In this week’s Enews we look at:

• Prime Minister cuts business rates for pubs, clubs and music venues
• UK pension providers establish new scale-up fund
• Don’t ignore Simple Assessment letters, says HMRC

Prime Minister Andy Burnham has slashed business rates for pubs, clubs and live music venues in England by 20%.

The reduction will take effect from April 2027 and will save the typical pub an estimated £1,100 next year, according to the government.

Designed to cut costs for working people and communities, the move will benefit nearly 32,000 pubs, clubs and live music venues, the government said.

The changes will be fully funded, including through reviewing reliefs for businesses that do not make a positive contribution to local communities, such as vape shops.

Mr Burnham said: ‘For too long, governments have stood by while cherished venues have disappeared from our local high streets.

‘This government will back the businesses that people want to see in their communities. I said I would protect pubs and local high streets – the beating heart of our communities – and that’s what we will do. What we’re announcing… is just the start as we work to bring back hope across the country.’

Responding to the announcement, the Federation of Small Businesses (FSB) said: ‘We are encouraged at the signal from the Prime Minister… , instructing his government to plan for a significant increase in Small Business Rate Relief at the heart of the next Budget.’

Internet link: HMRC press release | FSB press release

UK pension providers have joined forces to establish a new UK scale-up fund of more than £1 billion to back the next generation of high-growth science and technology companies.

The new fund aims to increase UK growth capital and give pension savers greater access to returns from successful UK companies.

It would seek to deliver strong long-term returns for pension providers and their members by investing in successful UK companies.

According to the government, the fund will support economic growth and help pension savers benefit from larger retirement pots.

Commenting on the fund, Prime Minister Andy Burnham said: ‘This new fund would help unlock good growth in every postcode, connecting pension investment with the entrepreneurs and technologies that will reindustrialise Britain and create the jobs of the future.

‘That means more opportunities for working people, stronger returns for savers, and more businesses choosing to start, grow and stay in Britain.’

Internet link: Government website

HMRC has urged customers not to ignore Simple Assessment letters for the 2025/26 tax year.

HMRC issues around 1.8 million Simple Assessment letters and stated that people should check the figures in their letter against their own records.

The letters will be sent to those who have tax to pay on income that has not been taxed through Pay As You Earn (PAYE) or Self Assessment.

Individuals may receive a Simple Assessment letter if they owe tax that cannot be collected automatically by HMRC, for example, if:

• there is tax to pay on interest on savings or dividends
• a second income has not been taxed
• tax is due on pension income
• they received more tax-free allowance than they were entitled to
• the tax cannot be collected through a tax code (for example, larger amounts owed, typically £3,000 or more).

Any tax owed should be paid by 31 January 2027, unless a different date is shown.

Myrtle Lloyd, Chief Customer Officer at HMRC, said: ‘If you receive a Simple Assessment letter and have tax to pay, please don’t ignore it. It is quick and easy to pay any tax owed via the HMRC app.

‘If you need extra support or want to find out more, search ‘Simple Assessment’ on GOV.UK.’

Internet link: HMRC press release