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Interest rate increase not likely in the near future

Interest rate increase not likely in the near future

Expectations of an increase in the official interest rate, or Bank Rate, from its 0.50 per cent level were pushed back last week.

The minutes from the Bank of England’s Monetary Policy Committee meeting in July, published on 20 July, showed the risks that economic activity would remain subdued through the rest of 2011 had increased.

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Changes to French property tax

Changes to French property tax

UK residents owning property in France are likely to see an increase in the French taxes they pay from 1 January 2012, according to KPMG in the UK as a result of two key changes.

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Tax avoidance campaigns continue

Tax avoidance campaigns continue

New campaigns targeting VAT defaulters, private tutors and e-marketplaces will be launched by HM Revenue & Customs (HMRC) over the next year. HMRC will use cutting-edge tools such as “web robot” software to search the Internet and find targeted information about specified people and companies. Using the software, the department can pinpoint more accurately people who have failed to pay the right tax. The “web robot”, used with the department’s Connect computer system, also helps find people who are trading without telling HMRC.

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UK inflation rate still above target

UK inflation rate still above target

The UK’s annual inflation rate has fallen slightly over the past month but remains above the government’s target measure, the latest official data reveals.

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Are Markets predicting a rate rise in August 2012?

Are Markets predicting a rate rise in August 2012?

The UK money market is pricing in a first UK interest rate hike for August 2012, says Mike Riddell, the manager of the M&G international sovereign bond fund.

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Small firms could benefit from simpler accounting rules

Small firms could benefit from simpler accounting rules

Up to 1.5 million small UK firms could benefit from proposed changes to the accounting rules after EU ministers reached a new agreement earlier this week.

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Take care on your private medical insurance

Take care on your private medical insurance

Thousands of people are being forced to pay unexpected hospital bills because of gaping holes in their medical insurance.

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Are you claiming the new higher mileage rate?

Are you claiming the new higher mileage rate?

Don’t forget that from 6 April 2011 the HMRC approved amount you can claim for the business use of your own car is 45p per mile (previously 40p per mile). The 45p rate applies to the first 10,000 business miles claimed in a tax year, after that the rate reduces to 25p per mile.

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Base rate remains unchanged

Base rate remains unchanged

The Bank of England bank rate has been held at 0.5 per cent for the 27th month in a row and quantitative easing stays at £200bn. The last rate change was on March 5, 2009, when it was reduced from 1 per cent to 0.5 per cent.

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Tax evaders better watch out

Tax evaders better watch out

HM Revenue & Customs says it has uncovered 500,000 people with money in offshore tax havens who could face severe financial penalties if they have used them to evade tax.

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