Bank of England holds interest rate

The Bank of England has kept interest rates on hold at 0.75%, after coming close to cutting rates for the first time since August 2018. On 30 January, the Bank's Monetary Policy Committee (MPC) voted 7-2 in favour of retaining the rate for the next quarter, despite...

HMRC writes to businesses about post-Brexit trade

Ahead of the UK's exit from the EU on 31 January 2020, HMRC has issued letters to inform VAT-registered businesses about how they can prepare for future trade arrangements. The letters explain which actions businesses must take if they will be trading with the EU...

Most firms not benefitting from MTD for VAT

Making Tax Digital (MTD) has created additional, costly obligations for most VAT-registered businesses, according to a report. MTD for VAT kicked in on 1 April 2019 for UK businesses with an annual taxable turnover of more than £85,000. The government indicated that...

‘Small business champion’ named new commissioner

Philip King has been appointed as the interim small business commissioner, the Government has confirmed. The small business commissioner's office aims to ensure fair payment practices become the norm for the UK's SMEs. Since being set up in 2017, the office has helped...

Last call for three million tax returns

Around three million taxpayers have until midnight on Friday to submit tax returns for 2018/19, according to HMRC. The Revenue said that more than 8.5m taxpayers have submitted returns through self-assessment one week before the 31 January deadline. A record-high of...