Read on for the latest accounting, tax & business news from TidyCloud
Tax down on pints but up on wines and spirits in Alcohol Duty overhaul
The largest overhaul of alcohol duty in 140 years sees drinks taxed by strength rather than category from 1 August.
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South Yorkshire named as first UK Investment Zone
South Yorkshire has been named as the UK’s first Investment Zone by Chancellor Jeremy Hunt.
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Almost a million Child Trust Funds still unclaimed
Almost a million young people have yet to access savings contained in Child Trust Funds (CTFs), according to a report by Parliament’s Public Accounts Committee (PAC).
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HMRC increases late payment interest rate to 7.5%
HMRC has increased interest rates with late payment bills charged 7.5% from 11 July, the highest rate since 2001.
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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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