HMRC has resumed its programme allowing direct recovery of money from debtors’ bank accounts. The Direct Recovery of Debts (DRD) policy, which was paused during the Covid-19 pandemic, has restarted in a ‘test and learn’ phase’, the tax authority has…
HMRC has opened up a service for landlords and self-employed to apply for exemption from Making Tax Digital (MTD) for Income Tax phase one. From next April, people who are self-employed and landlords, and declare more than £50,000 of gross…
Failed housing transactions cost consumers and the economy at least £1.5 billion every year, according to research published by Santander. The research says that over 530,000 transactions fall through every year due to the UK’s antiquated homebuying process. The economic…
Artificial intelligence (AI) could boost the value of cross-border flows of goods and services by nearly 40% by 2040 thanks to productivity gains and lower trade costs, according to a World Trade Organization (WTO) report. However, the report says that…
Chancellor Rachel Reeves has been urged to cut National Insurance contributions (NICs) and increase Income Tax to create a ‘level playing field’ and protect workers' pay. The Resolution Foundation said the Chancellor should make a 2p cut to NICs as…
The government has launched a voluntary repayment scheme to allow recipients of financial Covid support to repay outstanding money they were not entitled to or did not need with ‘no questions asked’. The government says that over £10 billion was…
The government’s Budget Board must focus on easing the cost of doing business, says the Institute of Directors (IoD). The board has been created to link top ministers and 10 Downing Street officials with the Treasury. The board will meet…
Chancellor Rachel Reeves will look at fixing the cliff edges in business rates that can discourage small business investment and growth, according to a report from HM Treasury. Currently when a business opens a second property, they will lose access…
The overall outlook for the UK economy remains subdued despite an upgrade to its forecast, says the British Chambers of Commerce (BCC). The UK economy is expected to grow by 1.3% in 2025, revised up from the previous forecast of…
Companies could be prosecutedand face unlimited fines if they fail to prevent fraud that their firm profits from under a new corporate offence. The offence will hold large organisations to account if they profit from fraud. It forms part of…
