The UK economy shrank for the second month in a row in October, according to the Office for National Statistics (ONS). Official figures showed a 0.1% drop in gross domestic product (GDP) for October. The economy had been expected to return to growth following a fall during September. However, the ONS said that activity had… Read more…

Cash use in the shops rose for a second year in a row in 2023 after a decade of falls, according to the British Retail Consortium (BRC). Notes and coins were used in a fifth of transactions last year as shoppers found cash helped them to budget better, said the BRC. Overall, customers visited shops… Read more…

More than 40,000 taxpayers completed their self assessment returns over the Christmas break, according to figures from HMRC. On Christmas Day 4,400 people filed their tax return online while almost 12,000 submitted their tax return on Boxing Day. Christmas Eve was the busiest day for returns over the festive period with 23,731 filing their returns.… Read more…

HMRC has published the latest issue of the Employer Bulletin. The December issue has information on various topics, including: employer National Insurance contributions and Employment Allowance changes announced at Autumn Budget 2024 automatic enrolment duties for festive season workers confirming plans to mandate the reporting of benefits in kind through payroll software from April 2026… Read more…

The government has published draft legislation to permanently cut business rates for retail, hospitality and leisure properties from 2026. The tax cut will be funded by a tax rise for the very largest business properties, such as online sales warehouses, the government added. Until then, 250,000 retail, hospitality and leisure (RHL) properties will receive 40%… Read more…

HMRC has warned landlords to disclose their earnings on self assessment tax returns. The tax authority has clarified the guidance on who can participate in the Let Property Campaign, which is targeted at landlords who owe tax through letting out residential property in the UK or abroad. Landlords can report previously undisclosed taxes on rental… Read more…

People selling unwanted items online can continue to do so without any new tax obligations, HMRC has confirmed. The reminder comes as online platforms start sharing sales data with HMRC from January 2025 – a new process that, when announced last year, generated inaccurate claims that a new tax was being introduced. But whether selling… Read more…

Import and export businesses are frustrated by the government’s decision to pause work on the digital trade platform, according to the Institute of Directors (IoD). When fully operational, the Single Trade Window will provide a gateway between businesses and UK border processes and systems, allowing users to meet their import, export and transit obligations by… Read more…

The extra costs of the increase in employers’ NICs could cause businesses to respond in ways the government did not intend, the Chartered Institute of Taxation (CIOT) has warned. At the Autumn Budget, Chancellor Rachel Reeves announced an increase to the rate of employer NICs by 1.2 percentage points, to 15% from 6 April 2025.… Read more…

HMRC is warning of scam attempts targeting self assessment taxpayers in the run up to the 31 January deadline. Last year, concerned taxpayers reported nearly 150,000 scam referrals to HMRC. Around half of all scam reports in the last year were fake tax rebate claims, says the tax authority. There has been a 16.7% increase… Read more…