Large businesses penalised for late payments

Several large companies have been suspended from the prompt payment code for failing to pay suppliers on time, the Chartered Institute of Credit management has announced. The prompt payment code sets out a standard for payment practices, requiring businesses that sign...

3 in 4 firms support auto-enrolment extension

Most businesses would support auto-enrolment being made available to lower earners and the self-employed, research from the Confederation of British Industry (CBI) and Scottish Widows shows. In a survey of 240 businesses, nearly three-quarters (74%) said they want to...

OBR: no-deal Brexit could cost £30bn in public borrowing

A no-deal Brexit could increase public borrowing by £30 billion a year compared to leaving the EU with a deal, according to a report from the Office for Budget Responsibility (OBR). This is based on the assumption that a no-deal scenario could cause a recession, as...

Firms set for first quarterly VAT returns through MTD

VAT-registered businesses with an annual turnover above £85,000 are being urged to sign up for Making Tax Digital (MTD) before the scheme's first quarterly filing deadline. MTD for VAT became law on 1 April 2019, requiring most VAT-registered firms to keep digital...

More over-65s pay additional-rate income tax

The number of pensioners paying income tax at the additional rate of 45% has increased over the past three years, government statistics show. In 2019/20, income tax is charged at a basic rate of 20% for annual income between £12,501 and £50,000, while the higher rate...