UK inflation stays at 8.7%
The UK’s rate of inflation plateaued at 8.7% in May, data published by the Office for National Statistics (ONS) has shown. Inflation was expected to fall in May but remained at…
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MTD expected to cost £1 billion more than originally forecast
A report published by the National Audit Office (NAO) has found that HMRC’s Making Tax Digital (MTD) initiative is expected to cost around £1 billion more than its initial £226 million…
HMRC closes self assessment helpline for three months
HMRC is planning to close its self assessment tax helpline for three months over the summer to focus call centre resources on dealing with other problem calls. All calls to the…
HMRC extends deadline for voluntary NICs to April 2025
HMRC has extended the voluntary national insurance contributions (NICs) deadline until 2025. Extending the voluntary NICs deadline until 2025 will give people more time to consider whether paying voluntary contributions…
Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 June 2023. The guidance states: ‘you can use the previous rates for up to one month from…
Energy suppliers urged to renegotiate fixed contracts for small businesses
The Federation of Small Businesses (FSB) has urged energy suppliers to renegotiate fixed contracts for small firms on market-peak tariffs. Research carried out by the FSB revealed that many small…
One in five workers will be higher rate taxpayers by 2027, says IFS
The number of people paying income tax at 40% or above will reach 7.8 million by 2027/28, according to research published by the Institute for Fiscal Studies (IFS). This represents…
HMRC increases late payment interest rate to 7%
Following the Bank of England’s latest increase in the base rate, HMRC has increased both late paid tax and the rate paid on repayments of tax. The Bank increased the…
‘Fresh thinking’ needed in regard to MTD for ITSA
The Institute of Chartered Accountants in England and Wales (ICAEW) has written to HMRC regarding how Making Tax Digital for Income Tax Self Assessment (MTD for ITSA) can be better shaped…
Number of early self assessment filers doubles in five years
The number of self assessment taxpayers filing their tax return on the first day of the tax year has more than doubled since 2018, HMRC has revealed. More than 77,500…
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