Weekly News:
Inflation Rate Falls to 2.3%
Primark Clothing Supplier Fined for Tax Evasion
Electric Vehicles to Be Subject to Vehicle Excise Duty from Next Year
Britain’s general election will be held on July 4
Inflation Rate Falls to 2.3%
This week, the Office for National Statistics announced that the inflation rate for April has fallen to 2.3%.
This is the first time it has reached such a low level since July 2021.
The National Bureau of Statistics stated that the main reason for this decline is the slowdown in the price increases of a range of items, including energy prices.
In response, Rishi Sunak said, “This is an important moment for the economy, as inflation has now returned to normal.”
Primark Clothing Supplier Fined for Tax Evasion
A Leicester-based clothing factory supplies garments to chains such as Primark and New Look.
The factory established a complex network of shell companies to shift VAT liabilities and evade taxes without the knowledge of these brands.
An investigation following a surprise visit by HMRC found that the factory had evaded £1.3 million in VAT.
Ultimately, the two main culprits were sentenced to 3-5 years in prison, and an accomplice was sentenced to 2 years in prison and required to complete 300 hours of community service.
Electric Vehicles to Be Subject to Vehicle Excise Duty from Next Year
The UK Spring Budget has announced changes to Vehicle Excise Duty (VED).
From 1st April 2025, newly registered electric vehicles and low-emission vehicles will need to pay £10 in their first year.
From the second year onwards, this will increase to the standard VED rate (currently £190).
If you are unsure whether your vehicle qualifies as low-emission, you can check using the GOV.UK website tool.
Britain’s general election will be held on July 4
This week Rishi Sunak called a general election for July 4th and will then start campaigning against Keir Starmer.
Starmer said Britain had been waiting for this moment and said it was time to turn the page.
The outcome of the election will affect tax, pension, child care and other programs.
