Industry News & Updates

The Insolvency Service has published its latest enforcement outcomes report for 2024-25, and it carries an important message for business owners. More than 1,000 company directors were disqualified over the year, with the majority of cases linked to abuse of Covid support loans.

In a small bit of good news, March’s inflation figures have been released showing a drop to 2.6% from 2.8% in February. The main reason? Lower petrol prices, which has offered some relief for households and businesses alike.

During April, the Health and Safety Executive’s (HSE) Working Minds campaign is inviting employers to follow five simple steps that can help to prevent and reduce workplace stress.

In response to security concerns, HMRC has ceased processing Self Assessment (SA) repayment requests through telephone and webchat services, including the Agent Dedicated Line (ADL).

The UK Government is currently considering its response to the ‘reciprocal tariffs’ announced by the US President Donald Trump on 2 April.

From 7 April 2025, families receiving Child Benefit will see an increase in their payments. HM Revenue and Customs (HMRC) has announced that the weekly rate will rise to £26.05 for the eldest or only child and £17.25 for each additional child. This means an annual payment of £1,354.60 for the first child and £897 for each subsequent child. These payments, usually made every four weeks, are automatically into claimants’ bank accounts.

The Chancellor of the Exchequer, Rachel Reeves, delivered her Spring Statement last week in which she outlined the government’s economic plans, including spending decisions, tax policies and efforts to boost growth while managing public finances.

Goldman Sachs published their “The Growth Agenda” report last week. This is a report that puts forwards the ideas of small business owners that could help to boost the UK economy.

As part of the changes being gradually introduced by the Economic Crime and Corporate Transparency Act (ECCT), identity verification is set to become a Companies House requirement.

The new National Living Wage and National Minimum Wage rates will come into force from 1 April 2025.

The Bank of England held its regular meeting to discuss interest rates last Thursday.

The government has just announced that thousands of government credit cards will be cancelled as part of a crackdown on wasteful spending. With spending on these cards reportedly increasing fourfold in the last four years, it’s a reminder that keeping an eye on expenses is crucial.

The Planning and Infrastructure Bill was introduced to Parliament last week. The legislation is being heralded as bringing transformative reforms to the UK building sector that will boost homebuilding and remove obstacles to needed infrastructure.

Last week, the tax minister responsible for HM Revenue and Customs (HMRC), James Murray, delivered a speech marking the 20th anniversary of HMRC. Previously, the UK’s tax authority was known as Inland Revenue.

News reported last week said that the Chancellor has put together draft plans for spending cuts to welfare and other government departments.

A letter from the government’s Non-Domestic Rates Team to councils has confirmed the Business Rates Relief measures for 2025/26 announced at the 2024 Autumn Budget. Here’s a summary...

The Institute of Chartered Accountants in England and Wales (ICAEW) have published an insight piece based on a study carried out by technology market analyst, IDC.

Latest figures released by the Office for National Statistics (ONS) show that average wages are continuing to grow faster than inflation. After adjusting for consumer price inflation (CPI), wages rose 3.4% between October and December 2024 when compared with the same period in 2023.

Inflation figures for January 2025 were released last week and showed a surprising jump to 3.0%, up from 2.5% in December.

The government announced major plans earlier this month to modernise the house buying and selling process.

Following the reduction in the Bank of England base rate, HM Revenue & Customs (HMRC) have confirmed that their interest rates will be reduced accordingly.

The Bank of England reduced their base rate to 4.5% last week, as had been widely expected in the days leading up to the decision.

Conventional approaches to work and earning an income are changing and with the cost of living ever rising, many now use various ways to make some extra cash outside of their main job. If that’s true of you then you may wonder whether you need to pay tax on those earnings.

Legislation was laid before Parliament earlier this month confirming that the new National Living Wage and new Minimum Wage rates will take effect from 1st April 2025.

When it comes to disposing of computer equipment, how do you make sure that any storage media – hard drives, SSDs, flash drives and so forth – can’t be read by unauthorised users or have the data recovered?

Starting a business in the UK is an exciting venture, but it comes with financial, tax, and accounting responsibilities that you must navigate effectively.

The Prime Minister and Chancellor met with business leaders last week and unveiled proposals to give occupational defined pension schemes more flexibility.

The annual self-assessment tax return deadline has just passed, and for many business owners, the experience may have been a mad scramble to gather documents, double-check figures, and submit their returns and pay the tax on time.

As the UK tax year-end approaches on 5 April, it’s an excellent time for you to review your business finances and explore tax planning opportunities, particularly if you are self-employed. Tax planning can help you to reduce tax liabilities, boost your cash flow and put you in a stronger financial position.

A report released by the Public Accounts Committee (PAC) has further criticised HM Revenue & Custom’s (HMRC) phone service. It found that nearly 44,000 customers were cut off without warning after being put on hold for more than an hour in the first 11 months of last year.

Starting from 31 January 2025, entry summary declarations will now be required for goods imported into Great Britain (GB) from the EU. This extends the already existing requirements to submit entry summary declarations for imports into GB from countries outside the EU and exit summary declarations for exports to the EU.

Recent economic developments have sparked concerns among UK businesses. Government borrowing costs surged in December to their highest levels in four years, and this has drawn heavy criticism of the Chancellor’s fiscal strategy.

The UK Government has announced a £7 million funding initiative aimed at helping small businesses enhance their productivity and efficiency through artificial intelligence (AI).

The Renters’ Rights Bill returned to Parliament for debate last week and included some new changes.

The government launched an AI opportunities action plan last Monday that aims to ramp up AI adoption across the UK.

The latest figures reveal that UK inflation fell slightly in December, down to 2.5% from 2.6% in November.

Artificial intelligence (AI) continues to bring benefits across many industries, including healthcare diagnostics and consumer technology. However, as its applications expand, so do concerns about its accuracy and potential for misuse. Two recent examples—the use of AI in detecting ovarian cancer and its controversial implementation in summarising news—illustrate both the transformative potential and the risks of AI.

With the 31 January Self-Assessment tax return filing deadline fast approaching, HM Revenue and Customs issued a press release last week noting that 5.4 million taxpayers are yet to complete their return.

HM Revenue and Customs (HMRC) have revealed that 4,409 people chose Christmas Day to file their tax returns, ensuring their 2023-2024 tax affairs were in order well before the 31 January deadline. 

The start of January marks a time of new beginnings, and for business owners, it’s the perfect opportunity to pause, reflect, and plan ahead. After the whirlwind of the festive season, January offers a quieter moment to consider where your business is headed, how it’s performing, and whether you’re still on track to meet your goals.

The UK government has struck a deal with Czech billionaire Daniel Křetínský’s EP Group to secure the future of Royal Mail, a move that could have significant implications for the postal service in the UK.

The EU’s General Product Safety Regulation (GPSR) came into force on 13 December. Many small businesses have ceased exports to the EU and Northern Ireland as a result.

The Office for National Statistics’ (ONS) latest official figures for October show that the economy shrank for the second month in a row, while pay growth increased for the first time in more than a year.

Rachel Reeves, the Chancellor of the Exchequer, has confirmed 26 March 2025 as the date for the Spring Forecast.

A new Business Growth Service has been launched that is designed to help businesses across the UK to get quicker and easier help, support and advice.

Chancellor Rachel Reeves spoke last week at a meeting of EU finance ministers as part of the government’s attempt to perform an economic reset with the EU. It was the first time a UK chancellor has attended such an event since the UK left the EU.

HM Revenue and Customs (HMRC) have announced the launch of a new interactive online tool and clearer guidance for those who are already self-employed and those considering it.