HMRC announces significant changes to Making Tax Digital plans

HM Revenue& Customs (HMRC) has announced considerable changes to its plans for Making Tax Digital (MTD). The government stated that it has listened to concerns raised by the Treasury Select Committee and business in regard to the pace of change and the introduction of MTD, and is committed to ensuring a ‘smooth transition to a [&hellip
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Less than half of businesses have discussed Brexit risks, ICAEW suggests

A survey carried out by the Institute of Chartered Accountants in England and Wales (ICAEW) has suggested that just 43% of firms have discussed the risks that Brexit poses to their business. The ICAEW found that only 29% of businesses surveyed have made Brexit plans. 6% of firms expect a positive Brexit outcome, whilst 40% [&hellip
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Consumers taking out drawdown pensions ‘without advice’, FCA finds

Many consumers are taking out drawdown pensions without seeking regulated financial advice, the Financial Conduct Authority (FCA) has warned. The FCA revealed that, before the implementation of pensions freedoms in April 2015, 5% of drawdown was purchased without advice, compared to 30% now. A range of measures to address the issue have been proposed by [&hellip
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Business responds to Taylor Review of employment practices

Business groups have given their reactions to the recommendations of the Taylor Review into modern-day working practices, which sets out the key principles for providing ‘fair and decent work for all’. The review suggests that a national strategy is needed to help provide security in such areas as wages, quality of employment, education and training, [&hellip
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Billionth new pound coin struck as old pound coin demonetisation deadline looms

The Royal Mint has revealed that the billionth new one pound coin has been struck, as the deadline for spending old one pound coins looms. The new 12-sided one pound coin includes a ‘hidden high security feature’, designed to help combat the production of counterfeit money. Andrew Jones, Exchequer Secretary to the Treasury, said: ‘This [&hellip
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Cybercrime a bigger concern for SMEs than Brexit, research suggests

Research published by Barclaycard has suggested that small and medium-sized enterprises (SMEs) are more concerned about the risks that cybercrime poses to their business than those put forward by Brexit. 44% of businesses surveyed by Barclaycard consider cybercrime to be a major concern for their firm, whilst 34% reported that they are worried about the [&hellip
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Extend minimum wage to cover self-employed, says think tank

Minimum wage legislation should be extended to cover self-employed workers who do not control their own rate of pay, according to a think tank. The Resolution Foundation claims that of the 4.8 million people defined as self-employed, around half earn below the low pay earnings threshold of £310 a week. The group argues that the [&hellip
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Government establishes new Brexit business group

The government has created a new business advisory group, comprised of five major UK business groups. The Confederation of British Industry (CBI), the Federation of Small Businesses (FSB), the British Chambers of Commerce (BCC), the Institute of Directors (IoD) and manufacturers’ organisation the EEF make up the new business group, and their director generals will [&hellip
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Internet issues posing a problem for SMEs, research suggests

Research carried out by Storey has revealed that internet connectivity issues pose the biggest risk to the productivity levels of small and medium-sized businesses (SMEs). 67% of SMEs surveyed by Storey reported that internet problems hindered them the most, with 38% stating that they had experienced internet failures in the last month. 46% of respondents [&hellip
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Brexit deal must put jobs and prosperity first, says Chancellor

In his annual Mansion House speech, Chancellor Philip Hammond stated that any Brexit deal between the UK and the EU must put UK jobs and prosperity first. Mr Hammond revealed that the government will seek a ‘bold and ambitious’ free trade agreement, that covers both goods and services. He also stated that mutually beneficial transitional [&hellip
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