Over 750,000 18-to-23-year-olds have yet to claim their matured Child Trust Funds, according to HMRC. The tax authority says that the accounts are worth £2,242 each on average. Child Trust Funds are long term, tax-free savings accounts which were set…
There is now less than a year until the UK Government introduces Vaping Products Duty (VPD) and vaping duty stamps (VDS) on 1 October 2026. VPD, a new excise duty, will apply to all vaping liquids (or e-liquids) sold or…
The Autumn Budget must sharpen the UK’s competitive edge to stay ahead of the pack in an increasingly dog eat dog world, says the British Chambers of Commerce (BCC). The BCC is calling for immediate action to cut the costs…
The UK must tackle its status as the sick man of the G7 if it wants to grow the economy, warns the British Chambers of Commerce (BCC). Businesses want to see a major shake-up of the UK’s approach to ill-health…
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…
