News

Boohoo has renamed itself Debenhams Group under new CEO Dan Finley's plan to transform the retailer using a successful marketplace strategy. This rebrand accompanies management changes and lowered sales predictions, reflecting Boohoo's struggles including fierce competition and declining share prices.

Elon Musk claims his social media platform X faced a "massive cyberattack" on Monday, leaving it inaccessible for several hours. The attack, which Musk suggests may have been orchestrated by a "large, coordinated group and/or a country," comes amid growing protests against his involvement in Donald Trump's administration.

HM Revenue & Customs plans to raise the self-assessment tax return filing limit to £3,000, a move projected to exempt around 300,000 individuals from yearly paperwork. The policy specifically targets individuals who earn small amounts from side activities like online commerce, dog walking, or content creation, as part of broader efforts to streamline tax administration.

The UK Treasury is offering rewards of up to 25% of the extra revenue raised to individuals who report tax avoidance or fraud, hoping to incentivize whistleblowing and tackle illicit practices. Additionally, the government plans to raise the threshold for "side hustles" requiring self-assessment tax returns, exempting around 300,000 taxpayers.

President Trump's 25% tariffs on steel have come into effect, dealing a significant blow to British steelmakers and their US customers. The tariffs will remain in place until June 2026, and industry figures are urging the government to tighten existing measures and make clear plans for a new system of safeguards.