We’re quickly heading into the final quarter of 2022, with many changes to both the political and business climate coming up.

Before we enter the Autumn and Winter months, let’s take a look at all the news in business and tax that hit the headlines in August!

Liz Truss Tax Cut Controversy

Liz Truss is facing new criticism over her plans for tax cuts, as it emerged that the top 1% of earners will gain as much as the bottom 60% from her National Insurance cut plans.

The reverse of the NI Tax hike will save the highest paid one percent of earners £1.3bn, more than the combined saving of the lowest 60 per cent of taxpayers (£1.1bn)

A number of economic groups said that her tax plans will benefit the wealthiest the most at a time where the cost of living is becoming critical for many families.

The Resolution Foundation found that “only 15 per cent of the cost of scrapping the National Insurance rise would go to the poorer half of the population””.

UK House Prices Fall

UK house prices fell for the first time in over a year, due to the impact of higher interest rates and the broader cost of living crisis.

The average price of a home was £293,221, down 0.1% month on month as reported by Halifax, although the average house price remains more than £30,000 higher than at the same time last year.

1/5 of incorporated companies fraudulent…

A financial crime expert believes 1 in 5 companies incorporated with Companies House are fraudulent.

The statement comes after a street in Oldham sees a limited company incorporated at nearly every address on the street, which caused residents great concern.  Lots of households find their addresses are used to register limited company, with a likely goal to defraud banks and such.

BBC Radio 4 found 150,000 such companies had been registered.

Cheaper Broadband for Low Income Families?

Broadband bills may be cut for low-income households under new plans by the UK government to encourage ‘social tariffs’. 

The Government has asked all broadband providers to offer and promote social tariffs, meaning that discounted broadband and mobile deals will be available for those on Universal Credit and other benefits.

Digital Trade Deal Launched Between the UK and Ukraine

The United Kingdom and Ukraine have announced their intention to create a new digital trade agreement that will aid Ukraine in rebuilding its economy and protect livelihoods of Ukrainian people following Russia’s invasion.

The agreement will be designed to support Ukrainian businesses, helping them to trade with the UK more efficiently through technology such as electronic transactions, e-signatures, and e-contracts. UK companies will also be able to work with Ukrainian businesses and support with their economic recovery.

And Finally…

With the cost of living expected to rise exponentially in the next few months, with pressure increasing on Rishi Sunak and Liz Truss to make sure Britons will be able to afford their bills if they were to get into office, it looks like the next few weeks could be a tense time for many across the UK.

Let’s see what the next month brings, and have a great September!