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The latest tax, employment, business and economic news affecting firms and individuals alike. Updated each day.
HMRC defends decision to close self-assessment helpline
Treasury says reasons for temporary closure “not good enough”.
Alcohol duty changes could raise extra £3bn
One month until new alcohol duty system introduced.
HMRC raises late payment interest rates
Interest on tax debt rises to 7.5%.
CIOT: Clearer guidance needed on cryptoassets
Professional bodies propose recommendations to HMRC.
Thousands fined despite not owing tax
Low earners account for 40% of late-filing penalties.
ICAS: UK needs tax incentives to drive net zero targets
Tax leaders call for sustainability reporting standards.
HMRC accused of ‘poor complaint handling’
Poor service levels drive customer complaints.
Tax gap hits £36bn in 2021/22
Small businesses responsible for half the tax gap.
BoE increases interest rates to 5%
Base rate rises by more than expected.
Inflation remains the same in May
Falling fuel prices offset by recreation and culture costs.