Creating an official digital currency in the UK could pose significant risks to the financial stability of banks, a House of Lords committee has warned. The Lords Economic Affairs Committee said introducing a Central Banking Digital Currency (CBDC) ‘would have far-reaching consequences for households, businesses and the monetary system‘. The committee made its conclusions after… Read more…

Reports of scam HMRC phone calls have fallen by 97% over the last 12 months, according to the latest figures from the tax authority. According to HMRC, reports of scammers impersonating HMRC in phone calls peaked at 79,477 in March 2021 and fell to just 2,491 in December 2021. The fall in scam call reports… Read more…

The British Chambers of Commerce (BCC) has called for urgent action to help improve trade with the EU. A survey carried out by the BCC revealed that 60% of UK exporters reported difficulties trading with the EU. The business group said the number of lorries waiting to get into the port of Dover ‘also offers… Read more…

The decision to become self-employed can offer a whole wealth of benefits but it can also feel like a drastic change. The freedoms that self-employment offer are counterbalanced by greater responsibilities as you become both business owner and employee. One such responsibility is the decision on what type of business that you want. When it… Read more…

On 21 December 2021, Chancellor of the Exchequer, Rishi Sunak, unveiled a £1 billion COVID-19 fund, including cash grants of up to £6,000 per premises for each eligible firm. Mr Sunak said the government would also help certain firms with the cost of sick pay for COVID-related absences. The Chancellor also announced an extra £30… Read more…

HMRC has reminded self assessment taxpayers to declare any COVID-19 grant payments on their 2020/21 tax return. According to HMRC, more than 2.7 million customers claimed at least one Self-employment Income Support Scheme (SEISS) payment up to 5 April 2021. The tax authority says these grants are taxable and customers should declare them on their… Read more…

HMRC is waiving late filing and late payment penalties for self assessment taxpayers for one month. The measure will give those taxpayers affected by the coronavirus (COVID-19) extra time, if they need it, to complete their 2020/21 tax return and pay any tax due. HMRC is still encouraging taxpayers to file and pay on time… Read more…

Finance Secretary Kate Forbes delivered the 2022/23 Scottish Budget on 9 December 2021, setting out the Scottish Government’s financial and tax plans. The Budget outlined the government’s spending plans, income tax and Land and Buildings Transaction Tax. Announced in the Budget was almost £2 billion of low-carbon capital investment in infrastructure. This includes the first… Read more…

On 20 December 2021, the Welsh government outlined a Budget to ‘build a stronger, fairer and greener Wales‘. The Welsh government unveiled a £116 million package of funding to aid with the economic recovery from the COVID-19 pandemic. This will be combined with existing permanent relief schemes that see over 85,000 properties continue to receive support.… Read more…

The Financial Conduct Authority (FCA) is set to introduce a new consumer duty to better protect users of financial services. The new rules will help tackle harmful practices such as providers of financial services presenting information in a way that exploits consumers’ behavioural biases; selling products or services that are not fit for purpose; or… Read more…