Industry News

Government scraps national insurance tax cut for the self-employed

The government has scrapped a planned national insurance tax cut for self-employed workers. Class 2 national insurance contributions (NICs) were due to be abolished in April 2018, but the plans were delayed for a year in 2017. The government has now announced that Class 2 NICs will not be abolished during this Parliament. Former Chancellor […]

New laws aim to help small businesses to secure funding

Small businesses struggling to access invoice finance could be helped by the introduction of proposed new laws. The plans form part of the government’s ‘modern Industrial Strategy’. Invoice financing is an advance against a future payment, under which businesses can approach a finance provider and assign them their right to be paid in exchange for […]

Small business group unveils plans for ‘fairer energy market’

The Federation of Small Businesses (FSB) has called for the introduction of ‘Open Banking’ style measures to the energy market, in a bid to allow small businesses access to cheaper tariffs and make it easier for them to switch energy provider. A new report, produced by the FSB and Fingleton Associates, sets out how energy data could […]

Official data suggests SMEs ‘reaping the benefits’ of government’s digital spending

Data published by the government has suggested that UK small and medium-sized enterprises (SMEs) are benefitting from a ‘flourishing Digital Marketplace’, and have accessed nearly half of public sector spending on digital, data and technology services. The government-run Digital Marketplace allows public sector organisations to access digital services and technology provided by UK businesses. Since […]

Think tank urges government to abolish Entrepreneurs’ Relief

Think tank the Resolution Foundation has dubbed Entrepreneurs’ Relief (ER) the UK’s ‘worst tax break’, and has urged the government to abolish the initiative altogether. ER is a tax relief available on the disposal of a business, and gives those eligible access to a lower rate of capital gains tax (CGT): under ER, this is […]

Time spent commuting ‘should count as part of working day’

The University of the West of England (UWE) has suggested that time spent commuting should ‘count as part of the working day’. Many UK employees use travel time to start or finish off work, according to a survey carried out by UWE. It polled 5,000 rail passengers, and found that many workers use their commute […]

HMRC increases late tax payment rate

HMRC has announced an increase in its late tax payment rate, although it has not increased the corresponding interest rate for repayments to taxpayers who have overpaid their tax. The decision to increase the late payment rate follows the Bank of England’s recent decision to increase UK interest rates to 0.75%. HMRC has increased the […]

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