HMRC Update – July 2022

08 Jul HMRC Update – July 2022

Welcome to our monthly newswire designed to keep you informed of the latest business and tax issues. Please contact us if you have any questions. Remember, we’re here to help.

MTD for income tax pilot extended
HMRC is extending the pilot for Making Tax Digital for Income Tax Self Assessment (MTD ITSA) to more self-employed workers and landlords.
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HMRC criticised over IR35 implementation
HMRC needs to demonstrate that off-payroll working rules, commonly known as IR35, can operate effectively and fairly in the real world, according to a report by the Public Accounts Committee (PAC).
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Inflation hits 40-year high
UK inflation rose to 9.1% in May from 9% in April as the cost-of-living crisis continues, according to data from the Office of National Statistics (ONS).
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Bank of England raises UK interest rates to 13-year high
The Bank of England (BoE) has raised UK interest rates to a 13-year high of 1.25% and is now predicting inflation will hit 11% this autumn, when energy bills are set to rise again.
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NICs increase has immediate impact on businesses
Four out of five employers stated that they were immediately impacted by the increase in national insurance contributions (NICs), according to research by the British Chambers of Commerce (BCC).
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Manufacturers call for support package
Manufacturing trade body Make UK is calling for an emergency, pre-recess package of business support measures.
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Latest guidance for employers
HMRC has published the latest issue of the Employer Bulletin.
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New homeowners warned over tax refund claims
New homeowners are being warned about cold calls from rogue tax repayment agents advising them to make speculative Stamp Duty Land Tax (SDLT) refund claims, which could leave them with large tax bills.
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