News and Information from AVASK about the retail sector in the United Kingdom

Inflation sees sharpest increase on record

AVASK Marketing Business News

Inflation rose to 3.2% last month from 2% in July – its largest ever recorded increase, according to the Office for National Statistics (ONS). The Consumer Prices Index (CPI) measure of inflation for August was the highest since March 2012, though the ONS said much of the effect was likely to …

accounting-news

Business groups warn over tax increases

AVASK Marketing Tax News

Business groups have warned that the government’s plan to raise national insurance contributions (NICs) and add a surcharge to dividend income will hamper the economic recovery. The government has announced a 1.25 percentage point increase in NICs to pay for increased spending on health and social care. It has also …

Staff shortages could continue for two years, warns CBI

AVASK Marketing Business News

Labour supply problems could last for up to two years and will not be solved by the end of the Coronavirus Job Retention Scheme (CJRS), the Confederation of British Industry (CBI) has warned. The CBI said that although a lack of HGV drivers has dominated the headlines, the challenge extends to many other skilled professions. Marrying skills policies …

UK business confidence at four-year high

AVASK Marketing Business News

British business confidence is at its highest level since April 2017, according to the latest Lloyds Bank Business Barometer. Confidence is being fuelled by hope that the economy will recover strongly to pre-pandemic levels. Firms in the manufacturing, services and construction sectors were the most optimistic that recovery would continue. …

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CIOT warns over stamp duty refund claims

AVASK Marketing Tax News

The Chartered Institute of Taxation (CIOT) has warned that some claims being made by firms offering help with Stamp Duty Land Tax (SDLT) refunds are too good to be true. The CIOT says an increasing number of firms are contacting buyers of properties after completion of a purchase, suggesting that …

News and Information from AVASK about HMRC

HMRC outlines changes to late payment penalty regime

AVASK Marketing Tax News

HMRC has published a paper outlining the changes to the late payment penalty regime for taxpayers. The government intends to reform sanctions for late submission and late payments to make them ‘fairer and more consistent across taxes’. Initially the changes will apply to VAT and income tax self assessment (ITSA). …

Two-fifths of freelancers lost over 40% of turnover during pandemic

AVASK Marketing Business News

Two out of every five freelancers suffered a loss of over 40% of turnover during the coronavirus (COVID-19) pandemic, according to research from the Association of Independent Professionals and the Self-Employed (IPSE). The research also found that two out of three freelance businesses were negatively affected by the pandemic. In …

News and Information from AVASK about the COVID-19 Coronavirus and how AVASK is responding

Aftermath of COVID-19 pandemic has caused ‘significant rise in costs for businesses’

AVASK Marketing Business News, COVID-19 News

A survey carried out by the Institute of Chartered Accountants in England and Wales (ICAEW) has revealed that the aftermaths of the coronavirus (COVID-19) pandemic and Brexit have caused a ‘huge rise in costs’ for UK businesses. The survey showed that 70% of companies surveyed are considering hiking prices over …