Aug 2nd, 2023Press Release

Allotts Business Update - Jul-Aug 2023

There was a glimmer of good news halfway through the year as the June inflation figure dipped below 8%. While the pace of rising interest rates may be slowing, the landscape for individuals and businesses alike is still challenging. Government borrowing figures are also down but attributed partly to increased tax take as frozen thresholds bite.

An additional and persistent problem that we explore in the feature of the latest edition of our newsletter is the rise in sophisticated financial scams and frauds. A major payroll cyber-attack that affected significant institutions and firms has put the issue back in the spotlight. The government is introducing legislation to try to curtail, or at least slow down, the rate of online and phone scams we face every day. From cloning HMRC and bank websites to threatening texts and calls, this type of fraud now makes up around 40% of all crime.

Alongside the feature, our other stories include:

Pension contributions and corporation – With the rise in corporation tax, firms with profits from £150,000 to £250,000 face a significant hike in their tax bill. Some mitigation is possible with pension contributions into a directors’ SIPP.

Rental sector shake-up – The Renter’s (Reform) Bill going through parliament will introduce provisions for the rental market in England that mirror changes already in place in Scotland and Wales. These generally favour tenants and provide food for thought for landlords.

Employee share schemes under review – Offering share and share option schemes to employees has been found to improve business and employee outcomes, particularly around retention and recruitment. But take-up of such schemes has been in decline, leading to a government review of their structure and flexibility.

We also look at new redundancy protections for new parents, the implications of HMRC’s online scrutiny of taxpayers’ activities, changes to tax returns earnings limit and more.

Our next newsletter will be out in October, ahead of a potential Autumn Statement, to highlight new developments and key issues. Meanwhile please do get in touch if we can continue to help or provide you with more information on any of the topics covered here.

Read the full document here >