HMRC expects freelancers who are not trading to pay taxes on profits they have not made. When around one million struggling self-employed people are billed in a week’s time, they face paying too much income tax, because HM Revenue & Customs’ calculations have not taken into account coronavirus losses. HMRC is billing freelancers and SMEs … Read more

The June figure is above analysts’ forecasts and is the highest since August 2018 as supply shortages and rising demand due to the easing of lockdown restrictions resulted in higher prices last month. Dearer clothing, food, footwear, fuel and secondhand cars were to blame for the jump in the annual inflation rate from 2.1pc to … Read more

Growth in the UK’s economy slowed by more than expected in May despite a rebound in the hospitality sector which was offset by disruptions to car production. As coronavirus restrictions eased to allow pubs and restaurants to serve indoors, the economy grew by only 0.8pc in May. It was also a slowdown from the 2pc … Read more

When the lockdowns were imposed last year and people were told to work from home, the UK’s road network became strangely deserted and insurance premiums fell. In fact, the streets were so empty that insurance companies were able to radically reduce their motor cover premiums because there were far fewer accident claims. However, the CEO … Read more

Standard gas and electricity bills are expected to rise to an average of £1,250 due to a surge in commodity prices to near 13-year highs. Millions of UK homes face a hike of more than £110 per year in their winter energy bill, say industry experts. A standard bill for both gas and electricity is … Read more

The forecast by the Resolution Foundation think-tank raises new concerns about household budgets as the planned cut in universal credit is due to take place later this year. According to the foundation, the Government should prepare for a rise in inflation this year that will squeeze household living standards and force more low-income families into … Read more

Bosses are pleading for the opportunity to trade out of trouble as they fear another month of curbs will hit sales by £3bn. Amid rising expectations that the Prime Minister will delay the ending of Covid-19 restrictions later this month, pub and tourism bosses representing more than 150,000 workers have issued a desperate plea for … Read more