HMRC extends deadline for voluntary NICs to April 2025
Posted on Monday, July 17th, 2023
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 is right for them, and also ensures... Read Full Article...
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HMRC closes self assessment helpline for three months
Posted on Monday, July 17th, 2023
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 helpline will be redirected to digital services... Read Full Article...
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MTD expected to cost £1 billion more than originally forecast
Posted on Monday, July 17th, 2023
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 budget, which was forecast in 2016. MTD... Read Full Article...
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UK inflation stays at 8.7%
Posted on Monday, July 17th, 2023
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 8.7% – the same rate as was... Read Full Article...
Bank of England raises UK base interest rate to 5%
Posted on Monday, July 17th, 2023
The Bank of England has raised UK interest rates to a 15-year high of 5% as it continues its battle against inflation. Despite concerns that mortgage-holders face a timebomb of higher rates, the Bank’s Monetary Policy Committee (MPC)... Read Full Article...
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More than 200 companies named and shamed for minimum wage breaches
Posted on Monday, July 17th, 2023
Over 200 employers have been named by the government for failing to pay their lowest paid employees the minimum wage. The 202 employers were found to have failed to pay their workers almost £5 million in a... Read Full Article...
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Post-Brexit trade plan must be replaced with ‘ambitious strategy’, says think tank
Posted on Monday, July 17th, 2023
The Resolution Foundation think tank has called for the government to replace the initial post-Brexit trade plan with a ‘far more ambitious’ strategy to help protect Britain’s manufacturing firms and seek new markets for UK services firms. A report published... Read Full Article...
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Industrial strategy required to ‘focus on innovation’, says IoD
Posted on Monday, July 17th, 2023
The Institute of Directors (IoD) has urged the government to create an industrial strategy to help ‘define specific long-term priorities for the UK economy’. A survey carried out by the IoD revealed that 88% of its members favour... Read Full Article...
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