Johnson Murkett & Hurst

• 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). The inflation rate is currently at its lowest annual rate since March 2022, the ONS said......read more
• Bank of England raises UK interest rates to 5.25%
  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. The Bank’s Monetary Policy Committee increased the rate by 0.25% from 5% - the 14th increase in a row. It is a 15-year high for the base rate, which was last at this level in April 2008......read more
• 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. The move follows the Bank of England's June increase in the base rate with HMRC also increasing the rate paid on repayments of tax. The Bank increased the base rate to 5% from 4.5% on 22 June, the 13th consecutive rise.......read more
• 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). The scheme would be made possible by new compulsory open data requirements and backed by a new 'fuel monitor' oversight body......read more
• 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). The PAC said over £1.7 billion is waiting to be claimed by a million young adults, at an average value of £1,900 each......read more
• South Yorkshire named as first UK Investment Zone
  South Yorkshire has been named as the UK's first Investment Zone by Chancellor Jeremy Hunt. The status could bring £1.2 billion in funding and see up to 8,000 new jobs created in the area, according to the government. In March, Mr Hunt said 12 new UK Investment Zones would each receive £80 million in government cash.....read more
• 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. It also sees the introduction of Small Producer Relief, which aims to help small businesses and start-ups create new drinks, innovate and grow. There will be lower taxes on lower alcohol products – those below 3.5% alcohol by volume (ABV) in strength......read more
• 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. Eligible organisations need to bid for the funding, worth £1.8 million a year from 2024 until 2027, up from the current annual grant of £1.66 million, through HMRC's voluntary and community sector grant funding programme.....read more

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