HMRC saw a drop of almost £30 billion in tax revenues in the latest financial year because of the pandemic, according to its annual accounts. In its 2020/21 annual report, HMRC reported that it had collected £608.8 billion in tax revenues, which is down from £636.7 billion collected in 2019/20. HMRC said the drop was… Read more…

The UK government marked the inaugural Tax Administration and Maintenance (TAM) Day with the publication of 30 papers covering a wide range of tax issues. Chancellor Rishi Sunak made the commitment to have a TAM Day in the Autumn Budget. The aim was for a dedicated day for the administration and maintenance of the UK… Read more…

The standard three-day waiting time for Statutory Sick Pay (SSP) will be reinstated for coronavirus (COVID-19)-related claims from 25 March 2022, unless the government intervenes. Under standard rules in the UK, employers do not have to pay SSP to an employee until the fourth qualifying day in the Period of Incapacity for Work (PIW). The… Read more…

HMRC has warned taxpayers completing their 2020/21 tax returns to ‘be on their guard’ and stay vigilant in regard to tax-related scams. Nearly 800,000 tax scams were reported in the last year, HMRC revealed. It said that fraudsters use self assessment to attempt to steal money or personal information from taxpayers. In the last year,… Read more…

New rules to help protect pension savers from scammers have become law. Under the regulations, pension trustees and scheme managers will be given the power to stop suspicious transfers before cash gets into the hands of fraudsters. Fraudsters frequently offer ‘too good to be true’ incentives to pension savers, such as free pension reviews, early… Read more…

Optimism improved for firms across the services sector in the three months to November, according to the latest Service Sector Survey from the Confederation of British Industry (CBI). However, cost growth continued to pick up, increasing at the fastest pace since survey records began in 1998. Additionally, business volumes continued to grow at a strong… Read more…

New company car advisory fuel rates have been published and took effect from 1 December 2021. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on or… Read more…

A report published by the Federation of Small Businesses (FSB) has revealed that the costs associated with going green have impacted small firms’ plans for becoming more sustainable. The FSB’s report found that the majority of UK small firms are concerned about climate change but just one in three has plans in place to combat… Read more…

For many years, investing within the stock market was seen as a reservation of bankers and the super-rich. However, thanks to smartphones and apps, there has been a real democratisation of investment. Many people are realising that you don’t need a large amount of money to enter the stock market and therefore, pretty much anyone… Read more…

Homeowners in England and Wales will be offered subsidies of £5,000 from next April to help them to replace old gas boilers with low carbon heat pumps. The grants are part of the government’s £3.9 billion plan to reduce carbon emissions caused by heating homes and other buildings. It is hoped no new gas boilers… Read more…