HM Revenue & Customs (HMRC) has revealed that a record number of self-assessment tax returns were filed on time for the previous financial year. According to figures produced by HMRC, 80.9 per cent of the self assessment returns were  filed online...

The Low Incomes Tax Reform Group (LITRG) has issued it latest guidance note to assist UK taxpayers in checking their latest PAYE code is correct. Since mid-January and through to early March 2012, HM Revenue & Customs (HMRC) is issuing PAYE Coding...

The Department of Work and Pensions (DWP) has introduced a key package of regulation designed to help employers prepare for automatic enrolment in workplace pensions. It's designed to work alongside the revised timetable for automatic enrolment, which...

The Financial Services authority (FSA) announced its proposed Annual Funding Requirement (AFR) for 2012/13 on 2 February, set to be the FSA's final AFR before it splits into the Prudential Regulation Authority (PRA) and the Financial Conduct Authority...

On 1 February, the Finance & Leasing Association (FLA) relaunched the FLA Lending code designed to protect borrowers in the UK. The code has already been in operation for two decades, but has undergone a number of revisions that see additional...

Housing price changes are likely to remain minimal over the first six months of 2012, with the economy unlikely to provide much in the way of momentum, according to Nationwide's chief economist Robert Gardner. According to Nationwide's...

Housing minister Grant Shapps has welcomed the implementation of a new partnership between the Government and the National House Building Council (NHBC), but says more is to come. The new agreement will see both the Government and the...

The chief executive of the Investment Management Association (IMA), Richard Saunders, has called on savers to dismiss scare stories surrounding the industry and invest in their futures. The IMA released new analysis examining how trading...

The Confederation of British Industry (CBI) has pointed to the increasing pressure of inflation alongside weak wage increases as the cause behind a drop in retail sales this month. According to figures from the latest CBI Distributive...

Business and Enterprise Minister Mark Prisk has pledged that 2012 will see a renewed focus on helping entrepreneurs unlock their business potential, as he unveiled a new comprehensive calendar of enterprise events aimed at those individuals looking to...

Deputy prime minister Nick Clegg is calling on Chancellor George Osborne to introduce a £10,000 personal allowance on income tax in the UK as part of new measures designed to ease the current financial pressures being applied to household budgets....

The introduction of an auto-enrolment workplace pension scheme will provide a much-needed push towards saving for a pension, according to the Association of Insurers (ABI). From October, people in the UK will become auto-enrolled in new workplace pension...

Financial Services Authority (FSA) managing director Martin Wheatley has called for a fair deal for consumers in the future of conduct regulation. Speaking to the British Bankers' Association, Mr Wheatley called for a new approach that provided better...

The British Property Federation (BPF) has lent its support to a new campaign calling for the government to cap any annual business rates increase at two per cent. This would see any increase in business rates rise in line with current estimates for...

HMRC has issued a reminder to all VAT-registered businesses in the UK, warning that returns must be submitted online from April. The change will bring an end to decades of sending in paper returns, with officials hoping the switch will simplify the process...

The British Property Federation (BPF) has backed plans for a Government review of water industry powers that could leave landlords liable to further costs. The review could see a change to the current powers that force landlords to share information on...

The Investment Management Association (IMA) has backed calls for a reform to the current structures surrounding executive pay in the UK. Secretary of state for business, innovation and skills Vince Cable earlier announced that the Government was set to...

Prime minister David Cameron has announced plans to offer small businesses a chance to take up space in empty government offices. The move is part of a new campaign dubbed Business in You, which has been created to encourage people to start or develop...

The Council of Mortgage Lenders (CML) believes that while difficulties lie ahead, there could be some optimism in the mortgage lending market this year. New gross mortgage lending data for December stood at an estimated £11.7...

The introduction of automatic enrolment into workplace pensions will change the face of the UK workplace, according to the Department of Work and Pension (DWP). That is according to the Minister for Pensions Iain Duncan Smith, who spoke...

A boost in retail sales during December should not take away from the fact that businesses are facing difficult trading conditions, according to the British Retail Consortium (BRC). The comments come after the BRC's retail sails monitor registered a...

The UK has witnessed a rise in the number of tenants struggling to pay their rent, according to research from the Association of Residential Letting Agents (ARLA). Based on the results of their findings, 39.2 per cent of members reported a rise in the...

Local authority and housing association partnerships are set to trial new Government demonstration projects regarding social rented sector payments. Under the plans, those claiming in the social rented sector will receive monthly housing...

Millions of people in the UK are opting to cut back on fuel and food consumption in order to pay their rent or mortgage, according to new YouGov research from Shelter. According to the survey of 4,014 people in Britain, over one in five...

HMRC has urged anyone filing a self-assessment tax return for the first time to ensure they have registered for online filing by the end of this week. The deadline for online self-assessment tax returns is 31 January, but those using the...

Small businesses are shedding staff in a bid to stay afloat in the UK economy and amid increasing taxes and business rates, according to the Federation of Small Businesses (FSB). The FSB pointed to the findings of the latest Voice of...

The British Property Federation (BPF) has welcomed a new energy saving proposal from the Government, but has called for more incentives to be provided to property owners. The Government is nearing the end of its consultation on the Green Deal, which aims to...

The Government must do more to stimulate economic growth among UK businesses if it wants a drop in unemployment, according to the Confederation of British Industry (CBI). Figures released today (18 January) show that unemployment numbers...

The Financial Services Authority's (FSA) guidance on the treatment of legacy business from 1 January 2013 remains unclear and incomplete, according to the Investment Management Association (IMA). The IMA says the new guidance will lead to increased costs...

The Government's strategy of cutting spending and raising taxes has come too quickly, leaving businesses struggling to survive in the current climate, according to Labour shadow minister for small business Toby Perkins, who hit out at the Government...

The new Financial Conduct Authority (FCA) must be given full responsibility for the regulation of retail financial services, according to the Financial Services Consumer Panel. Under the current plans, the FCA will take over regulation of the market from the...

The European Commission (EC) vice president Antonio Tajani has called for further support to small and medium sized enterprises (SMEs), in a bid to boost the eurozone economy. Statistics produced by the EC showed that SMEs created 85% of...

First time buyer activity could rise over the coming months as individuals use the stamp duty tax holiday, according to the Council of Mortgage Lenders (CML). The current holiday on stamp duty tax is set to expire in March, with first-time buyers facing...

The Federation of Small Businesses (FSB) has called on the coalition Government to implement some of the changes previously promised in a bid to boost confidence. FSB chairman John Walker urged the Government into action, after the latest...

More firms are using business finance to pay for an investment in new equipment, with around 1,000 contracts signed a day on average. The findings come as part of new figures produced by the Finance & Leasing Association (FLA), which...

The UK needs "a fresh approach" to regulation in the financial services industry, according to MP Andrew Tyre, the chairman of the Treasury Committee. Mr Tyre called for the changes in the wake of the Treasury Committee's...

Sarah Brooks, director of financial services at Consumer Focus, has admitted surprise that the Financial Services Authority (FSA) has not used mystery shoppers in the last 18 months, according to an investigation by the BBC. The information was obtained...

HMRC's plans for tackling tax fraud using civil powers could raise the bar for tax advisers in the UK, according to the Chartered Institute of Taxation (CIOT). The new Contractual Disclosure Facility (CDF) will see HMRC offer those suspected of tax fraud an...

Commercial property rental expectations fell during the last quarter of 2011, as demand continued to fall in the UK market according to the latest Royal Institute of Chartered Surveyors' (RICS) UK Commercial Market Survey. The report...

The majority of property owners in the UK are anticipating a rise in tenant demand over the next 12 months, according to research from Paragon Group. Figures released as part of the firm's quarterly survey indicated that 56% of...

HMRC is to introduce tougher civil fraud investigation procedures in a bid to boost its current facilities for fighting these criminal actions. From 31 January 2012, HMRC's new Contractual Disclosure Facility will be put into place. ...

Mid-sized businesses (MSBs) in the UK have the potential to contribute £20 billion to the UK economy by 2020, according to the Confederation of British Industry.   Director general John Cridland highlighted the important role...

HMRC has warned taxpayers to watch out for 'phishing' emails claiming they are due a tax rebate. The warning comes as the deadline for self-assessment tax returns looms large, with all online forms expected before 31 January. The...

Sales activity in the UK property market remained firm in December, according to the latest UK Housing Market Survey from the Royal Institute of Chartered Surveyors (RICS). The survey results showed that  the average number of completed...

The Chartered Institute of Taxation (CIOT) has called on small businesses to take advantage of HMRC's new independent mediator service. HMRC introduced an expanded pilot of the scheme yesterday (9 January), which will see small businesses...

HMRC has launched a new pilot scheme offering small and medium sized enterprises (SMEs) a new way of resolving disputes. The Alternative Dispute Resolution (ADR) pilot will use independent facilitators to resolve disputes between SME customers and HMRC....

The Government must reduce taxes and regulatory burdens in a bid to support retail businesses through a difficult year, according to the British Retail Consortium (BRC). Statistics released by the BRC along with Deloitte highlighted the increasingly...

The majority (62%) of small and medium sized businesses (SMEs) believe London's Olympic Games will have no positive impact on their business, according to the latest Voice of Small Business Survey produced by the Federation of Small Businesses...

The Association of Independent Financial Advisers (AIFA) has backed the Financial Ombudsman  Service's (FOS) latest Budget consultation. The FOS is currently consulting on plans for an increase to the current free case limit, which is in place for...

HM Revenue & Customs (HMRC) has issued another reminder to those completing a self-assessment tax return for 2010/11, with less than a month to go until the deadline passes. The deadline for paper returns of the self-assessment form...

HMRC must take a tougher approach to big businesses looking to avoid paying their 'fair share' of tax, according to Prime Minister David Cameron. Mr Cameron called for the crackdown during a speech in Maidenhed to a group of small and medium-sized business...

The Government must take more action to protect private sector pensions, the UK's largest union Unison has urged. Unison general secretary Dave Prentis called for action against what he described as "the real pensions timebomb"...

Gross lending by building societies and mutuals has continued to rise in spite of market conditions, the Building Societies Association (BSA) has revealed. According to the BSA's latest report, gross lending in November 2011 reached £2.5 billion,...

The Federation of Small Businesses (FSB) has hit out at HM Revenue and Customs (HMRC) plans to conduct spot checks on small firm record keeping as "harassment." From April, HMRC is set to inspect up to 20,000 small and medium sized enterprises...

A crackdown by the Financial Services Authority (FSA) saw banks pay around £160 million in compensation to customers who were mis-sold investment bonds and funds in 2011. According to research conducted by law firm Freshfields and published in the...

The government must take action to reinvigorate workplace pensions in the private sector, according to the Association of Consulting Actuaries (ACA). This call comes as new research from the ACA highlights the growing gulf between pensions within the private...

Private sector business must deliver £170 billion of new investment in the next five years, according to the Confederation of British Industry (CBI) director-general John Cridland. He called for the finance injection in the wake of cuts in public...

Small and medium sized enterprises (SMEs) are continuing to endure difficulties in raising money from banks, despite the introduction of new lending initiatives from the government, a new report has revealed. The findings come as part of a new survey...

The Council of Mortgage Lenders (CML) has given its blessing to the government’s proposals to revitalise the Right to Buy (RTB) programme but has asked that advice be provided for all purchases. It follows yesterday's (December 23rd) announcement...

Employers looking to take on additional staff during the Olympic Games must ensure their labour providers are paying VAT and other taxes, HM Revenue & Customs (HMRC) has warned. Next summer’s Olympic Games will see various employers across London...

The majority of UK investors are pleased with their investment decisions and represent the most content group in Europe, according to new research from Schroders. According to the survey of 1,400 affluent investors from across ten European countires, a...

The current system governing inheritance tax in the UK should undergo a major overhaul,  according to Labour peer Lord Eatwell. Speaking in the House of Lords, opposition Treasury spokesman Lord Eatwell put forward proposals for changes that could see...

The Association of Independent Financial Advisers (AIFA) has welcome the proposals put forward in the draft Financial Services Bill, but called for more changes. The report sought clarification of the roles of the three new regulatory...

Special treatment for big corporations facing large tax bills is unacceptable, according to Liberal Democrat MP Stephen Williams. Mr Williams, who is the co-chair of the Liberal Democrat Parliamentary Treasury Committee, made the comments in the wake of a...

Britain will never again face the kind of crisis that has engulfed the UK banking sector in recent years, Chancellor George Osborne has claimed, as the Government published its response to the Independent Commission on Banking (ICB) report setting...

Venture Capital Trusts (VCTs) have enjoyed an impressive year for returns, according to figures produced by the Association of Investment Companies (AIC). The AIC's latest investment company roundup found that the average investment...

Major reforms to the UK mortgage market are to be introduced under plans unveiled by the Financial Services Authority (FSA). The reforms will focus on preventing the return of irresponsible lending among mortgage providers as well as stopping borrowers taking...

The private rental sector (PRS) is facing an uncertain future, according to predictions from the Association of Residential Lettings Agents (ARLA). Ian Potter, operations manager at ARLA, said that while the measures set to be introduced...

Pension pots for those who move jobs often are to be protected under plans that will see the abolishment of short service refunds for occupational defined contribution schemes. The new plans will ensure any monies saved in pensions will stay in pensions with...

UK investors may have low exposure to the debt surrounding the eurozone but they remain wary of the crisis surrounding Greece, Italy, Spain and Portugal. Statistics provided by the Investment Management Association (IMA) highlight the relative safety of...

New retail sales figures produced by the Office for National Statistics (ONS) 'fly in the face of retailers' experiences', according to the British Retail Consortium (BRC). The newly released ONS figures show the value of sales are up...

Business secretary Vince Cable has unveiled plans for a new taskforce aimed at diversifying business finance in the UK.  Tim Breedon, the chief executive of Legal and General and chairman of the Association of British Insurers, is set to head up the...

The current UK mortgage market is facing 'challenging conditions' in the coming months, according to the Council of Mortgage Lenders (CML). This assertion follows the release of figures from the CML that show gross mortgage lending in...

The Financial Services Authority (FSA) is set to introduce new measures to ensure savers are aware of the rules governing deposit protection. Under the FSA plans, banks, credit unions and building societies in the UK will be required to display how much...

Mary Portas' proposals for a review of business rates have been welcomed by the British Retail Consortium (BRC), which has also called for more help for start-up companies. The Portas Review, published yesterday (December 13th), outlined 28 different...

Retirees looking to sell their homes to boost pension savings should consider "down-letting" their homes, according to the Association of Residential Lettings Agents (Arla). In previous years, downsizing has offered the most...

The UK housing market may be improving but economic uncertainties mean recovery remains some way off, according to the Royal Institute of Chartered Surveyors (RICS). This message comes despite the latest Housing Market Survey showing that seven per cent more...

First-time buyers looking to purchase a home must act now in order to utilise the stamp duty holiday before it expires, the National Association of Estate Agents (NAEA) has urged. Last month, chancellor George Osborne announced that the current stamp duty...

Small businesses and independent retailers must be given more support under the current business  rates system, according to high street retail guru Mary Portas. Portas' review of the British high street was put together with the help of the...

At least 1,000 employers in the UK are set for a face-to-face visit from HM Revenue & Customs (HMRC) to help address tax data quality issues. The newly created Targeted Employer Support (TES) scheme has been set up to provide support to employers in...

The Financial Services Authority (FSA) is facing stern criticism following its recent proposal for a ban on the life settlement asset class for retail investors. The Association of Independent Financial Advisers (AIFA) warned of the dangers of allowing...

The property industry could be facing a major hurdle over debt refinancing, according to a new report from the British Property Federation (BPF). The newly published UK Commercial Property Lending Market mid-year report showed that despite on-balance-sheet...

Mortgage payments for first-time buyers reached their most affordable level in almost eight years, according to new figures produced by the Council of Mortgage Lenders (CML). This fall comes despite data produced by the CML showing that first-time buyer...

The Chartered Institute of Taxation (CIOT) has backed HM Revenue & Customs' (HMRC's) plans to bring the European Union's VAT Cost Sharing Exemption law to the UK but called for more details. Cost sharing refers to the business practice whereby...

Peer-to-peer lending may seem an attractive alternative to high street savings, but it remains an unprotected source of lending according to Mark Neale, chief executive of the Financial Services Compensation Scheme (FSCS). Mr Neale warned...

A third of small businesses at the start-up stage are struggling to find staff with the right kind of skills to move them forward, the Federation of Small Businesses (FSB) has revealed. The figures came as the FSB launched an inquiry into entrepreneurship in...

HM Revenue & Customs (HMRC) has warned private tutors and coaches to pay the tax they owe on their earnings for the last tax year before 6 January 2012. Individuals are urged to register before the deadline in a bid to avoid...

The average house price in the UK was only slightly down on the value seen at the start of the year, in a further indication that the property market has stabilised. That is according to mortgage lender Halifax, which found that the average house price was...

HM Revenue & Customs (HMRC) should use its existing powers to prosecute dishonest tax agents, rather than demand supplementary powers, according to the Chartered Institute of Taxation (CIOT). HMRC has published draft legislation...

HM Revenue & Customs (HMRC) is set to introduce major changes for VAT-registered businesses in the UK, to come into force this spring. From 1 April 2012, new rules will see all VAT-registered businesses required to send VAT returns online and pay all VAT...

HM Revenue and Customs (HMRC) and the Department of Work and Pensions (DWP) have announced plans for a joint crackdown on benefit fraud and error. The departments have signed a 12 -month contract with Experian in a bid to drive down the notably high levels...

London businesses are feeling less optimistic about their business prospects for the next six months, a new survey from the Confederation of British Industry (CBI) has revealed. The research, which surveyed 262 London business leaders, found that just 13 per...

People seeking out credit cards and other personal credit options should speak to lenders before accruing any other debt, according to The Finance & Leasing Association (FLA). The warning comes in the build up to Christmas, which traditionally proves to...

Public sector pensions could lose even more than previously projected, according to Unison's general secretary Dave Prentis. The trade union highlighted the concerns following projections from the Office for Budget Responsibility (OBR). According to...

The Royal Institute of Chartered Surveyors (RICS) has admitted that the current risk and professional indemnity insurance in the UK valuation sector is a major concern. These comments follow RICS' launch of a new consultation designed to address the...

The property market could see a glut of first-time buyers purchasing houses before the March expiry of the stamp duty concession, according to the Council of Mortgage Lenders (CML).The scheme allows first-time buyers to purchase homes without having to pay...

HM Revenue & Customs (HMRC) has issued a warning to those failing to pay the correct amount of VAT to complete the registration process before the 31 December deadline. The threat follows the introduction, in July this year, of a VAT...

The new tax agreement between the UK and Switzerland will let UK taxpayers keep Swiss bank accounts out of sight of HM Revenue & Customs, but they will suffer a withholding tax of up to 48% from 2013. People who have not paid tax on...

There is good news for owners of farmhouses. Owners of agricultural land can qualify for 100% relief from inheritance tax, but claims for agricultural property relief are not straightforward especially with farmhouses. In particular, HM...

Most employers offer their employees the option of sacrificing some of their salary entitlement in exchange for various employer-provided benefits. Following a recent tax case, there could now be a VAT complication. The popularity of...