August 2023 eNEWS
Mohammed Nahim FCCA
Director at Michael Heaven & Associates Limited, Chartered Certified Accountants
Welcome to our monthly newswire designed to keep you informed of the latest business and tax issues. Please contact us if you have any questions. Remember, we're here to help.
UK inflation falls as economy shrinks in May
The UK's rate of inflation fell to 7.9% in the year to June while the country's economy shrank in May, according to the latest Consumer Prices Index (CPI) published by the Office for National Statistics (ONS).
Bank of England raises UK interest rates
The UK's interest rate has been raised to 5.25% by the Bank of England, as it continues to try and bring inflation under control.
HMRC increases late payment interest rate
HMRC has increased interest rates with late payment bills charged 7.5% from 11 July, the highest rate since 2001.
CMA scheme will force retailers to publish live fuel prices
A new fuel finder scheme to enable drivers access to live fuel prices and revitalise competition in the retail road fuel market, according to the Competition and Markets Authority (CMA).
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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).
South Yorkshire named as first UK Investment Zone
South Yorkshire has been named as the UK's first Investment Zone by Chancellor Jeremy Hunt.
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.
HMRC gives ￡1.8 million a year to charities to help excluded taxpayers
The voluntary and community sector will be able to apply for grants from HMRC to support their work with taxpayers who need extra assistance with their tax affairs.
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