The government has vowed to undertake a revamp of the current student loans repayment system.

From April 2020, graduates will only be required to start paying back their loan if they earn over £26,575 per year.

In a move designed to modernise the system, the government intends to introduce a new online repayment service, which will provide graduates with 'up-to-date balance information'.

Graduates are also being urged to switch from salary deductions to direct debit towards the end of their loan in order to prevent them from over-paying.

Commenting on the review, Chris Skidmore, Universities Minister, said: 'With more and more people enjoying the benefits of a university education, it's only right that graduates have easy access to the information they need about repaying their student loan.

'I urge all graduates to use this new service and to join the direct debit scheme as they approach the end of their loan to ensure a smooth end and not repay more than they should.'

In a new report, the World Economic Forum (WEF) has stated that businesses must take action now to tackle climate change.

In its latest Global Risks Report, the WEF suggested that most businesses are 'ill-equipped to address climate change risk'.

The report also stated that many firms 'may not be planning for the physical and financial risks that climate change may have on their activities and across their value chains'.

The WEF surveyed business leaders and found that none of their top ten business risks are environmental in nature. The Forum urged businesses to 'reassess assets, reconcile trade-offs and develop new capabilities to move towards a more sustainable model'.

Commenting on the issue, Peter Giger, Group Chief Risk Officer at Zurich Insurance Group, said: 'It is critical that companies and policymakers move faster to transition to a low carbon economy and more sustainable business models. We are already seeing companies destroyed by failing to align their strategies to shifts in policy and customer preferences.'

HMRC has issued guidance on recognising genuine Revenue contact and phishing emails.

Criminals use phishing emails to obtain taxpayers' personal or financial information. HMRC stated that such emails often include a link to a bogus website, which encourages individuals to enter their personal details. The Revenue also warned that criminals are able to make scam emails and texts look very realistic.

During 2019, HMRC received 614,483 reports of suspicious communications from members of the public.

Commenting on phishing emails, a spokesperson for HMRC said: 'Scammers use a range of techniques, including phoning taxpayers and offering a bogus tax refund or threatening them with arrest if they don't immediately pay tax owed.

'If someone calls you claiming to be from HMRC saying that you will be arrested, that we are filing a lawsuit against you or even that you are owed a tax refund, and asks for information such as your name, credit card or bank details, then it's a scam.'

HMRC urges taxpayers to forward dubious emails to phishing@hmrc.gov.uk and texts to 60599. Its guidance on the matter can be found here.

According to a study carried out by the Trades Union Congress (TUC), UK average household debt is now higher than during the 2008 financial crisis.

Average household debt is currently 31% above its peak before the financial crisis, the TUC said.

The study revealed that unsecured household debt rose to £14,540 during the third quarter of 2019, representing a rise of £430 when compared to the same period in 2018. Total unsecured debt increased to £407 billion in the third quarter of 2019.

The TUC believes the key reasons for weaknesses in wages are a low minimum wage, job insecurity, slow wage growth and a decade of austerity.

'The reason we're seeing this is bad management of the economy,' said Frances O'Grady, General Secretary of the TUC.

'Wages are still worth less than a decade ago. Too many people have insecure jobs with uncertain hours.

'No more excuses – the government must put together an urgent plan to improve living standards and to help families struggling with dangerous levels of debt.'

The UK's GDP fell by 0.3% during November as political uncertainty continued to take its toll on the economy, according to the latest data from the Office for National Statistics (ONS).

The November figures represent a slowdown from annual growth of 1.0% in October, after that month's growth pace was revised up.

The ONS figures show that the economy was 0.6% larger in November last year than in November 2018. According to the data, manufacturing output fell by 1.7% during the month, while the services sector shrank by 0.3%.

Commenting on the figures, Rob Kent-Smith, Head of GDP at the ONS, said: 'Overall, the economy grew slightly in the latest three months, with growth in construction pulled back by weakening services and another lacklustre performance from manufacturing.

'The UK economy grew slightly more strongly in September and October than was previously estimated, with later data painting a healthier picture.'

Following the announcement, the value of the pound fell as speculation grew that the Bank of England could cut interest rates at its next meeting on 30 January.

Research commissioned by finance provider Stenn Group has revealed that a significant number of UK businesses predict a recession in 2020.

The research found that over a third of UK firms expect the economy to shrink this year. More than a tenth anticipate it to contract by 1-3%.

6% expect the economy to stay flat and experience no growth.

The research also suggested that trade tariffs, Brexit and regional instability pose risks to UK businesses in 2020. Climate change and environmental concerns are also worrying firms, according to the report.

'2019 was weaker than expected and the stakes are only higher for the year ahead,' said Kerstin Braun, President of Stenn Group.

'The prolonged uncertainty has been battling the UK economy and many businesses are concerned Brexit could cause the economy to shrink in 2020. It's vital UK firms start investing again as they exit Brexit limbo.

'This is critical for long-term growth. If current political and economic uncertainties ease, we could see a gradual revival in activity over the course of the year.'

The deadline for submitting your 2018/19 self assessment tax return is just 21 days away.

Taxpayers must file their tax return by midnight on 31 January 2020. The only exception to this is if you received a notice from HMRC to make an online tax return after 31 October 2019. In this case, you have three months from the date of issue to submit your return.

More than 11 million tax returns are due by the end of January. Over 54% of taxpayers have already filed, with almost 90% completing an online return.

Those who are late in submitting their return face a penalty of £100, even if there is no tax to pay, or if the tax has been paid on time. Additional penalties are due for continued late payments and late filing.

Last year, 735,258 taxpayers filed their returns on 31 January and 731,186 taxpayers missed the deadline completely.

Angela MacDonald, HMRC's Director General for Customer Services, said: 'The self assessment deadline on 31 January is fast approaching, so customers have under a month left to file their tax returns online to avoid any unnecessary penalties. Any tax due is also payable by 31 January.'

We can help with all aspects of self assessment, including filing returns on your behalf. Please contact us.

A survey carried out by the Confederation of British Industry (CBI) has suggested that UK workers are losing five days per year as a result of travel delays.

The CBI polled 2,000 people, and found that employees lose, on average, 2.7 hours a week due to travel disruption and delays. According to the business group, this totals 125 hours, or five days, over the course of a working year.

The CBI is calling for the government to improve transport infrastructure across the UK, and make commuting greener and more affordable for communities across the country.

'Encountering delay and disruption far too often, employees up and down the UK want a cheaper, greener and more reliable commute,' said Matthew Fell, Chief UK Policy Director at the CBI.

'This will only be achieved by business and the government working together to invest and deliver the right infrastructure, and make better use of existing capacity on our networks – from a plan for a more accountable rail system to expanding smart ticketing and promoting flexible working.'

The government has launched a review into the new off-payroll working rules, known as IR35, that are due to come into effect on 6 April 2020.

The review, which was promised by Chancellor Sajid Javid in the run up to last year's General Election, was officially launched on 7 January. It will gather information from affected individuals and organisations, with the government saying it aims to address 'concerns about how the IR35 rules will be implemented'.

Commenting on the review, Jesse Norman, Financial Secretary to the Treasury, said: 'We recognise that concerns have been raised about the forthcoming reforms to the off-payroll working rules.

'The purpose of this consultation is to make sure that the implementation of these changes in April is as smooth as possible.'

The review, which is due to be completed within six weeks, will look at the rules that will make organisations responsible for assessing whether a contractor should be treated as a full-time employee.

Julia Kermode, Chief Executive of the Freelancer and Contractor Services Association (FCSA), said: 'This seems to be another meaningless review from a government who seems intent on bulldozing ahead with its plans anyway.

'They are expecting the review to be completed by mid-February, which is simply not long enough to consider the deeply complex range of issues that the off-payroll legislation is throwing up.'