Welcome to the monthly news round up from Moore Green, designed to keep you informed of the latest business and tax issues. Please contact them if you have any questions.
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Chancellor announces windfall tax on energy firms
Chancellor Rishi Sunak will impose a windfall tax on energy firms alongside a package to help households with the cost-of-living crisis.
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Energy price cap set to rise to £2,800 in October
The energy price cap is now expected to rise to around £2,800 in October, according to the UK's energy regulator.
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Inflation hits 40-year high
Inflation has hit its highest level in 40 years amid the deteriorating cost-of-living crisis, according to the latest figures from the Office for National Statistics (ONS).
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Almost 66,500 filed self assessment returns on 6 April
Nearly 66,500 taxpayers filed their 2021/22 self assessment return on the first day of the new tax year, according to figures from HMRC.
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New law to protect access to cash announced in Queen's Speech
New laws to protect access to cash and help victims of financial scams were announced in the Queen's Speech at the state opening of parliament on 10 May.
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HMRC issues £14 million in penalties for minimum wage offences
HMRC issued 580 penalties totalling over £14 million for minimum wage offences during 2020/21, according to a report released by the Department for Business, Energy and Industrial Strategy (BEIS).
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Advisory fuel rates for company cars
New company car advisory fuel rates have been published and took effect from 1 June 2022.
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Number of firms in critical financial distress rises sharply
A growing number of UK businesses are at risk of going under as costs spiral and Covid loan repayments become due, according to a report from insolvency firm Begbies Traynor.
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