AVASK News

The UK government has confirmed that its plastic packaging tax (PPT) will come into force on 1 April 2022. The PPT was announced in the Spring Budget and will be charged at a rate of £200 per metric ton of chargeable plastic packaging components of a single specification. It will …

Research carried out by manufacturers’ organisation Make UK has revealed that a record level of Apprenticeship Levy funds expired in 2020 without being spent by businesses. The research revealed that £1,039 million in Levy funds expired in the nine months from May 2020 without being spent by firms. Expired funds …

A survey carried out by the Confederation of British Industry (CBI) has revealed that optimism amongst small and medium-sized enterprise (SME) manufacturers rose considerably in the quarter to April 2021. The survey, which polled 260 SME manufacturing firms, found that optimism rose at the fastest pace in seven years. The …

The government must provide further details on its roadmap out of lockdown to bolster the economic recovery, says the Confederation of British Industry (CBI). At present, social distancing guidelines mean only two-thirds of employees can physically work on premises, and firms are operating at 81% of pre-pandemic capacity, according to a CBI survey. Consequently, without clarity on …

The fourth Self-Employed Income Support Scheme (SEISS) grant is now live and HMRC has set out the penalties for abuse. An overclaimed SEISS grant includes any amount of grant which the self-employed were not entitled to receive or was more than the amount HMRC said the applicant was entitled to …

Industry groups have called on the government to take further steps to normalise trade with the EU after the European Parliament voted to ratify the post-Brexit trade deal. EU lawmakers cleared the Trade and Co-operation Agreement (TCA) by 660 votes to five, with 32 abstentions. Now, trade groups say the …

Research carried out by the Resolution Foundation has found that the coronavirus (COVID-19) pandemic has caused the biggest annual employment reduction for older workers since the 1980s. In a new report, the Foundation revealed that the pandemic has created ‘a U-shaped employment shock’, affecting younger and older workers more than …

Last year saw a major increase in the public reporting suspicious contact to HMRC. Figures from the tax authority show HMRC received 975,420 referrals of suspicious contact in 2020, a 71.3% increase from the 569,140 reported the previous year. Over half of these referrals relate to bogus tax rebates. However, …

The government needs to provide clarity around the status and rights of gig economy workers, says the Association of Independent Professionals and the Self-Employed (IPSE). The demand follows the Court of Appeal’s ruling that Addison Lee drivers are in fact workers and entitled to holiday pay and the national minimum …

Losses from pension fraud rose to £1.8 million in the first three months of this year, according to figures from Action Fraud. 107 reports of pension fraud were made in the first quarter of 2021, an increase of almost 45% when compared to the same period in 2020. Pension scams …

The online service for applications for the fourth Self-employment Income Support Scheme (SEISS) grant is now open for claims, HMRC has confirmed. All applications must be submitted by the individual self-employed worker and cannot be handled by accountants or tax advisers. The fourth grant will be 80% of three months’ …

The proportion of businesses targeted by cyber criminals in the past year increased from 38% to 43%, according to the insurer Hiscox. The Hiscox Cyber Readiness Report 2021 showed that over a quarter of those business targeted have experienced five attacks or more. These cyber-attacks are pushing many firms to …

A new government-backed mortgage scheme to help people with 5% deposits get on to the housing ladder is available to lenders from 19 April 2021. First announced at the 2021 Budget, the scheme will help first-time buyers or current homeowners secure a mortgage with just a 5% deposit to buy …

The Association of Independent Professionals and the Self-Employed (IPSE) has stated that the recent changes to the rules relating to off-payroll workers, commonly known as IR35, ‘undermine the self-employed at the worst possible time’. The changes to IR35 took effect on 6 April 2021, and shift responsibility for making the …

The Federation of Small Businesses (FSB) has urged the government to act in order to support small businesses exporting to the EU. The latest figures published by the Office for National Statistics (ONS) showed that UK GDP and total exports fell by 7.8% and 10.3% respectively in February 2021 when …

The UK economy returned to modest growth in February despite the country being under lockdown but remains sharply below its pre-pandemic peak, according to the Office for National Statistics (ONS). The latest data released by ONS shows that UK GDP rose by 0.4% in February, having shrunk in January. Growth …

The government has cut the Plug-in Car Grant and Van & Truck Grant by £500 and lowered the pricing cap on qualifying electric vehicles. The Department for Transport will now provide grants of up to £2,500 for electric vehicles on cars priced under £35,000. This is a reduction from the …

Employees who are working from home will need to make new claims for tax relief for the 2021/22 tax year, HMRC has stated. From 6 April 2020, employers have been able to pay employees up to £6 a week tax-free to cover additional costs if they have had to work …

A survey carried out by the Institute of Directors (IoD) has revealed that confidence amongst UK businesses has been boosted by plans to re-open the UK economy. The IoD’s latest confidence tracker found that business leaders’ net optimism in the outlook for their organisations rose from +36 to +41. From …

The International Monetary Fund (IMF) has upgraded its UK economic forecasts for 2021 and 2022. The IMF predicts economic growth of 5.3% this year and growth of 5.1% in 2022. However, the UK economy is still only predicted to return to its pre-pandemic size by late 2022. Had governments failed …

The 6 April start of the new tax year sees important fiscal and business changes come into effect, including the introduction of the new coronavirus (COVID-19) Recovery Loan Scheme (RLS). The RLS provides financial support to businesses affected by the COVID-19 pandemic. The scheme gives lenders a guarantee of 80% …

The Confederation of British Industry (CBI) has urged the government to extend the Kickstart Scheme to help young people who are bearing the brunt of the subdued job market. The Kickstart Scheme was launched in September and promised to pay the wages and associated employment costs for businesses taking on …

UK workers are set to benefit from rises in the National Minimum Wage (NMW) and the National Living Wage (NLW) rates that take effect from 1 April 2021. The NMW has risen from £8.20 to £8.36 and the NLW has risen from £8.72 to £8.91. 23 and 24-year-olds are now …