Business News

The latest Business and Finance news making the headlines in the UK

Tax gap remains steady at 5.1%

The estimated tax gap for the 2020/21 tax year is 5.1% - the second lowest recorded percentage - and is unchanged from the previous year, according to the latest data from HMRC.

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UK outlines plans to tighten 'buy now pay later' rules

The UK government has announced plans to strengthen rules on 'buy now pay later' services, improving protection for users of the short-term credit.

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Inflation hits 40-year high of 9.1% amid cost-of-living crisis

UK inflation has risen to 9.1% in May from 9% in April as the cost-of-living crisis continues, according to the latest data from the Office of National Statistics (ONS).

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Manufacturers call for support package

Manufacturing trade body Make UK is calling for an emergency, pre-recess package of business support measures.

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MTD for income tax pilot extended

HMRC is extending the pilot for Making Tax Digital for income tax self assessment (MTD ITSA) to more self-employed workers and landlords.

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Bank of England raises UK interest rates to 13-year high of 1.25%

The Bank of England (BoE) has raised UK interest rates to a 13-year high of 1.25% and is now predicting inflation will hit 11% this autumn, when energy bills are set to rise again.

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IoD launches new inquiry into governance arrangements and framework

The Institute of Directors (IoD) has launched a new inquiry to analyse how good corporate governance can drive innovation.

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Trade body urges Chancellor to keep tax rates low on electric company cars

The British Vehicle Rental and Leasing Association (BVRLA) has urged Chancellor Rishi Sunak to keep benefit-in-kind (BiK) tax rates low on electric company cars to promote their usage amongst UK workers.

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COVID-19 emergency loan schemes may have saved 500,000 businesses

The government's coronavirus (COVID-19) emergency loan guarantee schemes may have saved between 150,000 and 500,000 businesses, according to research from the British Business Bank (BBB).

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