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…
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…
Targeted subsidies, rather than expensive tax breaks, are the most cost-effective way of supporting employers to get young people into work, according to Resolution Foundation analysis. The think tanks warns that the number of young people not in employment, education…
The government is stepping up its efforts to reconnect young people with unclaimed savings in Child Trust Funds (CTFs). Around 6.3 million Child Trust Fund accounts were opened for children born between 1 September 2002 and 2 January 2011. More…
HMRC is reminding millions of self assessment taxpayers to prepare for the 2025 to 2026 tax year second payments on account 31 July deadline. The tax authority says that taxpayers can set up monthly or weekly payment plans and any…
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…
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…
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…
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…
The headline approved mileage rate has increased to 55p per business mile for the first 10,000 miles, with effect from 6 April 2026. For each business mile over 10,000 miles, the approved mileage rate remains at 25p per business mile. This…
