Read on for the latest accounting, tax & business news from TidyCloud
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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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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