There was a glimmer of good news halfway through the year as the June inflation figure dipped below 8%. However, interest rates continue to rise and the landscape for individuals and businesses is challenging.
In this edition, our feature article covers sophisticated financial scams and frauds which now make up around 40% of all crime.
The articles in this issue are:
- Pension contributions and corporation tax Many owner-managed companies are facing a significant tax hike this year with profits in excess of £50,000 being taxed at much higher rates. This tax increase can in part be mitigated by the company making pension contributions into a director’s self-invested personal pension (SIPP).
- Impact of rental sector shake-up for landlords The Renter's (Reform) Bill has finally been introduced into Parliament, almost five years after it was first promised.
- Employee share incentive schemes under review Use of two tax-advantaged employee share schemes has declined since 2016, prompting a review into whether their rules are sufficiently simple and clear, and contain enough flexibility to meet the needs of companies.
- Look out for HMRC’s online scrutiny Although the coronavirus job retention scheme (CJRS) ended on 30 September 2021, a recent case involving a furlough claim shows the scope of HMRC’s data gathering. It is a reminder to taxpayers that HMRC’s investigative methods continue to evolve.
- Self-employed checklist Self-employment can be an attractive option, with nearly 4.5 million people in the UK now working for themselves. A focus on good preparation is essential.
We hope you enjoy reading the newsletter. Please get in touch if you need help or advice on any of the topics covered.