The UK’s business rates system is acting as a major brake on investment, productivity and economic growth, warns the Confederation of British Industry (CBI). Almost a third of the 700 firms surveyed said that the system has played a significant role in cancelling, reducing or delaying planned investment in their property. The CBI says that
The government will contact thousands of young people about forgotten Child Trust Funds (CTFs) in a bid to reunite account holders with their accounts that are now worth £2,200 on average. CTFs were introduced by the government in 2005 and applied to children born between 1 September 2002 and 2 January 2011. The government is
HMRC has published the latest issue of the Employer Bulletin. The April issue has information on various topics, including: Reminder of key dates and processes for reporting benefits in kind (BiKs). Real Time Information submission problems — Incorrect handling of Payroll ID. Removal of the tax relief for non-reimbursed homeworking expenses. The official rate of
Skills planning is ‘vital’ to better engaging Generation Z with the workplace, says the British Chambers of Commerce (BCC). The report analysed Local Skills Improvement Plans (LSIPs) and found that they have engaged thousands of people and employers in the training and education that firms require. However, the business group also found that the ‘fragmented’
HMRC is warning pensioners to be on high alert for scams as the recovery of Winter Fuel Payments begins this month. Almost two million people are expected to repay their winter 2025 payment due to their annual income being more than £35,000. HMRC saw more than 25,000 Winter Fuel Payment scam referrals over the last
Higher energy prices due to the conflict in the Middle East are set to make the median working-age British household £480 worse off this year, according to the Resolution Foundation. The think tank based its estimates on market-forecasts for the rise in energy prices consistent with market pricing after the announcement of a ceasefire. For
Vaping-related businesses and supply chains need to register now for Vaping Products Duty (VPD) and the Vaping Duty Stamps (VDS) Scheme, says HMRC. Businesses need to provide the required information now to register for HMRC approval and begin the process of applying for duty stamps. From 1 October 2026, this information will be used to
There is now less than a year to go before all employers must tax benefits-in-kind via the payroll, the Chartered Institute of Taxation has warned. Benefits-in-kind are non-cash benefits provided by employers to employees or directors. Common benefits include company cars, private medical insurance and gym membership. While the benefit is paid for by the
The government’s proposed tourist tax would constitute a £1.6 billion tax increase for holidaymakers, according to analysis by Oxford Economics. The modelling, which was commissioned by UKHospitality, assumed a 5% levy is fully realised by 2030. It showed a £2.2 billion reduction in GDP, £1.6 billion tax bill for UK holidaymakers, £688 million in reduced
The government’s new procurement rules that target opportunities for smaller businesses offer hope to SMEs, according to the British Chambers of Commerce (BCC). Government departments have, for the first time, set individual spending targets for SMEs to deliver over £7.4 billion a year to small businesses by 2028. Departments have for the first time, individually