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

Small businesses could be losing up to £800 annually as the result of fraud, it has been claimed.

Some 60 per cent of small firms are missing out on the sales opportunities afforded by the internet.

UK high street banks increased their term lending to small businesses by 9 per cent in 2008, according to figures from the British Bankers’ Association (BBA).

A combination of a rapidly deteriorating global economy and the ongoing failure of UK businesses to get access to finance will mean that the recession is all set to worsen in 2009, the CBI has predicted.

A new poll has revealed that businesses believe the cut in VAT, introduced by the government in an effort to stimulate consumer spending, has done little good.

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