Insights from HW Fisher: mini budget reversal, tackling inflation, director's loans and more...
The last few weeks have been characterised by constant political change and continuing rising inflation. In this newsletter, we outline the latest tax measures announced by the Government and the tax strategies available to taxpayers to help cushion the blow of inflation.
We also discuss the Register of Overseas Entities, launched earlier this year as part of the Economic Crime Act. Read on to find out whether this applies to you and what you need to do to comply.
As ever, please do get in touch if you have specific questions or if you would like to discuss your own circumstances.
Contents:
Commentary from our Partners and team
Mini-Budget measures reversed - summary of changes
Following the political turmoil of the last few weeks, Jeremy Hunt has reversed almost all of the measures announced in September’s original “mini-budget” Read a summary of the changes from Jamie Morrison, Head of Tax.
Tackling inflation from a personal tax perspective
Inflation continues to cause both individuals and businesses to feel the pinch. ONS figures published in September show that inflation in the UK has risen above 10% for the second time this year with further predictions that this could increase to 20% by early 2023. As the UK officially enters recession, Stevie Heafford, Tax Partner, has outlined some tactics available to individual taxpayers to mitigate the financial stress caused by inflation.
HMRC’s extended use of nudge letters
Nudge letters are specifically worded letters to prompt a response from the recipient. HMRC has been issuing nudge letters since 2017and has now started to issue these letters to additional taxpayer groups. Richard Morley, Tax Partner, explains the new considerations for taxpayers and what they need to do if they receive a nudge letter.
The Register of Overseas Entities: what you need to know
On August 1st, the UK’s Register of Overseas Entities launched as part of the Economic Crime Act 2022. This register will contain details of the beneficial owners of overseas entities, and those who own or lease land or property in the UK must register with HM Land Registry by 31st January 2023. Read here to find out how a beneficial owner is defined and what are the sanctions for non-compliance.?
Director’s Loans: what you should know about potential tax liabilities
Borrowing money is often attached to a host of financial complexities and company directors often want to know if they should loan money to their company or consider taking out a Director’s Loan. To make the right choice they need to understand the pay-back implications and understand potential tax liabilities. Amy Crosby, Tax Director, outlines what you need to know and recent changes to be aware of.