Industry News

Government publishes Making Tax Digital for VAT legislation

The government has published the Value Added Tax (Amendment) Regulations 2018, which outline the requirements for Making Tax Digital for VAT. The new regulations are set to take effect from 1 April 2019, and will apply to VAT-registered businesses with a taxable turnover above the VAT registration threshold (currently £85,000). The new Making Tax Digital […]

Research suggests average UK small business owed £63,000 in late payments

Research carried out by commercial data provider Dun & Bradstreet has suggested that the average UK small business is owed £63,881 in late payments. A further 11% of small firms are owed between £100,000 and £250,000 in such payments, Dun & Bradstreet found. A lack of payment has created cashflow issues for 35% of firms, […]

2018 Spring Statement – the economic picture

In his Spring Statement speech, Chancellor Philip Hammond responded to the latest forecasts as published by the Office for Budget Responsibility (OBR). The OBR forecasts that the UK economy will grow at a faster pace than previously predicted, anticipating that GDP growth will be 1.5% in 2018 – a rise from the figure of 1.4% […]

2018 Spring Statement – the political reaction

Chancellor Philip Hammond delivered the 2018 Spring Statement to the House of Commons, stating that the government has ‘made solid progress towards building an economy that works for everyone’. The Office for Budget Responsibility (OBR), which produced the latest UK economic forecasts, stated: ‘The economy has slightly more momentum in the near term, thanks to […]

2018 Spring Statement – the business reaction

Business groups have responded to Chancellor Philip Hammond’s Spring Statement speech. The Federation of Small Businesses (FSB) gave a broadly positive response, and welcomed the Chancellor’s commitment to tackling the issue of late payments to small firms. Mike Cherry, FSB National Chairman, stated: ‘The Chancellor is absolutely right to commit the government to eliminate the […]

Spring Statement heralds the ‘light at the end of the tunnel’

Chancellor Philip Hammond has presented his first Spring Statement, with something of a spring in his step. Responding to the latest economic forecasts from the Office for Budget Responsibility, Mr Hammond revealed that the economy is expected to grow at the slightly faster rate of 1.5% in 2018. Debt and borrowing have been revised downwards, and inflation […]

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