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The latest tax, employment, business and economic news affecting firms and individuals alike. Updated each day.
Government launches CIS consultation
Government aims to simplify payments under the scheme.VAT registration helpline closed
HMRC will focus efforts on registration applications.Late payment interest rate rises to 7%
Interest has doubled since May 2022.HMRC plans to simplify construction industry scheme
The scheme may be causing “unnecessary” administrative burdens.One in five taxpayers will pay higher tax rate
Threshold freezes could see 7.8 million pay 40%.VAT registration helpline set to close
HMRC will prioritise registration applications.Company insolvencies fall in April
Figures remain higher than pre-pandemic levels.Retail sales grow steadily in April
Retailers hope sales will improve over the summer.Economy fell by 0.3% in March
GDP grew slightly in Q1 of 2023.Bank of England raises interest rates to 4.5%
Rate increases for 12th time since December 2021.
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