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Business News

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

  1. News

Treasury writes off £4.3 billion in Covid payments lost to fraud

HMRC expects to recover only a quarter of the total £5.8 billion lost to fraudulent claims and mistaken payments from the coronavirus (COVID-19) support schemes.

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UK inflation rises at fastest pace for 30 years

The cost of living rose at its fastest pace in nearly 30 years in the year to December, according to the latest figures from the Office for National Statistics (ONS).

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No 'convincing case' for digital UK currency, says House of Lords committee

Creating an official digital currency in the UK could pose significant risks to banks, a House of Lords committee has warned.

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Consumer group urges taxpayers to avoid using refund firms to claim tax rebates

Consumer group Which? has urged taxpayers to avoid using so-called 'refund firms' to claim tax rebates.

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Government launches consultation on global minimum tax for multinationals

The government has launched a consultation on the framework for rolling out the 15% global minimum tax on profits which will be payable by the largest multinationals from 2023.

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COVID-19 support grants must be included on company tax returns

HMRC has warned that businesses must declare any coronavirus (COVID-19) support grants or payments on their company tax returns and stated that the grants and payments are taxable.

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More than one million will be dragged into higher rate tax bracket, research suggests

The Treasury's decision to freeze income tax thresholds will drag over one million people into the higher rate tax band over the next four years, according to research commissioned by the Liberal Democrats.

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More than half of SMEs 'confused about plans to level up the UK'

Research published by Nucleus Commercial Finance has revealed that over half of small and medium-sized enterprises (SMEs) in the UK are confused about the government's plans to 'level up' the country.

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Over £1 billion now recovered by HMRC's fraud squad

HMRC's Fraud Investigation Service (FIS) has now recovered more than £1 billion from proceeds of crime and tax offenders.

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