Welcome to our August monthly newswire designed to keep you informed of the latest business and tax issues.
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- Bank of England raise interest rate – The Bank of England has raised the interest rate from 0.5% to 0.75%.
- Making Tax Digital for VAT – HMRC has published further information on Making Tax Digital for VAT (MTDfV).
- Scotland introduces relief for first time buyers – First-time buyers in Scotland will be helped to purchase their first home through a new tax relief which applies to Scottish Land and Buildings Transaction Tax (LBTT).
- Next round of tax draft tax legislation published – The government has published draft legislation for Finance Bill 2018-19 which is currently open for consultation.
- One million couples still eligible for tax boost – HMRC has highlighted that three million UK couples have already taken advantage of Marriage Allowance but a million more are still eligible for the tax break.
- Consultation on pensions cold calling ban – HMRC has launched a consultation on draft proposals to ban pensions cold calling.
- Use Tax-Free Childcare over the summer holidays – The Government is reminding ‘stressed out parents’ that help may be available for childcare costs during the summer holidays.