Business news

Cash payments plunge as digital payments become the default for many consumers - 6 March 2018

New research from finance and banking trade body, UK Finance, has found that debit card transactions will overtake those made with cash this year. Meanwhile, ATM usage peaked several years ago, with more than 2.9 billion transactions taking place in

Chancellor calls for Inheritance Tax review to make regime “fit for purpose” - 6 March 2018

The Chancellor, Philip Hammond, has asked the Office of Tax Simplification (OTS) to undertake a review of the Inheritance Tax (IHT) system to ensure that it meets the needs of modern households. In a letter to the OTS, an independent

Are you ready for the latest minimum wage rise? - 6 February 2018

On 1 April 2018, the National Minimum Wage (NMW) and National Living Wage (NLW) will increase for all age groups. Aimed at improving the prospects of young workers, the Chancellor Philip Hammond announced in the Autumn Budget that statutory wage

HMRC offers practical support to businesses affected by Carillion’s collapse - 6 February 2018

The start of 2018 saw the somewhat unexpected collapse of one of the UK’s largest construction and contracting businesses, Carillion. Despite winning a number of new public sector bids, including a £1.4 billion contract for HS2, it was revealed in

Excuses, excuses: HMRC reveals top late tax return apologies - 6 February 2018

HM Revenue & Customs (HMRC) has once again revealed the worst excuses that taxpayers have given them for failing to meet the 31 January Self-Assessment (SA) deadline. Whilst there are sometimes reasonable excuses for a late submission, such as a

Ban on passing credit card fees on to consumers hits small businesses in the pocket - 6 February 2018

A ban on passing on charges from credit card providers to consumers, which came into effect last month, is hitting small businesses in the pocket. Businesses are now faced with the option of either increasing prices for all customers to

Millennials set for ‘inheritance boom’… but not until the 2030s - 6 February 2018

A new report from think-tank, the Resolution Foundation, predicts that so-called ‘millennials’, those aged between 17 and 35, will receive the biggest inheritance of any post-war generation from their baby boomer parents and grandparents. The think-tank estimates that the average