More than a third of English households will see higher energy bills this winter than they did last winter, according to research published by the Resolution Foundation. Almost half of those hit by the higher bills will be in the poorest tenth of households, the report said. Ofgem is expected to announce a reduction in… Read more…

HMRC should increase the rewards it pays out to whistleblowers in line with the US system, according to law firm RPC. The tax authority paid out over £509,000 to individuals providing evidence about tax fraud over the past year, RPC’s research found. That figure is up from £495,000 in 2021/22 and a 75% increase from… Read more…

The frozen Savings Allowance combined with rising interest rates will push over one million taxpayers into paying tax on their savings this tax year, according to research by investment platform AJ Bell. In the 2023/24 tax year it is estimated that over 2.7 million individuals will pay tax on interest, up by a million in… Read more…

The government has launched the UK Business Climate Hub to offer firms advice and support on reducing their energy bills and cutting their carbon emissions. The Hub includes a free carbon calculator and a suite of new tools to help businesses measure, track and report on their emissions. It also offers detailed advice on topics,… Read more…

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… Read more…

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… Read more…

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… Read more…

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. It says ‘failure in long-term planning’… Read more…

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. The proposals are the… Read more…

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. Price rises have… Read more…