Banking code offering ‘increased protection from criminals’ takes effect

From 28 May 2019, a new ‘banking code’ designed to offer consumers ‘increased protection from criminals’ takes effect. Consumer group Which? recently revealed that £674 is lost every minute via bank transfer scams. The new code requires banks and payment providers to follow a ‘new set of standards’ in order to offer ‘better protection’ to [&hellip
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OTS calls for review of PAYE system

In a new report, the Office of Tax Simplification (OTS) has called for the Pay as You Earn (PAYE) system to be reviewed, to ensure tax agents can ‘see relevant client information’ and ‘access a number of key services’.   The report suggested that tax agents ‘don’t always have full access to their clients’ PAYE records’. [&hellip
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CBI calls for UK firms to ‘improve people management practices’

A report published by the Confederation of British Industry (CBI) has suggested that UK businesses could potentially add up to £110 billion to the UK economy by ‘improving their people management practices’. The report stated that employers understand the importance of effectively leading and engaging with their employees. However, the report also suggested that firms [&hellip
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ATT suggests couples ‘could be affected’ by increase in stamp duty for non-residents

The Association of Taxation Technicians (ATT) has suggested that couples in England and Northern Ireland could be affected by a proposed increase in stamp duty for non-UK residents purchasing residential property. A consultation published recently by HMRC states that non-UK residents purchasing residential property in England or Northern Ireland will be charged an additional 1% [&hellip
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FSB urges government to create ‘small business plan for Europe’

The Federation of Small Businesses (FSB) has published a comprehensive ‘small business plan’, outlining a host of reforms to help ‘unlock the potential of Europe’s small businesses’. It is urging the government to follow suit and produce its own plan. In its plan, the FSB puts forward recommendations for enhancing productivity, boosting growth through trade, [&hellip
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Cuts to grants ‘affecting sales of electric cars in the UK’

A report published by the European Automobile Manufacturers’ Association (EAMA) has suggested that sales of electric cars in the UK are being affected by the government’s decision to reduce the grant for buyers of so-called ‘green’ vehicles. In the Autumn of 2018, the government made the decision to slash the grant for buyers of electric [&hellip
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Government launches consultation on Companies House reforms

The government has launched a consultation on new Companies House reforms, including a ‘major upgrade’ of its register. The consultation aims to tackle misuse of the register. It also strives to provide business owners with ‘greater protection from fraud’. Some of the key measures proposed by the government include a ‘robust’ identity check for company [&hellip
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CIOT warns Digital Services Tax ‘not a cure for struggling high streets’

The Chartered Institute of Taxation (CIOT) has warned that the government’s planned Digital Services Tax (DST) won’t serve as a cure for the UK’s ‘ailing high streets’. From April 2020, the DST will apply a 2% tax to the revenues of certain digital businesses. A double threshold will exist, meaning that businesses will have to [&hellip
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Bank of England upgrades UK growth forecast

The Bank of England has upgraded its 2019 growth forecast for the UK economy. It now predicts that the UK economy will grow by 1.5% in 2019, 1.6% in 2020 and 2.1% in 2021. Additionally, the Monetary Policy Committee (MPC) voted to keep interest rates on hold at 0.75% at its recent meeting. The rates [&hellip
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AAT urges government to ‘fix broken business rates system’

The Association of Accounting Technicians (AAT) has urged the government to ‘fix the broken business rates system’. The AAT advocates a complete overhaul of the system, stating that it is currently ‘unfit for purpose’. According to the professional body, the retail sector is ‘suffering significant problems’ as a result of rising business rates. It has [&hellip
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