HMRC to recoup less than half £5.8bn lost in Covid fraud and errors HMRC will struggle to recoup the estimated £5.8bn it paid out in error or due to fraud during the pandemic, its boss Jim Harra has admitted. HMRC paid out just over £81bn in total through the Coronavirus Job Retention Scheme, the Self-Employment Income Support Scheme and Eat Out to Help Out scheme during the pandemic. […] By Lisa Brownlow, 6 December 2021
Read Now
Small businesses won’t survive 2022 without bumper Christmas Research from business insurance provider Simply Business reveals that almost one fifth of SMEs will not survive next year without a bumper Christmas period, as around 36% of businesses make 20% of their annual revenue during the festive period. “While much of the UK prepares for a period of well-earned festive cheer, the feeling among […] By Lisa Brownlow, 3 December 2021
Read Now
Inflation surges to highest rate in ten years Data from the Office for National Statistics shows that inflation has surged at its fastest pace in almost 10 years, hitting 4.2% in the year to October. The rate, which is the highest since November 2011, is far higher than the 3.1% rise recorded in the year to September and more than double the Bank […] By Lisa Brownlow, 2 December 2021
Read Now
Over a million more dragged into 40% rate by 2026 Someone who takes home £40,000 a year today will exceed the threshold for 40% income tax within the next four years if wage growth continues at its present rate of 7.4% a year, new figures have shown. More modest wage growth of 3% a year will still result in someone who earns £45,000 a year […] By Lisa Brownlow, 30 November 2021
Read Now
HMRC tax receipts slide 4.4% HMRC has seen a decline in tax revenues over the latest financial year as a result of the pandemic, figures from the National Audit Office (NAO) reveal. HMRC reported total tax revenues of £608.8bn in the 2020/21 financial year, representing a £27.9bn decline from the previous year. Analysis shows income tax, national insurance contributions and […] By Lisa Brownlow, 25 November 2021
Read Now
NAO report has flagged an HMRC shortfall of 300 debt management staff to recover the £42bn owed by 6.2m taxpayers in debt as of 30 September 2021. The NAO reports that total tax debt increased from £16bn in January 2020 to £67bn in August 2020, before falling to £42bn in September 2021 – more than double the level going into the pandemic.   A significant amount of the increase was driven by the government deciding to allow taxpayers to defer VAT and […] By Lisa Brownlow, 18 November 2021
Read Now

See How Acer Accounts can
support your business

Phone us on Tel. 0117 287 2438 to see how we can help set up your business with accounting software and provide a range of accountancy services

Book a call Get a quote
↑