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

Final salary pension schemes in the private sector were underfunded by £219 billion last month, new figures have revealed.

The cost of operating a small firm has dropped as deflation replaces inflation during the deepening of the economic downturn.

Small firms have seen a rise of 40 per cent in late payments, adding to the woes of the economic downturn.

The new Business Rates Supplement Bill must be amended if local economies are not to be hit by the burden of unwanted extra taxes, the CBI has warned.

A leading business group has petitioned the government to scrap legislation which allows local authorities to charge a tax on business car parking spaces.

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