Rachel Lloyd

Household cutbacks across the board as consumer sentiment continues to fall, reports PwC Consumer sentiment is now worse than during austerity measures in 2012, with five quarters of steady decline according to the latest PwC research. And although all socioeconomic groups are now feeling the pinch, those between 45–64 years are feeling it the worst. […]

Action needed as more SME exporters report falling sales SME exporters have reported increased sales drops in Q3 with only a third expecting to see increased profitability in the next 12 months. The British Chambers of Commerce quarterly Trade Confidence Outlook for Q3 revealed a worrying decline in export growth following five consecutive quarters of

Paperless trade for UK businesses to boost growth A new bill will see paper trade documents replaced by digital ones to reduce administration costs and reduce the carbon footprint of businesses. The Electronic Trade Documents Bill will make digital documentation legally recognised and reduce processing times to 20 seconds as well as carbon emissions reduced

Best and worst banks get named on CMA report The Royal Bank of Scotland, Virgin Money and TSB were the worst performing banks for customer service according to the latest survey from the Competition and Markets Authority. The latest independent results from large-scale surveys ranking the service quality of personal and business current account providers

New trading scheme to developing countries cuts tariffs on hundreds of everyday products UK businesses looking to trade with developing countries will now find it much easier with the launch of the Developing Countries Trading Scheme (DCTS). The DCTS will help UK businesses access hundreds of products from around the globe at lower prices, reducing

Unfilled vacancies a ‘ticking timebomb’, says BCC With the labour market continuing to tighten, business growth and confidence are shrinking, said the British Chambers of Commerce. However, according to larger accounting firms there is some evidence that there may be some loosening in the coming months. BCC head of people policy, Jane Gratton, said businesses

Tax-Free Childcare can help with cost-of-living worries HMRC is reminding families that they can access financial help by registering for Tax-Free Childcare. Tax-Free Childcare provides working families with financial support towards the cost of childcare for children aged 11 or under, or up to 17 if the child has a disability. For every £8 paid

Balloon business owner banned for 9 years after Bounce Back Loan fraud A retailer from Walsall has been disqualified from running companies for nine years after abusing £45,000 Bounce Back Loan to which she was not entitled. Rebecca Simmons was a director of Tia-Bella Limited, trading from premises in Queen Street, Wolverhampton. The company, a

Business groups plead for government to enact changes The UK’s largest business organisations said the government needs to reverse the National Insurance hike, and cut VAT and fuel duty now if firms are to survive. Both the Federation of Small Businesses and the British Chambers of Commerce said the government has the power to make

220,000 businesses urged to move onto new single customs platform Businesses are being urged to move onto HMRC’s new single customs platform before 30 September 2022. More than 220,000 businesses are being contacted by HMRC to urge them to move to the UK’s new streamlined customs IT platform, if they’re not already using it. To continue importing

Bankrupt abuses government support scheme A bankrupt from North London has received an additional eight years of restrictions after he applied for Bounce Back Loan for a bogus business. The official receiver was appointed as his trustee in bankruptcy before uncovering the former café manager had falsely applied for a £50,000 Bounce Back Loan. Salih

Potential tax demand scam using the OTS logo Consumers, tax agents and businesses are being warned that there is a scam involving the Office of Tax Simplification logo. The OTS has been made aware of people receiving correspondence using the OTS logo and signatures to request payment of “tax”. It is reminding people that the

Hundreds of Scottish businesses set to benefit as UK launches trade deal with Gulf nations A landmark deal between the UK and the Gulf Cooperation Council is expected to add at least £270 million a year to the Scottish economy, with food and drink and renewable energy businesses set to benefit. Trade Secretary Anne-Marie Trevelyan

Business groups warn of looming collapse Business and industry groups have urged the government to act now to “stem the tide” as producer price inflation hits a record-high 22 per cent. With news that the consumer prices index rose 9.1 per cent, to a 40-year high, and producer price inflation rose 22.1 per cent, another

HMRC launches consultation to address concerns about repayment agents The HMRC has launched a 12-week consultation to find new measures to stop rip-off agents from taking advantage of people and pocketing their tax repayments. The consultation – “Raising standards in tax advice: Protecting customers claiming tax repayments” – will consider ways to better protect taxpayers from repayment agents

New home owners warned over tax refund claims New home owners are being warned about cold calls from rogue tax repayment agents advising them to make speculative Stamp Duty Land Tax (SDLT) refund claims, which could leave them with large tax bills. The warning comes after a recent spate of stamp duty refund claims to

HMRC urges businesses to move to new customs IT platform HMRC is urging businesses to move to its new customs IT platform now to continue trading. Letters and emails have been sent to relevant businesses that include further information about making the move to the UK’s single customs platform – the Customs Declaration Service –

Birmingham conference – 23 June The IFA flagship event covers a broad range of relevant topics carefully chosen to meet the needs of those working in micro, and small- to medium-sized enterprises and accountancy practices. Educational sessions are presented by respected industry specialists. Attend the conference to update your knowledge on changing regulations and network

Consultancy director banned for abusing COVID-19 financial support scheme A consultancy director who claimed £30,000 Bounce Back Loan he was not entitled to, and spent nearly a third on personal use has been banned for eight years. Richard Milne, 44, from Kingston-upon-Thames, was director of Langshot Ltd, a small consultancy incorporated in 2016. He applied

New powers introduced as HMRC targets till fraud Three people were arrested after HM Revenue and Customs (HMRC) officers visited businesses across the country in a day of action after new powers were introduced in the fight against till fraud. Businesses involved in making, supplying or promoting electronic sales suppression (ESS) systems that help users

Lending to small businesses hits record low with 60% impacted by late payment The latest Small Business Index has found that there has been a dramatic decrease in businesses looking for finance as late payments threaten to send the sector into freefall. The UK’s largest business group, the Federation of Small Businesses, is warning that

Policy update from HMRC on DIY Housebuilders Scheme The HMRC has published an updated policy brief on the DIY Housebuilders Scheme following a tribunal decision. The first-tier tribunal case of Andrew Ellis and Jane Bromley has instigated the brief from HMRC. The policy stated that only a single claim is allowed under the DIY Scheme

UK small-business owners struggling with pandemic mental health hangover A new study by Xero and the Centre for Economics and Business Research has highlighted the emotional impact of COVID on business owners. The study found that two out of five (40 per cent) small-business owners believe that their emotional recovery from the pandemic will take much

HMRC retires online P11D form for small companies HMRC has decommissioned its online end-of-year expenses and benefits service and small businesses will now have to use other options for payroll. In its April update the HMRC directed advisers to a section in the February 2022 Employer Bulletin entitled Decommissioning of HMRC’s Online End of Year Expenses

Small business call for action as input price growth hits record-high 18% The government needs to look at targeted interventions to help small businesses such as installing a sick pay rebate as inflation soars and cost of living reaches a 40-year high. The Federation of Small Businesses said the gulf between the rate of input