• 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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  • Furlough scheme now covering 9.3 million workers

    Furlough scheme now covering 9.3 million workers

    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 […]

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  • Business warned about rise in impersonation fraud

    Business warned about rise in impersonation fraud

    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 […]

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  • Self-employment Scheme: HMRC updates guidance

    Self-employment Scheme: HMRC updates guidance

    HMRC has updated its guidance regarding the eligibility of businesses for the two Self-employment Income Support Scheme (SEISS) grants. The tax authority has published a number of examples that show when a business has been ‘adversely affected’ and meets the criteria for the first and second grants. Those self-employed individuals (including those trading as a […]

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  • CJRS: Guidance update for employers

    CJRS: Guidance update for employers

    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. […]

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