Read on for the latest accounting, tax & business news from TidyCloud
Watch out for Transitional Year Taxes!
2023/24 is a transitional year for basis period reform and the changes could have a serious impact on your tax bill for January 2025.
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Companies named and shamed for minimum wage breaches
Over 200 employers have been named by the government for failing to pay their lowest paid employees the minimum wage.
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Bank of England raises UK base interest rate to 5%
The Bank of England has raised UK interest rates to a 15-year high of 5% as it continues its battle against inflation.
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UK inflation stays at 8.7%
The UK’s rate of inflation plateaued at 8.7% in May, data published by the Office for National Statistics (ONS) has shown.
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MTD expected to cost £1 billion extra
A report published by the National Audit Office has found that the MTD initiative is expected to cost around £1 billion more than its initial £226 million budget.
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HMRC extends deadline for voluntary NICs to April 2025
HMRC has extended the voluntary national insurance contributions (NICs) deadline until 2025.
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Gift Aid small donations scheme
The Gift Aid Small Donations Scheme is a government initiative that allows charities and community amateur sports clubs (CASCs) to claim an extra 25p for every £1 donated by a UK taxpayer
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Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 June 2023.
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‘Fresh thinking’ needed in regard to MTD for ITSA
The ICAEW has written to HMRC to outline key points that it believes should be considered before the implementation of MTD for ITSA
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