Pension Scam Victims ‘could lose 22 years of pension savings in 24 hours’
According to the Pensions Regulator (TPR) and the Financial Conduct Authority (FCA), victims of pension scams could lose 22 years of savings in 24 hours. In a recent report published jointly by the TPR and the FCA has suggested that it could take up to 22 years for a...
UK Charities Failing to Implement Fraud Protection Basics
The majority of UK charities admit that fraud is a major risk, yet they still fail to carry out basic tasks to protect themselves, according to a report published by the Charity Commission. Over 3,300 charities took part in the Charity Commissions's survey into fraud...
Committee Pushes fix for ‘broken’ Business Rates System
The government has been urged to overhaul the 'broken' business rates system by the Treasury Select Committee. According to the Committee, alternatives are needed to protect struggling high street retailers. The Committee published a report highlighting businesses'...
Financial Forecast to be Published by OBR Despite Budget Scrapping
In a letter to the Treasury, the Office for Budget Responsibility (OBR) has stated that it will publish forecasts for the UK's public finances despite cancellation of the 6 November Autumn Budget. The OBR highlighted the fact that the forecasts were prepared on the...
Warning Over Insolvency Debts
Experts have warned Chancellor of the Exchequer Sajid Javid that prioritising HMRC over other creditors in insolvencies will have a 'negative impact on the UK's economic growth'. The letter that issued the warning was signed by 11 business organisations and insolvency...
HMRC data reveals significant rise in number of R&D tax credit claims
HMRC published figures that revealed that the total number of claims for R&D tax credits has increased by 20%. The latest figures cover the 2017-18 tax year, and show that 48,635 R&D tax credit claims were made. 42,075 of these were made by small and...
Steepest Decline in UK Productivity in 5 Years
Productivity in the UK fell at its fastest annual rate for five years during the second quarter of 2019, according to the Office for National Statistics (ONS). After two previous quarters of zero growth, productivity (measured by output per hour) fell by 0.5%. The ONS...
FRC Writes to Finance Directors Advising how to Prepare for Brexit
UK businesses have been urged to review their Brexit plans by the Financial Reporting Council (FRC). The FRC has written to finance directors and audit committee chairs setting out the measures firms should consider. The letter, written by the FRC's Chief Executive...
10 Percent of Employees ‘do not receive a payslip’
1 in 10 UK employees don't receive payslips, while 1 in 20 are missing out on their legal holiday entitlement, reports think tank the Resolution Foundation. The Resolution Foundation's analysis into UK labour market violations has been released to mark a three-year...
Time for a Tax Overhaul Claims Think Tank
The Institute for Public Policy Research (IPPR) have reported that a new tax system in the UK which brings rates on wealth and assets into line with those on income. The report claims that bringing taxation for assets into line with income tax rates could raise over...