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UK fast becoming cashless, says report February 26, 2020

The UK will become a cashless society within the next 15 years unless the government takes action, according to the Access to Cash Review. The Review, which published its final report a year ago, said action is needed to protect cash for as long as people need it. However, 12 months on issues with the
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NAO finds tax reliefs cost UK £155 billion per year February 26, 2020

Research carried out by the National Audit Office (NAO) has found that UK tax reliefs cost £155 billion per year. The NAO identified 362 ‘tax expenditures’. It classes these expenditures as tax reliefs that ‘support government economic and social objectives’. According to the NAO, HMRC only costed 111 tax expenditures. These had a combined cost
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Government pledges additional financial support for flooding victims February 26, 2020

The government has pledged thousands of pounds in additional financial support for victims of the recent floods. Businesses in England affected by the floods will be eligible for 100% business rates relief for at least three months, the government announced. It also stated that small and medium-sized enterprises (SMEs) that have experienced severe, uninsurable losses
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Small landlords exiting buy-to-let market February 20, 2020

Smaller landlords are exiting the buy-to-let market following cuts to tax relief, according to research from estate agency Hamptons International. The research found that the number of landlords operating in the UK fell to a seven-year low of 2.66 million in 2019. Hamptons International’s Monthly Lettings Index found that the landlord count has dropped 8%
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HMRC carries out fewer dawn raids February 20, 2020

The number of dawn raids carried out by HMRC on individuals and businesses dropped last year, according to data published by law firm Pinsent Masons. HMRC raided 1,082 homes and businesses in 2018/19 as part of criminal investigations into tax evasion. However, the number of unannounced visits was down from the 1,482 recorded in 2017/18.
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