Business News

14 Jul 2020

UK economy shrank by almost a fifth under lockdown

The UK economy shrank by 19.1% in the three months to the end of May as the country struggled under the coronavirus (COVID-19) lockdown, according to the latest data from the Office for National Statistics (ONS).

14 Jul 2020

Scottish government to reduce LBTT rate

The Scottish government will reduce the rate of Land and Buildings Transaction Tax (LBTT) following a similar reduction to the rate of residential Stamp Duty Land Tax (SDLT) announced by Chancellor Rishi Sunak in the recent Summer Economic Update.

13 Jul 2020

Tax gap falls to lowest recorded rate

The tax gap fell to an estimated 4.7% for the 2018/19 fiscal year, its lowest recorded rate, according to the latest data from HMRC.

13 Jul 2020

Recovery advice scheme launched for small businesses

A government-backed scheme to offer free online advice to help small businesses bounce back from the coronavirus (COVID-19) has been launched.

10 Jul 2020

HMRC scraps benefit-in-kind charge on coronavirus tests

The government has scrapped plans to get workers to pay income tax on coronavirus (COVID-19) testing kits purchased by their employer.

10 Jul 2020

IFS warns taxes will rise as result of coronavirus lockdown

The Institute for Fiscal Studies (IFS) has warned that the government will need to raise taxes in order to pay for the economic support measures announced by Chancellor Rishi Sunak in the Summer Economic Update.

09 Jul 2020

Business groups react to Summer Economic Update

Business groups, including the Confederation of British Industry (CBI), the Federation of Small Businesses (FSB) and the British Chambers of Commerce (BCC) have reacted to Chancellor Rishi Sunak's Summer Economic Update.

09 Jul 2020

More than one million businesses access Bounce Back loans

Over one million UK businesses have now accessed government-backed borrowing through the Bounce Back Loan Scheme (BBLS), according to the latest figures from the Treasury.

08 Jul 2020

Chancellor announces Job Retention Bonus in Summer Economic Update

On 8 July Chancellor Rishi Sunak delivered a Summer Economic Update, which outlined measures designed to boost the UK economy following the coronavirus (COVID-19) lockdown.

08 Jul 2020

Chancellor to deliver Summer Economic Update

Chancellor Rishi Sunak will deliver the Summer Economic Update today, in which he will announce measures to help boost the UK economy following the coronavirus (COVID-19) lockdown.

08 Jul 2020

Accounting bodies join launch of green finance charter

The government and the Green Finance Institute have been joined by 12 leading financial professional bodies in launching the first Green Finance Education Charter.

07 Jul 2020

VAT cut on PPE extended

The Treasury has extended the temporary scrapping of VAT on personal protective equipment (PPE) until the end of October.

07 Jul 2020

Government to give £111 million to businesses to fund traineeships

The government plans to give UK businesses £111 million in order to fund new traineeships and get young people in England into work.

06 Jul 2020

HMRC finds lack of knowledge causing MTD non-compliance

A survey commissioned by HMRC has found that a lack of knowledge amongst UK businesses has contributed to Making Tax Digital for VAT (MTD for VAT) non-compliance.

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