxpayers sought income tax refunds from HMRC, data reveals
ICAEW sounds public finance warning as election approaches
OECD suggests tax revenues 'have reached a plateau'
UK manufacturing jobs cut as sales fall
ICAEW advises employers to take tax implications of seasonal parties into account
UK to press ahead with Digital Services Tax despite warnings from US
Report states counterfeit goods trade costing UK billions
Off-payroll changes to be reviewed
UK SMEs owed £23.4 billion in late payments

November 2019

HMRC collects record £133 billion in VAT
Services sector profits fall sharply
Research reveals UK firms spent £25 billion on R&D in 2018
New version of IR35 checking tool released by HMRC
HMRC issues self assessment scam warning
Firms 'would rather dismiss contractors than deal with IR35', research suggests
Politicians pledge to take action on late payments
Corporation tax cuts put on hold
Number of EIS approvals drops
Dividend payments rise for tenth consecutive year
UK taxes at historical high
Pension scam victims 'could lose 22 years of pension savings in 24 hours'
Off-payroll changes need to be delayed, says FSB
UK avoids recession but economic growth remains slow
Real Living Wage rise boosts pay for thousands
Loan charge review put on hold
OTS calls for overhaul of Personal Tax Accounts
HMRC sets out cryptoasset guidance for businesses
Business confidence at a 10-year low
Improved accuracy for VAT returns under MTD
Committee urges government to fix 'broken' business rates system

October 2019

OBR to publish financial forecast despite scrapping of Budget
More young people saving into pensions due to automatic enrolment
Study reveals UK eighth best country in world for doing business
ONS admits error found in UK public finances
HMRC clamping down on enablers of tax avoidance schemes
Charities failing to implement fraud protection basics
IFS calls for Entrepreneurs' Relief to be scrapped
Investors call for clearer climate-related financial reporting
Government abandons increase in probate fees
Business groups respond to announcement of new Brexit deal
HMRC to give importers no-deal Brexit 'breathing space'
HMRC data reveals significant rise in number of R&D tax credit claims
UK government outlines policies in Queen's Speech
Chancellor announces post-Brexit Budget date
'Lessons must be learned' from loan charge controversy, states ICAEW
OECD considering plans to tax tech giants' profits by jurisdiction
UK productivity suffers worst drop in five years
UK small businesses 'concerned about impact of Brexit on supply chains'
Banking crime cost over £600 million in first half of 2019
UK 'on cusp of recession' after services sector shrinks
Inheritance tax 'could be scrapped', Chancellor hints
Chancellor pledges to increase National Living Wage to £10.50
ATT calls for 'urgent clarity' on off-payroll working changes

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