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...
Chancellor claims ‘austerity is over’ unveiling Spending Review
Chancellor Sajid Javid, revealing his new Spending Review, said that 'austerity is over' announcing significant increases in spending across most government departments. He also claimed that the increases showed that although cuts over the past decade had been tough,...
Conflict Over NHS Pensions
The government could be forced to change pensions rules in order to end conflict with NHS doctors. Doctors have recently been refusing overtime shifts after being hit with 'punitive tax bills' following changes to the amount that can be accrued tax-free. A joint...
UK Manufacturing Output ‘stabilised in three months to August’
According to data published by the Confederation of British Industry (CBI), manufacturing output in the UK has stabilised in the three months to August. The Industrial Trends Survey, published by the CBI, revealed that 15% of UK manufacturers reported total order...
PAYE Late Filing and Late Payment Penalties Remain Risk Based
HMRC has decided that, following a recent review, it will continue its risk based approach to Pay As You Earn Real Time Information late filing and late payment penalties this tax year. Instead of the penalties being issued automatically, the tax authority will...
Digital UK businesses struggle with complex tax regulations.
HMRC has revealed UK digital businesses are having difficulty with the complex nature of tax requirements Market research company Ipsos MORI carried out the study on behalf of HMRC, and interviewed 50 UK digital tech businesses across a range of growth stages, sizes...
OBR Warns That Public Borrowing ‘Could Double in 2020’
The Office for Budget Responsibility (OBR) has warned that public borrowing could double next year as a result of a no-deal Brexit. If the UK does secure an advantageous Brexit deal, borrowing is likely to reach £29.3 billion, the OBR stated. However, if the UK leaves...
