Business News

This section contains the latest business news stories.

Chancellor confirms ISA allowance won't be cut

Chancellor Rachel Reeves has confirmed that the annual tax-free ISA allowance won't be reduced from £20,000.

Household bills drive inflation increase

Inflation jumped to 3.5% in the year to April, up from 2.6% in March, according to the Office for National Statistics (ONS).

Almost half of sole traders unprepared for MTD changes

Almost half of UK sole traders feel unprepared for upcoming Making Tax Digital for Income Tax (MTD) for Income Tax changes, according to research conducted by IRIS Software.

One in ten people have no cash savings

A survey carried out by the Financial Conduct Authority (FCA) has found that one in ten individuals have no cash savings at all.

Parents of teens reminded to extend Child Benefit claim online

Parents of 16 to 19-year-olds will receive reminders from HMRC to extend their Child Benefit claim by 31 August if their child is staying in education or training or payments will automatically stop.

UK economy grows 0.7% in first quarter

The UK's economy grew by more than expected in the first three months of the year, according to the latest data from the Office for National Statistics (ONS).

Entrepreneurs considering selling businesses due to tax changes

British entrepreneurs are considering selling their businesses as a result of changes to tax policy and ongoing economic uncertainty.

One in four employers plan to make redundancies in next quarter

The number of employers expecting to increase staff numbers in the next three months has fallen to a record low outside of the pandemic, according to research from the Chartered Institute of Personnel and Development (CIPD).

Record numbers file assessment in first week of new tax year

Almost 300,000 people filed their tax return in the first week of the new tax year, setting a new record, HMRC has revealed.

Interest rates cut to 4.25%

The Bank of England has cut interest rates from 4.5% to 4.25%, the lowest rate since May 2023.

HMRC criticised for delays in processing tax refunds

HMRC has come under fire for delays in processing tax refunds.

Business confidence rises to highest level since late 2024

Data published by the Institute of Directors (IoD) has revealed that confidence amongst business leaders has risen to its highest level since before the 2024 Autumn Budget.

Government warned over 'lost generation'

The government should urgently tackle the jobs crisis among young people or it will risk facing a 'lost generation', according to the British Chambers of Commerce (BCC).