Businesses frustrated by delayed Covid support grants The Federation of Small Businesses (FSB) has expressed frustration that grants worth £850m designed to help companies to deal with COVID-19 restrictions have yet to be distributed by local authorities. The £1bn Omicron Hospitality and Leisure Grant scheme was launched in December. FSB chair Mike Cherry also noted that £300m related to an earlier round […] By Lisa Brownlow, 15 March 2022
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Councils hold £1bn grants intended for small firms It has been claimed that local authorities are holding onto almost £1bn in grants intended for struggling businesses. The Federation of Small Businesses (FSB) is demanding that councils “get their house in order” and pay out the money before firms collapse, highlighting the pressure businesses are facing as inflation spikes and energy and supply chain […] By Lisa Brownlow, 14 March 2022
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Chancellor’s freeze to pull 5m into income tax net More than 5m lower-paid workers who currently pay no income tax will be pulled into the system over the next four years if inflation remains high, forcing them to pay tax at 20% on some of their earnings. The Centre for Economics and Business Research (CEBR) analysis also shows that around 4m UK-based workers will […] By Lisa Brownlow, 11 March 2022
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HMRC ups interest charges on late taxes but not refunds HMRC has been criticised for increasing interest charges on owed taxes but not on refunds. The tax office has raised the rate at which interest builds on tax debts, from 2.75% to 3%, following the Bank of England’s decision to increase the base rate from 0.25% to 0.5%. However, the rate paid by HMRC when […] By Lisa Brownlow, 8 March 2022
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Inheritance tax receipts soar by £700m The Treasury received £5bn in inheritance tax (IHT) receipts in the financial year up to January 2022, an increase of £700m for the same period a year earlier. The 14% increase has been attributed to sustained property price growth and asset price inflation pushing up the value of estates. Shaun Moore at Quilter says that […] By Lisa Brownlow, 7 March 2022
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HMRC’s NFT seizure ‘a warning’ to investors Experts say HMRC’s seizure of NFTs in a suspected fraud case will help deter criminals by highlighting its increasing capacity to explore digital currency markets in pursuit of suspected tax cheats.   Financial Times   By Lisa Brownlow, 4 March 2022
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