• HMRC sets up scheme for loan charge refunds

    HMRC sets up scheme for loan charge refunds

    HMRC has published details on its refund scheme for taxpayers who made voluntary payments of income tax or national insurance prior to a change in the rules regarding the loan charge. The loan charge, which came into effect on 6 April this year, applies to anyone who used ‘disguised remuneration’ schemes. The legislation added a […]

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  • UK economy ‘still stuck in first gear’
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    UK economy ‘still stuck in first gear’

    The UK economy is ‘still stuck in first gear’, with many businesses operating at half their pre-coronavirus (COVID-19) capacity, according to the British Chambers of Commerce (BCC). The BCC’s Coronavirus Impact Tracker found that over half of businesses were suffering from reduced demand. In fact, customer demand and possible future local lockdowns were rated the […]

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  • Small business confidence begins to bounce back

    Small business confidence begins to bounce back

    Confidence in the UK’s small business sector is starting to bounce back, according to a quarterly survey conducted by Hitachi Capital Business Finance (HCBF). The HCBF survey reported that the number of UK small businesses predicting growth has almost doubled in just three months, from 14% to 27%. Following last quarter’s report, which saw the […]

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  • Coronavirus borrowing now over £46 billion

    Coronavirus borrowing now over £46 billion

    UK businesses have now borrowed over £46 billion through the government-backed schemes that are helping firms during the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. In total, £46.3 billion has now been lent to over 1.1 million businesses through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan […]

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  • UK economy shrank by almost a fifth under lockdown

    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). The UK economy began to bounce back in May, growing by 1.8% as lockdown restrictions began to ease. However, […]

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  • Tax gap falls to lowest recorded rate
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    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. The tax gap is the difference between tax that should be paid and what is actually paid. HMRC said there is a long-term downwards trend from the figure of 7.5% estimated […]

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  • Taxes will rise as result of lockdown IFS warns

    Taxes will rise as result of lockdown IFS warns

    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. The cost of the Chancellor’s economic support measures has risen to £190 billion, according to recent data. The Summer Economic […]

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  • Bounce Back Loan: More than 1 million businesses access

    Bounce Back Loan: More than 1 million businesses access

    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. The Bounce Back Loan Scheme allows small businesses adversely affected by the coronavirus (COVID-19) pandemic to apply for up to £50,000. With the government guaranteeing 100% of the advance. Lending […]

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  • Summer Economic Update

    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. A new Job Retention Bonus was announced, which will provide employers with a one-off £1,000 bonus for each furloughed employee who is still employed as of 31 January 2021. The […]

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  • Private sector off-payroll reforms given go ahead for April 2021

    Private sector off-payroll reforms given go ahead for April 2021

    The introduction of off-payroll rules to the private sector will go ahead as planned next April after an attempt to delay them again failed in the House of Commons. The reforms of the off-payroll rules to the private sector, which are known as IR35 and have applied to the public sector since 2017, were reviewed […]

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