The latest tax, employment, business and economic news affecting firms and individuals alike. Updated each day.
Nearly 800 mortgage deals withdrawnLenders are concerned about future interest hikes.
Access to finance limited for SMEsLow awareness and high borrowing costs limit growth.
Self-assessment threshold increases to £150,000Fewer PAYE taxpayers will submit returns in 2023/24.
Inflation falls to 8.7% in AprilFood prices remain at “near historic highs”.
UK economy will “avoid recession”IMF upgrades its growth forecast.
Government launches CIS consultationGovernment aims to simplify payments under the scheme.
VAT registration helpline closedHMRC 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 schemeThe scheme may be causing “unnecessary” administrative burdens.
One in five taxpayers will pay higher tax rateThreshold freezes could see 7.8 million pay 40%.