The UK is set for a decent increase in living standards this year, but energy price shocks caused by war in the Middle East threaten that growth, according to the Resolution Foundation. The think tank says the improvement in living standards would be a one-off and would particularly benefit lower-income families. However, the medium-term picture
Removing the UK’s tariff exemption for low value imports could risk pushing up prices, harming small businesses and reducing trade intensity, warns the British Chambers of Commerce (BCC). The government is considering the move after the US removed its ‘de minimis’ exemption. The EU has also said it will do the same and introduce new
HMRC’s large business directorate has doubled the amount of tax revenue it collects, according to the National Audit Office (NAO). A hands-on approach to tax compliance for large businesses yielded £15.8 billion during 2024/25. That is double what the unit collected in 2021/22. The large business directorate has a return on investment of £95 for
New company car advisory fuel rates have been published and took effect from 1 March 2026. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. The advisory fuel rates for journeys undertaken on
More than a third of UK employers plan to reduce the recruitment of permanent staff due to the Employment Rights Act’s (ERA) reforms, says the Chartered Institute of Personnel and Development (CIPD). A survey published by the CIPD showed that nearly three quarters of employers believe their employment costs will increase because of measures introduced
Over 200 hospitality and leisure CEOs have urged the government to scrap plans for a Visitor Levy in England. In a letter to the Chancellor, they warn that the proposed holiday tax will ‘hit families hardest, put jobs at risk and drain money from local businesses and communities’. Signatories to the letter warn that ‘holidays
HMRC has published the latest issue of the Employer Bulletin. The February issue has information on various topics, including: Reporting expenses and benefits for the tax year ending 5 April 2026. End of year reporting. Upcoming State Pension age changes — impact on payroll operation. Implementation of the Employment Rights Act 2025. Statutory Sick Pay
The Low Incomes Tax Reform Group (LITRG) is urging the estimated one million taxpayers who failed to file their tax return on time to get their tax affairs back on track. HMRC says that around one million customers missed the cut-off date. Failing to meet the self assessment deadline carries an automatic £100 late filing
HMRC is urging manufacturers, importers, and warehousekeepers involved with vaping products to prepare for new duties. Businesses involved in vaping products can register for Vaping Products Duty (VPD) and the Vaping Duty Stamps (VDS) Scheme from 1 April 2026. From 1 October 2026, VPD will apply to all vaping liquids sold or supplied in the
HMRC is urging young people who have yet to claim their Child Trust Fund (CTF) to do so during National Apprenticeship Week. HMRC’s figures show 758,000 young people could be missing out on cash as they have yet to claim the savings in their CTF account. CTF are long term, tax-free savings accounts which were