Were quickly heading into the final quarter of 2022, with many changes to both the political and business climate on the horizon.
Before we enter the autumn and winter months, lets look at all the business and tax news that made 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 proposed National Insurance cuts.
Reversing the National Insurance increase would save the highest-paid 1% of earners £1.3 billionmore than the combined £1.1 billion saving for the lowest 60% of taxpayers.
A number of economic groups have said that her tax plans would benefit the wealthiest people the most, at a time when the cost-of-living crisis is becoming critical for many families.
The Resolution Foundation found that only 15% 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 more than a year due to the impact of higher interest rates and the wider cost-of-living crisis.
According to Halifax, the average price of a home was £293,221, representing a decrease of 0.1% month on month. However, the average house price remained more than £30,000 higher than at the same time the previous year.
One in Five Incorporated Companies Could Be Fraudulent
A financial crime expert believes that one in five companies incorporated through Companies House could be fraudulent.
The statement came after residents of a street in Oldham discovered that a limited company had been incorporated at nearly every address, causing considerable concern.
Many households have discovered that their addresses have been used to register limited companies, potentially with the intention of defrauding banks and other organisations.
BBC Radio 4 found that approximately 150,000 such companies had been registered.
Cheaper Broadband for Low-Income Families?
Broadband bills could be reduced for low-income households under new UK government plans encouraging the use of social tariffs.
The government has asked broadband providers to offer and promote social tariffs, making discounted broadband and mobile packages available to people receiving Universal Credit and certain other benefits.
Digital Trade Deal Announced Between the UK and Ukraine
The United Kingdom and Ukraine have announced their intention to create a new digital trade agreement. The agreement aims to help Ukraine rebuild its economy and protect the livelihoods of Ukrainian people following Russias invasion.
It will be designed to support Ukrainian businesses and help them trade with the UK more efficiently through technology such as electronic transactions, electronic signatures and electronic contracts.
UK companies will also be able to work more easily with Ukrainian businesses and support the countrys economic recovery.
And Finally
With the cost of living expected to rise significantly over the coming months, pressure is increasing on Rishi Sunak and Liz Truss to explain how they would help people across Britain afford their bills if elected to office.
It appears that the next few weeks could be a tense time for many people across the UK.
Lets see what the next month bringsand have a great September!