Hospitality businesses, teams and organisations are being urged to sign a new petition calling for the government to cut the VAT rate for the sector to 10% by UKHospitality. The trade group has launched #VATsTheProblem, a sector-wide campaign asking for the government to cut the rate of VAT for hospitality businesses, so it is in
Small businesses and the self-employed struggling with their finances to receive a helping hand as debt advice services are strengthened, the Treasury has announced. The Treasury is making a £4 million funding boost over three years for business debt advice services support. The funding will go towards expanding access to expert support to help businesses get
The government is helping families this summer with the cost-of-living crisis by cutting VAT on attractions and meals out. The temporary reduced rate of VAT will cover children’s meals, tickets and family attractions. HMRC guidance explains that a temporary reduced rate of VAT of 5% will apply to: certain supplies of children’s meals children’s admission to theatres, cinemas, concerts, exhibitions
Decisive action is needed to tackle the ‘hidden threat’ of crime against businesses damaging growth, according to the British Chambers of Commerce (BCC). Theft, fraud, scams and cyber-attacks are increasingly affecting firms of all sizes and across all sectors, BCC research has found. The business group’s research shows that 42% of UK businesses experienced some form of crime in the past year. The data reveals larger firms are more vulnerable, increasing
The government has announced increases to AMAPs, MAR and self-employed mileage rates, which will be backdated to 6 April 2026. This is the first uprating of the mileage rates in 15 years. The new rates are: an increase from 45p to 55p per mile for the first 10,000 miles over that, the rate will remain
The International Monetary Fund (IMF) has upgraded its forecast for the UK’s growth this year but warned the Iran war could hit the economy. The growth estimate has been upgraded to 1% from 0.8% for 2026 by the IMF. It said inflation would increase ‘temporarily’ due to higher energy prices. As the UK imports more
The UK government’s formal commitment to legislation to stamp out late payments is an historic moment, according to the Federation of Small Businesses (FSB). The FSB says small firms have spent years battling a culture of poor payment practices by big businesses towards their smaller suppliers. The government’s plans for more stringent rules around prompt
A record 737,891 taxpayers filed their 2025/26 self assessment returns in April, according to figures from HMRC. The tax authority said that 86,270 taxpayers submitted their return on the first possible day, which was Easter Monday. That made 6 April, the first day of the new tax year, the most popular date for filing. In
The government must take the chance to fix the UK’s broken business rates system, says the British Chambers of Commerce (BCC). The business group says anxiety about business rates rose to 41% in its Quarterly Economic Survey for the first quarter of 2026. This is the highest level since the BCC started asking the question in
Prolonged conflict in the Middle East could cost the Treasury up to £8 billion a year through higher debt interest payments and lost tax revenue, warns the Institute for Public Policy Research (IPPR). The think tank says inflation could peak as high as 5.8% and is urging the government to act. The IPPR recommends a