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Welcome to AVASK News, where we post the latest industry updates from around the world
UK workers could get more choice over when and where they work under new proposals to make the right to request flexible working a day one entitlement. The government will also introduce a day one right to one week’s unpaid leave for carers balancing a job with caring responsibilities. The …
The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax self assessment (MTD for ITSA) for a year, HMRC has announced. The government says it has made the move in recognition of the challenges faced by many UK businesses as the country emerges from the pandemic. …
The Institute of Directors (IoD) is urging the government to use the upcoming Budget to reduce the planned level of business tax rises. The IoD believes that the Office for Budget Responsibility (OBR) will revise its GDP growth forecasts up for 2021, potentially resulting in stronger tax receipts. It stated …
Coronavirus (COVID-19) emergency finance schemes offered £81.5 billion of finance to almost 1.7 million businesses through the British Business Bank (BBB) during the last financial year. This support, which is not included under the Bank’s core programmes, was evenly distributed across the nations and regions of the UK. In addition, …
A survey carried out by the Confederation of British Industry (CBI) has revealed that three quarters of UK businesses are concerned about the impact of labour shortages on competitiveness. The survey found that 87% of firms are planning on recruiting this year, and seven in ten businesses are planning to …
The government’s scheme that enables small businesses to recoup statutory sick pay costs caused by the coronavirus (COVID-19) will end at the end of September. Legislation ending the Coronavirus Statutory Sick Pay Rebate Scheme (SSPRS) was laid before parliament on 9 September. Before the COVID-19 pandemic, employers were obliged to …
Adopting a tax year which is either aligned with the calendar year or with a calendar month-end would have clear benefits, according to a review from the Office of Tax Simplification (OTS). The review considers the high-level implications of moving the tax year end date to 31 December, and a …
A survey carried out by the Federation of Small Businesses (FSB) has suggested that the UK unemployment rate could rise by 50,000 as a result of the increase in national insurance contributions (NICs) for employers, sole traders and employees. The FSB carried out an assessment of the potential impacts of …
In the first instalment of our growth advisory services blog series, we outlined what business consultancy is and how it can benefit e-commerce sellers. There are a number of steps in the advisory process, and the first of those is company benchmarking. AVASK takes pride in doing a thorough job …
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 …
The UK government faces big choices this autumn if it wants to stimulate economic growth, the Confederation of British Industry (CBI) has said. Following the recent government announcement on plans to increase national insurance contributions (NICs) to support social care, UK business is clear that the time for further business …
HMRC is urging young people to check if they have a Child Trust Fund (CTF) account. It is now one year since the first account holders started turning 18 and around 55,000 CTFs mature every month. This means their owners can withdraw funds or transfer savings into an adult ISA. …
At the end of July, 1.6 million people were still on furlough, the lowest level since the start of the pandemic and 340,000 fewer than a month earlier. But older people and the travel sector did less well, with half of eligible travel workers still on the scheme. Since the …
HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October. On 7 September the Chancellor launched Spending Review 2021, which will conclude on 27 October and will be presented alongside the Autumn Budget. The Spending Review will outline government departments’ resource and …
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 …
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 …
Families may be eligible for Tax-Free Childcare (TFC) to help pay for breakfast clubs and after school clubs as their children go back to school, HMRC has said. Eligible families can save money on their childcare and benefit from a government top-up worth up to £2,000 every year, or up …
Pushing through proposals to change basis periods ahead of the expansion of Making Tax Digital (MTD) will cause as many problems as it solves, the Institute of Chartered Accountants in England and Wales (ICAEW) has warned. HMRC recently began a consultation outlining proposals to align basis periods with the tax …
The Federation of Small Businesses (FSB) has stated that the current business rates system in England serves to ‘disincentivise businesses to invest in net zero and employee wellbeing measures’. In a letter to the government, the business group said that small firms should not be penalised with higher business rates …
Social media and e-commerce are becoming more intertwined than ever before, with most platforms now offering some form of e-commerce integration. It is easy to see why these two industries have come together so harmoniously, as well as the payoff that many e-commerce entrepreneurs are experiencing as a result. According …
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. …
The national roll-out of the new £100 spending limit for contactless card payments will begin from 15 October 2021, trade body UK Finance has confirmed. The decision to raise the contactless limit from £45 to £100 was made by HM Treasury and the Financial Conduct Authority (FCA) following a public …
HMRC has urged taxpayers to stay alert to the threat of digital scams and scammers claiming to represent HMRC. Research published by HMRC revealed that the number of tax-related scams has doubled in the past 12 months. In the past year HMRC has received more than one million referrals from …
Staff and supply shortages have taken their toll on the UK’s economic recovery this month, according to the latest IHS Markit/CIPS Purchasing Managers’ Index (PMI). August’s PMI hit a six-month low of 55.3, down from 59.2 in July. A score above 50 indicates growth, however the post-pandemic recovery appears to …
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 …
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). …
HMRC has reminded parents and carers that they have until 31 August 2021 to confirm whether their teenagers are staying in full-time education or training beyond 16. If they do decide to continue their full-time education or training, parents and carers will be eligible to continue receiving Child Benefit payments …
A survey carried out by resource management firm Veolia has revealed that 83% of businesses polled were not aware of the Plastic Packaging Tax, which is due to take effect from April 2022. The Plastic Packaging Tax is a new tax that will apply to plastic packaging manufactured in or …
The Federation of Small Businesses (FSB) has warned that rising prices and rail fare hikes threaten to stifle small firms’ recovery from the coronavirus (COVID-19) pandemic. Responding to data published by the Office for National Statistics (ONS) that showed that the Retail Prices Index (RPI) reached 3.8% and the headline …
There will come a time in a business owner’s life when they find they need to administer a little first aid to their enterprise. Maybe an unexpected new regulation came into effect, a once-in-a-lifetime pandemic disrupts business as usual, or things simply stagnate after a while. Whatever the case, you …
