Increase takes rates to their highest since 2008.
Bank of England hikes interest rates to 5.25%
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Government Announcements
CIOT: taxpayers using pilots must not be disadvantaged
Tax institute flags concerns following HMRC consultation.
Corporate insolvencies hit a 14-year high
Insolvency Service reports an 8.9% increase on the previous quarter.
Government proposes merging R&D tax relief schemes
Changes would present opportunities for tax simplification.
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.
Tax gap hits £36bn in 2021/22
Small businesses responsible for half the tax gap.
HMRC “underestimated” the complexity of MTD
Issues with migrating data delayed the scheme.
Insolvencies increase by 51% in May
2,552 companies registered as insolvent last month.
Charities gain more financial freedom
Charities Act changes give trustees greater flexibility.
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