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

Firms call for urgent action to reduce unemployment

Unemployment increased to 5% in the three months to November 2020.

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HMRC waives penalties for late-filed tax returns

Fines to kick in after 28 February 2021.

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Nine million people increased borrowing in 2020

The proportion of borrowing £1,000 or more increased to 45%.

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Millions to face fines if self-assessment tax return deadline missed

Taxpayers could face fines totalling to £250 million.

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Big businesses to reduce payment times to small suppliers

50,000 small firms close every year due to late payments.

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