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As the UK economy loses impetus the Chancellor is reportedly considering a six-month extension of the Government’s recovery loan scheme that had been due to end on December 31st. The scheme provides credit worth up to £10m and comes with an 80% government guarantee for lenders. However, terms are...
A leaked Treasury document suggests that covering the cost of efforts to hit net zero by 2050 may require tax increases. It says the Government “may need to consider changes to existing taxes and new sources of revenue throughout the transition in order to deliver net zero sustainably.” The Offi...
Calculations for The Pensions and Lifetime Savings Association suggest a single person will need post-tax annual income of £10,900 for a minimum standard of living in retirement, with this spending budget climbing to £16,700 for a couple. The calculations for retirement living standards are pitche...
Analysis by the Federation of Small Businesses (FSB) suggests an overhaul of the tax system that introduced compulsory online filing has increased costs and administrative burdens for small companies. The FSB found the average annual cost for participating businesses is £4,562, with this considerab...
HMRC has reminded self-assessment taxpayers to ensure they have the correct information in order to complete their 2020/21 tax return, with the October 31 deadline for completed paper forms nearing. The deadline for online returns remains a few months away, with the cut-off not until January 31, 202...
The Institute for Fiscal Studies has warned that the £12bn tax rise is only sufficient to fix the immediate shortfall faced by the health service as it emerges from the Covid pandemic. The IFS said that the health and social care levy - set at 1.25% on top of National Insurance, and due to take eff...
Insolvencies are predicted to rise by a fifth as pandemic support measure are withdrawn, according to Euler Hermes. The company calculated that around 18,900 insolvencies were prevented by the Government's interventions. Across the world, support meant that a possible 40% global surge in company col...
Recent grade inflation combined with falling standards in basic literacy means businesses are ignoring GCSE, A-level or degree results when it comes to hiring and are using their own assessments of recruits instead. A PwC poll of 150 HR directors of large companies for The Times Education Commission...
HMRC has denied claims made by accountants that it plans a crackdown on owners of UK holiday lets. Tax specialists at UHY Hacker Young said owners of UK holiday lets face fresh investigations by HMRC after Britain’s record staycation boom of the last two years. Neela Chauhan, partner at UHY Hacker...
Figures from the Insolvency Service show the end of the furlough scheme did not lead to the wave of job cuts many expected. Around one million workers were still on the programme when it finally closed last week, but official data suggests the number of businesses planning redundancies was still clo...
Campaigners are asking for the state pension age to be lowered rather than raised, alleging that too many people have to stop working years before they reach the age of 66 or die before they can collect anything. They argue that forcing people to work longer and later in life is unfair to the sick,...
Self-employed pension savings levels hit record lows in the year before the pandemic, according to the latest figures from HMRC. Just £830m was paid by self-employed workers into personal pensions in the financial year of 2019/2020, down from £1.15bn the year before, and the lowest on record....
