Over £6 billion has been paid out from pension savings since last year’s freedom and choice reform, but less than a quarter of Britons are seeking advice before withdrawing, a HMRC report has revealed. Read more
Newly appointed Prime Minister Theresa May has ordered officials in the Government’s “policy unit” to draw up additional plans to crackdown on offshore tax havens and corporate tax avoidance. Read more
The UK ranks outside the top 10 for property tax, and risks reducing its attractiveness to overseas investors by charging higher purchase taxes than its main competitors, a study has found. Read more
Small and Medium Enterprises (SMEs) across the UK are putting themselves at risk by failing to take their cyber security seriously, according to new research. Read more
Under the shadow of Making Tax Digital (MTD), HM Revenue & Customs (HMRC) has again come under fire for its diminishing telephone services. Read more
The outcome of the recent EU referendum has raised significant questions about the future of the Financial Reporting Council (FRC). Read more
Employers have spoken out against controversial changes to IR35 recently penned by HM Revenue & Customs (HMRC). Read more
Following a damning investigation, WH Smith Travel will now pass VAT savings to non-EU bound customers in its airport branches. Read more
A number of economist think tanks have downgraded their UK GDP growth forecasts following Britain’s vote to leave the European Union (EU) – but the British public seem to disagree with their gloomy outlook. Read more
HM Revenue & Customs (HMRC) is failing to fully estimate how much it could cost Small and Medium enterprises (SMEs) to convert to Making Tax Digital (MTD), according to new criticisms. Read more
Philip Hammond has announced that the British Economy is now “entering a new phase” following the vote to leave the EU, with a focus on changing the parameters and a promise to bring stability.
Following the Brexit vote, Hammond was welcomed into number 10 to take the reins of the British economy from former Chancellor of the Exchequer George Osborne. Boris Johnson has moved into Hammond’s previous position as Foreign Secretary.
Hammond, a remain supporter in the Brexit campaign, spoke to the BBC’s Today programme to assert his position on the UK economy.
Speaking on the aftermath of Brexit, he said: “We’ve seen an effect in markets; we’ve seen business investment decisions being paused because businesses now want to take stock, want to understand how we will take forward our renegotiations with the European Union, what our aspirations are for the future trading relationship between Britain and the European Union”.
He continues: “But what we’ve done over the last couple of weeks is move with significant speed to put in place a new government, which can start to deliver that certainty about the future”.
Hammond will soon be meeting with Mark Carney, Governor of the Bank of England, and other key players to discuss the nation and its economy.
“My initial judgement is that the immediate impact on the economy has come from business pausing decisions that they otherwise would not have taken”, said Hammond, “And I think the most urgent thing that we need to do is to send a signal to businesses about our intentions”.
He confirmed that his intentions would ensure future “access to the EU single market”.
UK banks are failing to refer Small and Medium Enterprises (SMEs) to alternative methods of finance, according to a new study. Read more
Local authorities are set to lose millions if a judicial review on Monday rules that commercial waste collections by councils should remain exempt from VAT. Read more
A coalition of groups – who together represent more than 100,000 retailers and other enterprises nationwide – have called for the Government to ease the business rates burden. Read more
New research conducted by an influential think tank has shed light on how UK companies have coped following the introduction of the new National Living Wage earlier this year. Read more