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More than half of cryptocurrency investors lack understanding of capital gains tax, with 37% knowing little or nothing and 22% not familiar with it. HMRC research found 42% of owners aware of potential tax liability when buying goods and services with crypto, but only 45% thought CGT might be payable.

Smaller businesses are also unaware that Making Tax Digital applies to them, with 28% believing it won't affect their business and 26% not linking their MTD-compatible software with HMRC's systems.

Self-employed individuals struggle with tax obligations due to confusing terminology and uncertainty around allowable business expenses. A report found the first year of business is the most challenging for tax duties, with many seeking advice from accountants to gain clarity.

The Bank of England aims to return UK inflation to its 2% target, with chief economist Huw Pill stating it's essential to bring inflation back to target to reduce uncertainties facing households and allow firms to plan for the future. The Bank forecasts a further rise in inflation to around 12% later in the year.