Business news
The latest business, tax and economic developments
In the world of business news, it’s easy to feel slightly overwhelmed, as you’re constantly bombarded by alerts and stories, half of which hardly relate to you. We feel that way sometimes, too. That’s why we created our business news section – dedicated to regular business owners like you. With one story a day with only the essentials, you’ll be able to keep up with the biggest business, tax and economic developments of the day.
HMRC raises interest rates on tax debt
The new penalties will apply from 21 February.Company insolvencies surge in 2022
Insolvency figures hit 2,190 – their highest level since 2009.Bank of England raises interest rates to 4%
The latest increase is the highest base rate in 14 years.Directors’ economic confidence rises
Business leader confidence hits its highest level since March 2022.Millions of taxpayers leave returns until the last minute
2.7 million self-assessment customers were yet to file just hours before the deadline.HMRC publishes updated VAT penalty regime
The updated penalty system came into effect on 3 January.Chancellor outlines four ‘Es’ to grow the economy
Hunt suggests taxes won’t be cut until inflation is under control.IMF forecasts UK economy will shrink in 2023
Britain is expected to be the only G7 country in recession this year.HMRC reveals new AER calculation method
Quarterly reviews will use ONS data to calculate advisory electric rates.Small business tax debt is growing
Non-payment has increased since the Covid-19 pandemic.