The latest tax, employment, business and economic news affecting firms and individuals alike. Updated each day.

VAT cut kicks in for certain sectors

Standard rate temporarily falls from 20% to 5%.

UK economy slumps 19.1% in lockdown

Figures dispel hopes of a V-shaped recovery.

UK tax gap drops to record low

More than 95% of tax owed in 2018/19 was collected.

IFS: ‘Tax rises may not be imminent’

Think tank predicts a third phase of recovery.

Chancellor announces ‘plan for jobs’

More employer grants in summer economic update.

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