Finance News

The government-established Office of the Small Business Commissioner (OSBC) has been publicising its Small Business Plan that offers tailored funding to smaller businesses.

HMRC have concluded that the Cabinet Office failed to take reasonable care when applying the Off-Payroll Working (IR35) rules. The Cabinet Office has set aside £38.5 million for unpaid Income Tax, National Insurance and interest. A penalty of up to £8.9m could follow.

The Parliamentary Business, Innovation, Science, and Trade Committee has launched a consultation into the difficulties facing new entrepreneurs and how they are supported.

UK businesses are increasingly worried about rising operating costs, with concern over both energy and fuel prices reaching their highest levels since the Office for National Statistics (ONS) began tracking them.

Small UK companies are being asked to develop security ideas and products for Britain’s transport sector with an unusually tight deadline. As the geopolitical situation becomes increasingly dangerous, with sabotage to the UK’s physical and cyber infrastructure by countries such as Russia and Iran increasing daily, new security projects are topping the government’s ‘hopeful’ list.

For Small to Medium-Sized Enterprises (SMEs), the issue of late payments can mean the difference between survival or liquidation. The Department for Business & Trade estimates it costs the economy £11 billion annually, forcing 38 businesses to close their doors every day.

Manufacturers, importers, wholesalers and retailers are being warned that significant regulatory change is coming under the Deposit Return Scheme (DRS).

New research on companies claiming Research and Development (R&D) tax credits shows the value of tax relief support was £8.2 billion, an increase of 5%, while the number of R&D tax credit claims decreased by 17% for 2024-25.

Small businesses can now benefit from a new electricity-cost relief scheme that was launched on 1 October. Applications close on 30 November 2026.

New laws from the beginning of the month make it critical for companies that rely on subcontractors, agency staff or complex labour supply chains to review their compliance procedures to identify employees who do not have the right to work in the UK.

The annual report from the Administrative Burdens Advisory Board (ABAB) shows a slight improvement in HMRC’s performance but there is a rising concern over legislative burden and continued difficulties with communication channels.

A new consultation that proposes loosening the rules on company reporting standards could both benefit companies and give cause for concern.

Directors are being warned to verify their identities with Companies House or risk prosecution after the Insolvency Service secured its first convictions for these offences.

Members of the Construction Industry Scheme (CIS) are due to get letters from HMRC where errors have been identified in their monthly returns. The letters, due in October, are in response to three common errors identified by HMRC.

Britain’s companies are facing a critical challenge with over one in five working-age adults out of the workforce, with ill-health and disability as major drivers.

HMRC have clarified the position on Self Assessment tax return reporting requirements for directors of close companies and updated their guidance for directors of charities.

HMRC have updated guidance on UK VAT refunds for non-UK businesses in a VAT group. Revenue & Customs Brief 10 (2026) explains changes to how non-UK businesses in a VAT group should make future UK VAT refund claims and the transitional arrangements. It also explains how to ask HMRC to reconsider claims made since 1 January 2021 that have been refused.

Mayors across England are to be given the power to charge a tourist tax on overnight stays which would apply to British and foreign visitors alike.

The troubled Shetland SaxaVord Spaceport project has been saved. The £30 million rescue package for the ex-RAF station in Unst was announced the day after a rapidly rolled-out new UK space strategy was presented by the government.

The Apprenticeship Levy has undergone its biggest overhaul since its introduction, with major changes taking effect from 1 August 2026. For Small to Medium-sized Enterprises (SMEs), the most significant development is the expansion of what levy funds can be used for under the new Growth and Skills Levy. This expansion comes alongside tighter funding rules, making planning more important than ever.