Weekly tax brief | 28 June 2022

In this edition of RSM’s weekly round-up of the most important tax news, we cover the latest developments. Please feel free to share this update with any of your colleagues.

HMRC pays out millions in fraudulent tax claims
Chris Etherington
Following a recent Freedom of Information request, HMRC has confirmed to RSM UK that it has opened hundreds of enquiries in recent years due to illegitimate claims for Enterprise Investment Scheme and Seed Enterprise Investment Scheme tax relief, resulting in millions of pounds of tax that needed to be recovered.

Thinking of moving to the seaside? Don’t forget these key tax considerations
Eugenia Campbell
For those who do want to be by the seaside, they must contend with soaring property prices, staycations, second homes and the challenges of working by the sea. We delve into some key tax considerations and savings to support those looking to make that seaside move.

As the economy changes will more people venture into self-employment?
Sarah Saunders 
Recent HMRC statistics suggest more people are becoming entrepreneurs. This trend is likely to increase even further due to the cost of living crisis, but those considering becoming self-employed should make sure they understand the financial consequences of starting a business, including freelance work in the gig economy.

Corporation Tax gap due to increase?
Thomas Dews
The Corporation Tax rate is due to increase to 25% from 1 April 2023, might this act as an incentive for the tax gap to also increase? The recently released tax gap data suggests there could be a correlation between the rate of Corporation Tax and the tax gap, however, the picture is less clear when considering small and medium businesses.

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