News

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.

UK retail sales increased by 1.1 per cent year-over-year in February, slightly lower than January's figures but still above the 12-month average. Improved online non-food sales, strong food purchases, and Valentine's Day spending supported the slight growth despite continued economic uncertainty affecting larger purchases.

A study by Barnett Waddingham reveals concerning trends among disabled employees in the UK, with high rates of burnout, health issues, and feelings of inadequacy compared to their non-disabled counterparts. This highlights the urgent need for employers to provide better support and adjustments, including paid mental health leave, flexible work options, and regular mental health check-ins.