The Pensions Regulator (TPR) has issued a warning to savers over the dangers of scams and making transfers during the coronavirus (COVID-19) pandemic.

The warning followed the publication of figures by Action Fraud which showed that over £5 million of fraud has been reported since February, with reports totalling over 2,100.

According to the fraud prevention body Cifas, the most common COVID-19 scams Britons have been targeted with during the pandemic include pension scams, where fraudsters convince their victims to transfer their pension pots or release funds.

The TPR has also produced a factsheet for savers who have a defined benefit (DB) pension.

The factsheet tells savers that they do not need to rush a decision about their pension and should seek advice first. It also reminds DB pension holders that transferring into another type of arrangement is unlikely to be in their best interest.

Commenting on the issue, Charles Counsell, Chief Executive of the TPR, said: 'These figures once again show the true devastation of scams. We know, on average, victims of pension scams lose £82,000.

'Anyone can be a victim, and COVID-19 has created the sort of environment fraudsters thrive in. That's why it is vital savers don't rush decisions about their retirement funds.' 

Business loans through government-backed coronavirus support schemes have reached almost £35 billion, according to the latest figures published by the Treasury.

The figures show that £3.6 billion has been granted to 85,000 businesses in the past week, taking the total to £34.9 billion.

The Bounce Back Loan Scheme (BBLS), which allows small businesses adversely affected by the COVID-19 pandemic to apply for up to £50,000 with the government guaranteeing 100% of the advance, continues to be the most popular scheme.

The BBLS is averaging 156,000 loan approvals per week, and £2.5 billion was borrowed through it in the past week.

Over 48,000 businesses have received funding through the Coronavirus Business Interruption Loan Scheme (CBILS) to date, with lenders approving £9.6 billion in total.

Another 53 larger businesses secured finance through via the Coronavirus Large Business Interruption Loan Scheme (CLBILS) last week.

Commenting on the figures, Mike Conroy, Director of Commercial Finance at UK Finance, said: 'The industry acknowledges the role it must play and is providing an unprecedented level of support, with £35 billion approved to 830,000 businesses through government-backed lending schemes in less than three months.

'This sits alongside the broad package of measures the industry has introduced to help businesses access the support they need, including overdraft extensions and capital repayment holidays.'

The government is considering suspending Sunday trading laws for a year in order to aid UK economic recovery once the coronavirus (COVID-19) lockdown ends.

Under the Sunday Trading Act 1994, large retailers are currently permitted to trade for six hours on Sundays. There are no restrictions on small retailers.

As part of the plans, trading hours will be extended to help reduce queues and ease overcrowding in shops. Cafes and pubs could also be given approval to serve food and drink outside, and councils will be encouraged to allow more outdoor markets to give businesses time to adapt to social distancing measures.

Commenting on the plans, Adam Marshall, Director General of the British Chambers of Commerce (BCC), said: 'Businesses need to be given every possible opportunity to start to generate sales again. If there are rules that can be relaxed to give more companies a fighting chance to trade their way through this crisis without compromising safety, ministers should do everything in their power to make it happen.'

The Institute of Directors (IoD) has warned that business debt will hinder the economic recovery from the coronavirus (COVID-19) unless steps are taken to make the burden more manageable.

The IoD polled 720 company directors and found that 51% believe that debt their company has taken on during the pandemic will have a negative impact on their recovery. 57% said that debt will hold back their investment plans for the next two years.

The business group is calling on the government, banks and businesses to work together in order to deal with the 'debt mountain' faced by UK firms. The IoD has proposed that small businesses should be able to convert government-backed loans into 'student loans' and make repayments once the business turns a profit.

'During the crisis, government loans have been a lifejacket for business, but they could become an anchor dragging back the recovery,' said Jonathan Geldart, Director General of the IoD.

'If we don't deal with the debt mountain businesses have had to take on because of coronavirus, the economy will take much longer to heal.'

HMRC has reminded employers who intend to furlough an employee for the first time that the deadline to do so is approaching fast.

The Coronavirus Job Retention Scheme (CJRS) will be closed to new entrants from June 30.

In order for the minimum three-week furlough period to be completed by then, the final date which an employer can furlough an employee for the first time is June 10. Employers will have then have until 31 July to make any claims in respect of the period to June 30.

Chancellor Rishi Sunak recently announced changes to the CJRS that will apply from 1 July until its scheduled closure at the end of October.

The changes mean businesses will be able to bring furloughed employees back on a part-time basis from 1 July. HMRC said it will publish further guidance on these changes on 12 June.

The taxpayer contribution will stay at 80% in August but employers will have to pay national insurance and employer pension contributions. In September, employers will be asked to contribute 10% towards people's wages, which will rise to 20% in October.

HMRC also reminded businesses that they must repay money that has been over-claimed through the CJRS.

Further guidance on the CJRS can be found here.

HMRC has announced a five-month delay to the introduction of the domestic VAT reverse charge for construction services, due to the impact of the coronavirus (COVID-19) pandemic on the sector.

The change will now apply from 1 March 2021 and will overhaul the way VAT is payable on building and construction invoices as part of a move to reduce fraud in the sector. Under the domestic reverse charge, the customer receiving the service will have to pay the VAT owed straight to HMRC instead of paying the supplier, if they report via the Construction Industry Scheme (CIS).

The change was originally scheduled to come into effect from 1 October 2019 but was deferred for 12 months after industry bodies highlighted concerns about the lack of preparation and the impact on businesses. The start date has now been put back from 1 October 2020 to 1 March 2021.

There will also be an amendment to the original legislation. This will make it a requirement that for businesses to be excluded from the reverse charge because they are end users or intermediary suppliers, they must inform their subcontractors, in writing, that they are end users or intermediary suppliers.

HMRC said the additional amendment is designed to make sure both parties are clear in regard to whether the supply is excluded from the reverse charge. It reflects recommended advice published in HMRC guidance and brings certainty for subcontractors as to the correct treatment for their supplies.

HMRC stated that it will continue to focus additional resources on identifying and tackling existing perpetrators of fraud in the construction supply chain. It will also work closely with the sector to raise awareness and provide additional guidance and support to ensure all businesses will be ready for the new implementation date.

A fifth of highly skilled freelances face having to close their business due to the impact of the coronavirus pandemic, according to research from the University of Edinburgh Business School.

The study, which surveyed over 1,400 highly skilled freelancers, found that three quarters of them had lost income, with an average drop of 76%. As a result, over two thirds say they now have cashflow problems.

The research found that over 90% of these freelancers could not access the government's Self-Employment Income Support Scheme (SEISS). This is mainly because 73% of the group work through a limited company.

Average stress levels in this group have increased by 80% because of the COVID-19w crisis.

Commenting on the research, Chloé Jepps, Head of Research at the Association of Independent Professionals and the Self-Employed, said: 'The plight of contractors working through limited companies can make for difficult reading because this group has not just been forgotten, but actually abandoned by the government. This research shows just how heavily this is falling on thousands of hard-working freelancers across the UK.

 'The SEISS offers generous help to many self-employed people, but it is clear from this that there are gaping cracks in it through which thousands are falling – particularly limited companies and the newly self-employed. The government must urgently think again about these groups and get them the support they so badly need.'

The government should consider delaying changes to capital gains tax (CGT) rules in relation to residential property sales to take account of the impact of COVID-19 on the property market, according to the Chartered Institute of Taxation (CIOT).

The measure is included in the current Finance Bill, which began its committee stage in the House of Commons on 4 June.

Private Residence Relief (PRR) enables most owner occupiers to sell their properties without being liable for CGT on any gains made.

Final period exemption means that, under the law currently in place, people do not pay capital gains tax on gains made in the final 18 months of ownership, even if it was not their main residence during that period.

The Finance Bill aims to reduce that period to the final nine months of ownership for most people.

Commenting on the changes, Marc Selby, Chair of CIOT's Property Taxes Committee, said: 'We are concerned that the original assumption of an average time of four and a half months for selling a property is out of touch with the reality of the property market today because of the impact of COVID-19.

'We strongly suggest that the original evidence base needs review and that consideration should be given to delaying the squeeze in the final period exemption until the impact of COVID-19 on the property market is better understood.'

A strong economic recovery following the coronavirus pandemic is likely although many risks and uncertainties remain, according to a report from Oxford Economics.

The report, which was commissioned by the ICAEW, predicts that the economy should return to growth in the second half of the year if the lockdown continues to be relaxed over the summer.

It says the unusual nature of this recession could prove to be a silver lining for the recovery. Because GDP has fallen due to a planned, partial economic shutdown, so in theory activity and demand should rebound as restrictions lift.

The fiscal and monetary support from government and the Bank of England since the crisis began should also aid the recovery.

However, the risks remain high as a second wave of infections, an extension to the lockdown, the early withdrawal of government support or the collapse of UK-EU trade talks could all hamper a recovery.

Commenting on the report, Martin Beck, Oxford Economics Lead UK Economist, said: 'Coronavirus and the restrictions on daily life imposed in response are inflicting a once-in-a-century downturn on the economy.

'But the nature of the shock and the massive support put in place by policymakers mean a strong bounce back is achievable. However, with no precedents to draw on, the outlook is clouded by multiple risks.'