Thousands of UK businesses have given a frank assessment of banking services on a groundbreaking new website. The Business Banking Insight (BBI) website, which looks at how well the UK’s small and medium-sized enterprises (SMEs) are being served by banks, went live on 28 May. Commissioned by Chancellor of the Exchequer George Osborne, BBI is… Read more…

New figures from HM Revenue and Customs (HMRC) have revealed that it brought in a record £23.9 billion in extra taxes over the last year, after stepping activity to make sure people pay all the tax they owe. The additional tax, brought in through HMRC investigations, on top of funds collected from those who pay their… Read more…

Further details have been published of a time-limited opportunity for pensioners to make extra national insurance contributions (NICs) top up their state pension. The scheme was originally announced as part of the Autumn Statement on 5 December last year and Budget 2014 confirmed that it would be open for 18 months from October 2015 and… Read more…

Late payment remains a concern for many small businesses according to the latest research from the national small business group, the Forum of Private Business. In the organisation’s latest banking and finance survey, published on 22 April, 23 per cent of members reported an increase in late payment over the past year compared with only… Read more…

Employers struggling to meet their automatic enrolment duties should raise the alert with the Pensions Regulator sooner rather than later, the organisation has warned. The alert came as the regulator published its first automatic enrolment report under section 89 of the Pensions Act 2004, designed to help employers avoid non-compliance. The report, issued on 24… Read more…

The government has launched a consultation on its proposals to introduce capital gains tax (CGT) for non-UK residents when they dispose of residential property, which could have significant implications for overseas property investors. UK residents pay capital gains tax on disposals of any residential property that is not their main home, including on gains made… Read more…

Employees who have undeclared income from self-employment are being urged to notify HM Revenue & Customs (HMRC). HMRC published guidance on its Second Incomes Campaign on 9 April aimed at employees who have additional income from working for themselves, for example through: consultancy work, e.g. for providing training organising parties and events providing services like… Read more…

Around 24 million people are to receive a personal tax statement from HM Revenue & Customs (HMRC), setting out how much tax they paid in 2013-14 and how it contributed to public expenditure. The new initiative will take effect from October this year, as part of the government’s drive to make the UK tax system… Read more…

The current system of business rates is not fit for purpose and needs to be fundamentally reformed, says an influential committee of MPs. In a report issued on 4 March, the Business, Innovation and Skills Committee called for a wholesale review, going beyond the administration of business rates, to examine whether retail taxes should be… Read more…

More than 30,000 responses have flooded in to a government consultation on zero hours contracts. The 12-week consultation, launched last December, focused on the two key issues of exclusivity in employment contracts and lack of transparency for employees. The government said that some businesses employing people on a zero hours contract bar them from working… Read more…