Autumn 2023 Newsletter

    Simpson Wood
    8th August 2023
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    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.

    In this difficult landscape, more people are choosing to take the self-employment route, with around 4.5 million already working for themselves. While there are many attractions, becoming your own boss and effectively HR department requires preparation and regular reviews of planning and priorities. In this edition of our newsletter, we go through a self-employment checklist of the main areas that anyone embarking on the non-employed route should focus on, including tax and NICs, accounts and record keeping, insurance and pensions. Ensuring you can cover these fundamental areas should stand you in good stead as you build your own business.

    Our other stories in this edition include:

    • Pension contributions and corporation tax – 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.
    • Tax returns earnings limit changes – The threshold for PAYE taxpayers to be exempt from filing a self-assessment tax return has increased from this tax year from £100,000 to £150,000.

    We will share the next phase of developments with you in October. Please do get in touch if we can continue to help or provide you with more information on any of the topics covered.

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