█ Business news
HMRC raises late payment interest rates
Interest on tax debt rises to 7.5%.
CIOT: Clearer guidance needed on cryptoassets
Professional bodies propose recommendations to HMRC.
Thousands fined despite not owing tax
Low earners account for 40% of late-filing penalties.
ICAS: UK needs tax incentives to drive net zero targets
Tax leaders call for sustainability reporting standards.
HMRC accused of ‘poor complaint handling’
Poor service levels drive customer complaints.
Tax gap hits £36bn in 2021/22
Small businesses responsible for half the tax gap.
BoE increases interest rates to 5%
Base rate rises by more than expected.
Inflation remains the same in May
Falling fuel prices offset by recreation and culture costs.
Outcry as HMRC closes self-assessment helpline
Helpline will reopen in Autumn.
MTD set to cost five times its original budget
Tax experts claim MTD is ‘out of control’.