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Business News Archive

News
Business News

June 2023

Nearly £9 billion in old banknotes and coins not cashed in, says Bank of England
Women 'more than twice as likely' to miss out on pensions auto-enrolment
Business confidence in economy 'stabilised' in May
SMEs planning 'significant investment' in technology this year, research suggests

May 2023

Economic Advisory Council launched by BCC to 'power up growth'
HMRC increases late payment interest rate to 7%
Tax-Free Childcare helps 650,000 families save on their childcare costs
Typical energy bill to fall under new price cap
UK rate of inflation fell sharply in April, data shows
Don't miss out on a tax refund for work expenses, HMRC urges
HMRC seeks views on changes to Construction Industry Scheme
Small businesses 'see no progress on the barriers to growth', BCC warns
Number of early self assessment filers doubles in five years
One in five workers will be higher rate taxpayers by 2027, says IFS
Small business owners' mental health 'affected by financial concerns'
'Fresh thinking' needed in regard to MTD for ITSA
Interest rates raised for 12th time in a row
Energy suppliers urged to renegotiate fixed contracts for small businesses
Business confidence rises for the fifth consecutive month
77% of financial scams originating on social media, banks warn
CMA launches review into AI foundation models
Unsolicited calls selling financial products set to be banned in UK
No sign of hiring difficulties easing, says BCC
Confidence amongst small businesses has rebounded, says FSB

April 2023

47% of workers have had a late or incorrect wage on pay day, research suggests
Tax take rises by 10% to reach £786.6 billion, official data shows
High trading costs 'deterring UK SMEs from expanding internationally'
HMRC urges companies that file VAT returns annually to use compatible software
Economic growth adversely affected by 'shrinking workforce', committee warns
Workers must be protected from decisions made by AI, TUC says
£177.6 million lost to impersonation scams in 2022
UK inflation falls to 10.1% in March
UK economy is 'back on the right track', says Chancellor
Confidence amongst CFOs has risen at sharpest rate since 2020
Rising childcare costs 'keeping parents from returning to work', report suggests
Demand for banknotes at lowest level in 20 years, research suggests
Interest rates expected to fall to pre-COVID levels
Large tech companies may be able to bypass Digital Services Tax, committee warns
Men 'still earning more than women', research suggests
Size of six-year tax threshold freeze has trebled to £25 billion, research finds
UK firms require energy support contingency plan, says BCC
State pension age rise will not be brought forward, government confirms

March 2023

UK economy avoided recession at end of 2022, data shows
HMRC issues guidance on abolition of pensions lifetime allowance
UK firms 'being held back' from international trade by new customs procedures
Small businesses at risk as energy costs rise
Two freeports confirmed for Wales
Bank of England raises UK interest rates to 4.25%
US tops list for UK businesses to trade with outside Europe
Rate of inflation jumped to 10.4% in February, data shows
Treasury estimates MTD for Income Tax deferral will cost over £1.75 billion
Wage stagnation leaving workers £11,000 worse off per year, data finds
Budget boosts employment but living standards falling, says Resolution Foundation
Chancellor 'pulled a range of policy levers' to stimulate growth, says IFS
View our 2023 Spring Budget Report
Capital allowances reformed in 'Budget for growth'
2023 Spring Budget - the economic picture
2023 Spring Budget - the business reaction
2023 Spring Budget - the political reaction
2023 Spring Budget - what to expect
HMRC fails to tackle £2.3 billion furlough fraud
Chancellor to use Budget to get people 'back to work'
UK economy grew by 0.3% in January, official data reveals
Childcare 'crisis' hurting economy, warns FSB
Taxpayers given more time for voluntary national insurance contributions
DWP backs proposals to expand Automatic Enrolment
Government delays pensions dashboard plans
Corporation tax could be 'tool to incentivise net zero', says IoD
The Pensions Regulator increases focus on climate and ESG reporting
Fuel duty hike 'could have big consequences for small firms' says FSB

February 2023

Ofgem announces energy price cap as bills set to rise
Firms stick to four-day week after trial ends
Spring Budget must ease cost pressures on businesses, says BCC
HMRC sounds warning on new VAT penalties as filing deadline nears
FSB urges government to 'change course' on decision to slash R&D tax support
'Arithmetic intricacies' of Investment Allowance could catch firms out, ATT warns
Planning for net zero has 'slipped down list of priorities' for businesses, says BCC
Budget must 'support a UK-wide economic recovery', says FSB
HMRC urges eligible couples to claim Marriage Allowance
Official data shows inflation remains close to 40-year high
Spring Budget 'must hit four key targets', warns BCC
CBI urges Chancellor to 'deliver action that will drive economic momentum' in Budget
UK economy narrowly avoided recession last year
UK 'likely to avoid technical recession in 2023', says think tank
FSB calls for introduction of apprenticeship incentive for under 25s
'Digital pound' likely to launch this decade, says Treasury
HMRC urges families to make use of Tax-Free Childcare scheme
Bank of England raises interest rates to highest level in 14 years
Record 11.7 million tax returns received on time
IMF warns UK economy set to shrink in 2023

January 2023

UK business confidence plummets to 13-year low
Chancellor rules out tax cuts ahead of Spring Budget
CBI survey finds retail sales volumes down in January
More than three million still to file self assessment returns
Tax receipts total £553 billion, HMRC data reveals
Large cost-of-living gap between rich and poor households persists, think tank warns
BCC warns SME exporters 'under tightening pressure'
HMRC introduces automated text system to help with self assessment queries
Inflation passed its peak, but cost-of-living crisis continues, says CBI
Government launches consultation on R&D relief
WEF warns businesses and households facing a 'polycrisis'
Pensioners outnumber young people for filing self assessment tax returns
Official data shows UK economy grew in November
Fewer firms investing in training despite skills shortage
Economic indicators have 'stabilised at concerningly low levels', BCC finds
Energy bill support for firms to be reduced from April
FSB calls for clarity on support with energy costs for small firms post-March
Food price inflation hit record high in December
Small firms 'facing challenges when applying for financing', FSB finds
Tax non-compliance during pandemic cost UK £9 billion
HMRC urges taxpayers to get self assessment wrapped up early

December 2022

Have you made your financial New Year's resolutions?
ONS data suggests festive food sales rose in November
Ensure your business is protected against winter weather
UK economy shrank more than first thought in three months to September
Government extends mortgage guarantee scheme
Chancellor announces Spring Budget date
MTD for ITSA delayed for two more years
MTD for ITSA should be delayed, say tax advisers
Bank of England raises base rate to 3.5%
Consumer group calls for victims of push payment scams to be refunded
Mortgage payments to surge, says Bank of England
Plymouth and South Devon freeport gets go ahead
UK economy returns to growth in October
Chancellor launches financial sector reforms
Petrol and diesel prices dropping too slowly at the pump
EBRS has 'removed serious risk for quarter of businesses', IoD finds
UK in recession until end of next year, warns CBI
UK house prices see biggest fall for two years
£4.5 billion lost to COVID-19 fraud
CBI survey reveals continued deterioration in business confidence

November 2022

FSB urges government to ensure energy suppliers don't inflate prices
Threshold freeze equivalent to 3.5% tax hike
Study finds one in four small businesses plan to close if energy bill support ends
Home repossessions double as mortgage costs rise
NAO reveals Digital Services Tax has raised £358 million
OECD warns UK on course for biggest economic downturn
Think tank suggests UK workers are 'living through a two-decade wage stagnation'
UK in a 'new era of higher taxation', IFS warns
CBI praises Chancellor for 'delivering stability' in Autumn Statement
2022 Autumn Statement - what to expect
2022 Autumn Statement - the business reaction
2022 Autumn Statement - the political reaction
2022 Autumn Statement - the economic picture
Tax burden rises following Autumn Statement
Households paying £94 extra on energy bills due to regulator's failure
Chancellor needs to make 'tough fiscal choices on spending and tax', says CBI
FSB calls for Chancellor to announce 'clear set of measures to boost prosperity'
Data reveals auto-enrolment has helped workers save £114 billion into pensions
Economists question 'hole' in public finances
Tax and training reforms vital to safeguard retail sector
CBI urges government to rethink planned rise in business rates
BCC outlines economic support measures in manifesto sent to Prime Minister
Bank of England raises base rate to 3%
Survey reveals drop in business optimism
Energy support vouchers worth £400 going unclaimed
IoD survey finds UK businesses anticipate growth in exports

October 2022

Gender Investment Gap causing women to miss out on £599 billion
Banks warn young people particularly vulnerable to scams
Government pushes back economic statement
Self assessment clock ticks down to under 100 days
New PM must restore confidence, say business groups
FCA warns that eight million are struggling to keep up with bills
Business groups respond to Prime Minister's resignation
Inflation returns to 40-year high
Skills shortages hit 75% of UK businesses
Chancellor reverses Mini Budget measures
New Chancellor set to deliver statement on Medium-Term Fiscal Plan
Self assessment taxpayers could be a target for fraudsters, HMRC warns
Businesses need 'reassurance from fiscal statement' after fall in GDP
IFS warns 'big and painful' spending cuts needed to stabilise UK economy
Chancellor to publish Medium-Term Fiscal Plan on 31 October
BCC survey finds steep decline in business confidence
HMRC reminds young people to claim CTFs
BCC finds SMEs 'struggling to manage digital services'
VAT businesses must be ready for Making Tax Digital filing by November
British Business Bank lending now exceeds £12 billion
Government abandons plan to scrap 45p top rate of income tax

September 2022

HMRC receives thousands of complaints over tax repayments
HMRC raises late payment interest from 11 October
IMF criticises government over tax plans
Pension regulator warns employers over auto enrolment duties
Real Living Wage rises by 10% to £10.90 an hour
2022 Mini Budget - the economic picture
2022 Mini Budget - the business reaction
2022 Mini Budget - the political reaction
2022 Mini Budget - what to expect
Chancellor uses Mini Budget to outline measures to boost economic growth
Think tank warns tax cuts 'likely to push borrowing and debt to unsustainable levels'
Government caps business energy bills
Data finds late payments costing small businesses £684 million per year
Prime Minister 'considering scrapping sugar tax on soft drinks'
Wealthier households 'set to receive twice as much cost-of-living support'
UK inflation falls slightly to 9.9% but remains close to 40-year high
HMRC makes cost-of-living payments totalling £375 million
Official data reveals UK economy grew by 0.2% in July
Business groups respond to government's Energy Price Guarantee plan
Action Fraud warns scammers are exploiting cost-of-living crisis
Report finds SMEs facing recruitment struggles
Business groups welcome new Prime Minister with requests for immediate action
New PM must act as UK economy set for recession this year
UK facing 'deepest squeeze on living standards in a century'
CIOT outlines three strategies for improving UK tax system

August 2022

HMRC releases more details on MTD for Income Tax
Child Benefit claims for 16 to 19-year-olds must be updated this month
Ofgem raises energy price cap by 80%
Treasury Committee warns government against 'flying blind' with Emergency Budget
TUC urges government to raise NMW 'immediately'
Experts warn inflation could hit 18% in 2023
Report finds decline in the use of cash is easing
Tax-Free Childcare to ease parental costs as kids return to school
Energy firms call for windfall tax to be scrapped by 2025
Data reveals inflation hit 10.1% in the 12 months to July
COVID should be classed as an occupational disease, says TUC
Student loan interest rates slashed for second time amid cost-of-living crisis
Rising energy prices 'greatest test for SMEs'
HMRC takes record £14 billion in capital gains tax
Prime Minister must act now on cost of living, warns CBI
Government launches new fraud squad
Pension anti-scam strategy unveiled as cost-of-living crisis continues
BoE warns of recession as it raises interest rates again
HMRC sends Marriage Allowance reminder
Private sector activity at a standstill, warns CBI
Recovery Loan Scheme to be relaunched
IoD calls for new agency to advise on skills shortages

July 2022

Treasury figures reveal 14% increase in IHT receipts
IMF warns UK is set for slowest rate of growth of G7 countries
New ICAEW CPD policy set to take effect from November 2023
R&D tax credit criteria set to be subject to greater scrutiny
Insurer warns of rise in fraudulent claims amid cost-of-living crisis
UK consumers supporting small businesses despite rising prices
New finance legislation aims to unlock investments
Inflation hits fresh 40-year high of 9.4%
CBI says leadership hopefuls need a plan for growth
Reform required to combat staff shortages, says BCC
Retail sales fall as inflation hits consumers
UK economic growth better than expected in May
TUC urges employers to ensure employees are protected from sun during heatwave
IoD calls for extension of capital allowances super-deduction
More women have been underpaid state pension than previously thought
UK economic outlook has deteriorated, Bank of England warns
Pandemic-born businesses could add £20.4 billion to UK economy
National insurance threshold rises to £12,570
First Plastic Packaging Tax returns due this month
Millions hit with three-hour broadband outages during last year
BCC warns of 'perfect storm' of increasing costs

June 2022

HMRC urges families to make use of Tax-Free Childcare scheme
Ombudsman calls for swift action for victims of 'authorised scams'
FSB urges government to learn regulatory lessons from COVID pandemic
Paper £20 and £50 notes to be withdrawn from circulation by end of September
Tax gap remains steady at 5.1%
UK outlines plans to tighten 'buy now pay later' rules
Inflation hits 40-year high of 9.1% amid cost-of-living crisis
Manufacturers call for support package
MTD for income tax pilot extended
Bank of England raises UK interest rates to 13-year high of 1.25%
IoD launches new inquiry into governance arrangements and framework
Trade body urges Chancellor to keep tax rates low on electric company cars
COVID-19 emergency loan schemes may have saved 500,000 businesses
CBI downgrades forecast and warns of recession
New homeowners warned over tax refund claims
UK economy will 'grind to a halt', warns the BCC
Give people more control over their energy bills, says CBI
HMRC criticised over IR35 implementation
UK companies trial four-day working week with same pay
NICs increase has immediate impact on businesses

06 Jun 2023

Nearly £9 billion in old banknotes and coins not cashed in, says Bank of England

The Bank of England (BoE) has revealed that almost £9 billion in old coins and banknotes has not yet been cashed in.

05 Jun 2023

Women 'more than twice as likely' to miss out on pensions auto-enrolment

Data published by the Trades Union Congress (TUC) has suggested that women are more than twice as likely to miss out on being automatically enrolled into a workplace pension.

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