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

With credit ever harder to come by, the looming recession promises to be a challenging time for even the best organised of businesses as they strive to maintain a reasonable cash flow and to avoid late payments. There are, however, a number of practical steps that businesses can take to ensure that they have as tight a control as possible over their finances.

Small and medium-sized businesses are axing jobs at a rate not seen for almost twenty years, the CBI has reported.

Employers are being reminded of increases to the amount of an employee’s weekly earnings that count towards statutory redundancy pay.

A report has found that government departments are still putting together legislation that affects businesses without due consideration of the cost to firms.

Banks and building societies are boosting the bonuses they offer people opening new savings accounts in an effort to recruit extra customers.

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