Mosaac Financial Blog

In late May, HMRC published a report – based on data collected in summer 2023 and dated January 2024 – that had been held back for months. Why the delay? HMRC are not renowned for prompt action, except for issuing reminders in early April to complete a tax return. So eyebrows were raised when research commissioned in March 2023, carried out between May and August of that year, was suddenly published in late May 2025. The subject of the investigation, entitled ‘Understanding t

In June, HMRC begins sending out simple assessments. They will come as a surprise to many recipients. From June 2025, HMRC will begin to issue simple assessment letters to those who are not required to make full self assessment returns. As a rule, you will receive a simple assessment letter if you: · Owe income tax that cannot be automatically taken out of your income; · Owe HMRC £3,000 or more; · Have tax to pay on your State pension; · Either

The April inflation figure was outside the Bank of England’s target range . Source: Office for National Statistics The Bank of England’s annual inflation target, set by the Chancellor, is 2%, based on the Consumer Prices Index (CPI). If inflation is more than 1% on either side of the target, the Bank’s Governor is required to write to the Chancellor explaining what has happened and the actions being taken to bring CPI back within range. If inflation is still off-target three