HMRC late payment interest rate hits 7% – now 2.5% above Bank of England rate, but HMRC continues to pay lower interest to taxpayers who have overpaid tax at rate of 3.5% – collects twice as much interest from taxpayers who pay late
HMRC closes #VAT registration helpline – from 22 May, call centre advisers on helpline will be redeployed to spend entire time processing VAT registration applications instead of answering calls – taking 40 days to handle registrations
VAT-free shopping could give £4.1bn boost – Top UK retailers have called on the government to reinstate tax-free shopping for overseas tourists, which could add £4.1bn to GDP by 2025
Loan charge letters sent to taxpayers – MPs on APPG said ‘these demands, that have come without warning, are for very significant and life-changing (and in most cases clearly unaffordable) sums
HMRC clawed back £33m in unpaid tax from landlords – HMRC targeted almost 5,500 landlords last year and recovered £33m in unpaid tax, as the authority re-prioritised its activities following the end of covid restrictions
One in five taxpayers will pay 40% tax by 2027 – will reach 7.8m, nearly four times higher than during the 1990s when only wealthiest earners were caught by higher rates of #tax – reducing earning potential
Company failures fall 31% in April – The number of company insolvencies decreased by 31.8% in April 2023 to a total of 1,685 compared to March’s total of 2,471
Use of AI will free up time for advisory work as 45% of accountants plan to invest in AI – ‘makes routine, repetitive tasks that provide little in the way of personal development opportunities more efficient
HMRC staff strike at two sites in Newcastle and East Kilbride – 18 days strikes at call centres affecting employer helpline, construction industry scheme (CIS), student loans unit, PAYE registrations and sick pay. Next strikes 15-19 May
Bank of England raises interest rate to 4.5% – warns that inflation will take longer to fall with it unlikely to go below 5.1% until 2024
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