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, […]

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 […]

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 […]

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 […]

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 […]

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 […]

The number of workers now furloughed under the Coronavirus Job Retention Scheme (CJRS)/furlough scheme has risen to 9.3 million, according to the latest figures from the Treasury. A further 100,000 employees were furloughed in the week up to 28 June, with 1.1 million employers now using the CJRS. The government has now paid out more […]

Businesses have been told to stay vigilant against the rise in impersonation fraud during the coronavirus pandemic, by trade credit insurer Atradius. The insurer says the increase in impersonation fraud is result of opportunistic fraudsters seeking to take advantage of disruptions to normal business patterns during lockdown. Impersonation fraud occurs when a fraudulent party presents […]

On 12 June, HMRC updated its guidance for employers who have furloughed employees under the Coronavirus Job Retention Scheme (CJRS). From 1 July, employees will no longer have to be furloughed for a minimum period of three weeks. From this date the CJRS will have more flexibility to allow claims on a pro rata basis. […]