Firms supporting people to buy, trade and hold crypto will need to meet new standards under landmark rules set out by the Financial Conduct Authority (FCA). All firms must meet financial resilience requirements including capital and stress testing. The FCA is also introducing new market integrity rules. These cover areas such as insider trading and
Significant reforms to small business finance have been announced by the government. The centrepiece of the plans is an expansion of the British Business Bank’s (BBB) Growth Guarantee Scheme (GGS) which provides a 70% government guarantee on commercial loans to SMEs of up to £2 million. The scheme will scale up to facilitate an additional
HMRC says it is making it easier for informants to report serious tax fraud and avoidance through the Strengthened Reward Scheme. Informants may be eligible for a financial reward if the information they provide leads to HMRC recovering at least £1.5 million in unpaid tax. The strengthened scheme encourages reporting of high-value tax fraud and
The UK government must set out a clear plan to ease the burdens that Brexit has placed on business, says the British Chambers of Commerce (BCC). Over half of UK exporters think the current trade deal with the EU is making it harder to export and the need for change is urgent, according to BCC
Four in ten of Generation Z say they wish they had learnt the basics about tax when they were younger, according to data from HMRC. The tax authority is now encouraging those looking for work this summer to download the HMRC app to find the answers they need. It says that as exams are finishing
The tax gap rose to a record high of £59.2 billion in cash terms for 2024/25, according to the latest data from HMRC. The tax gap is the difference between what UK tax is expected to be paid and was actually paid. The gap was 6.4% for the 2024/25 tax year as the tax authority
HMRC has published the latest issue of the Employer Bulletin. The June issue has information on various topics, including: PAYE Settlement Agreement (PSA) — agreements and a mailbox closure. Update — mandatory payrolling of benefits in kind to launch in phases. Reminder — file monthly Construction Industry Scheme (CIS) returns or face late-filing penalties. Low
The decision to phase in the mandatory payrolling of benefits in kind is a ‘welcome step’ to allow employers and payroll software providers more time to prepare for significant changes, says the Association of Taxation Technicians (ATT). Benefits in kind are non-cash perks such as company cars or private medical insurance. Currently, most employers report
More than 110,000 unrepresented taxpayers who must register for Making Tax Digital (MTD) from April 2026 have still not done so, according to the Low Incomes Tax Reform Group (LITRG). LITRG’s estimates are based on official HMRC statistics on the number of unrepresented taxpayers it estimates will be in scope for MTD from April 2026,
Threequarters of UK workers are not on course to save enough for a ‘moderate’ lifestyle when they retire, according to a report by Pensions UK. The report says a moderate lifestyle will cost £32,700 for one person and £45,400 for two – but estimated just 23% of the working population were on course to reach