Johnson Murkett & Hurst

• HMRC extends deadline for voluntary NICs to April 2025
  HMRC has extended the voluntary national insurance contributions (NICs) deadline until 2025. Extending the voluntary NICs deadline until 2025 will give people more time to consider whether paying voluntary contributions is right for them, and also ensures individuals do not miss out on the possibility of boosting their State Pension entitlements......readmore
• HMRC closes self assessment helpline for three months
  HMRC is planning to close its self assessment tax helpline for three months over the summer to focus call centre resources on dealing with other problem calls. All calls to the helpline will be redirected to digital services over the period to give HMRC time to deal with other more urgent phone enquiries......read more
• MTD expected to cost £1 billion more than originally forecast
  A report published by the National Audit Office (NAO) has found that HMRC's Making Tax Digital (MTD) initiative is expected to cost around £1 billion more than its initial £226 million budget, which was forecast in 2016. MTD is intended to modernise the tax system for income tax self assessment, VAT and corporation tax......read more
• UK inflation stays at 8.7%
  The UK's rate of inflation plateaued at 8.7% in May, data published by the Office for National Statistics (ONS) has shown. Inflation was expected to fall in May but remained at 8.7% – the same rate as was recorded in April. The rate of 8.7% is higher than economists had expected, and many now anticipate a rise in interest rates.......read more
• Bank of England raises UK base interest rate to 5%
  The Bank of England has raised UK interest rates to a 15-year high of 5% as it continues its battle against inflation. Despite concerns that mortgage-holders face a timebomb of higher rates, the Bank's Monetary Policy Committee (MPC) decided to raise its benchmark rate from 4.5% to 5%, an increase of half a percentage point......read more
• More than 200 companies named and shamed for minimum wage breaches
  Over 200 employers have been named by the government for failing to pay their lowest paid employees the minimum wage. The 202 employers were found to have failed to pay their workers almost £5 million in a clear breach of the National Minimum Wage (NMW) law, leaving around 63,000 workers out of pocket......read more
• Post-Brexit trade plan must be replaced with 'ambitious strategy', says think tank
  The Resolution Foundation think tank has called for the government to replace the initial post-Brexit trade plan with a 'far more ambitious'strategy to help protect Britain's manufacturing firms and seek new markets for UK services firms. A report published by the Foundation found that the UK's initial post-Brexit trade plan to secure Free Trade Agreements.......read more
• Industrial strategy required to 'focus on innovation', says IoD
  The Institute of Directors (IoD) has urged the government to create an industrial strategy to help 'define specific long-term priorities for the UK economy'. A survey carried out by the IoD revealed that 88% of its members favour the development of an industrial strategy. Less than 10% of IoD members think economic growth should be generated by market forces.......read more

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