Jul 4, 2023 | Government Announcements
Upcoming changes to alcohol duty could raise an additional £3 billion by 2027, according to the Office for Budget Responsibility (OBR). Announced as part of Chancellor Jeremy Hunt's Spring Statement, the new alcohol duty system will come into effect on 1 August 2023....
Jul 3, 2023 | Government Announcements
HMRC has announced increases to the interest charged on tax debt after the Bank of England (BoE) raised the base rate to 5% last month. Customers with outstanding tax debt will see interest on their late payments rise from 7% to 7.5%. HMRC will also pay a higher rate...
Jun 30, 2023 | Government Announcements
The Chartered Institute of Taxation (CIOT) is calling for clearer guidance on the tax treatment of cryptoassets used in decentralised finance (DeFi) transactions. While CIOT welcomed many of the potential changes put forward in a recent DeFi lending and staking...
Jun 26, 2023 | Business TaxGovernment AnnouncementsPersonal Tax
The UK tax gap hit £36 billion in 2021/22 out of a total expected tax take of £739bn, according to the latest HMRC figures. The tax gap is the difference between what HMRC expected in tax receipts and what it actually received, with the £36bn ‘missing' payments...
Jun 21, 2023 | Government Announcements
The head of HMRC, Jim Harra, has told MPs that the tax authority "underestimated" the scale and complexity of Making Tax Digital (MTD). In a meeting on Monday, members of the Public Accounts Committee (PAC) asked HMRC representatives to explain continual delays to MTD...
