We are deeply saddened by the death of Her Majesty The Queen.   She has been an integral part of the context and fabric of life in the United Kingdom for more than seven decades and has served with a sense of duty and dedication that is truly exceptional.   All at Harbour Key send our heartfelt sympathy to the Royal Family.

Our office will be closed, and staff will not be working on the day of Her Majesty’s funeral, Monday 19 September.

The death of the Queen and the appointment of a new Prime Minister, who is taking up post when the UK is in a very difficult economic position, particularly in respect of energy costs, has made the start to September busy.  Following the Government’s energy announcement and having followed the Conservatives Leadership election in respect of all matters tax(!), you can find our view on what tax changes could be upcoming on our blog below. A fiscal event (Budget) is promised before the end of the month. 


With everything that is going on this month, we are taking a break from the monthly advice and support articles for businesses and households in these testing times, which will return next month.  Our previous articles and guidances can be found on the below links:

We did meet with an energy brokerage firm recently to get a better understanding of the market, any actions and steps that can be taken to aid businesses.  If any clients would like the brokerage details, please do not hesitate to ask us.


Over the last few months, we have highlighted how HMRC have significantly changed their approach to a more aggressive, active and targeted range of activities.  As reported last month HMRC enquiries have increased by 60% and we highly recommend putting in place tax investigations fee insurance, which will cover the costs of your adviser looking after the enquiry.  Please speak to us if you are interested in the insurance.    Again, HMRC have announced a number of new activities to target tax evasion.

  • Taxi Drivers - HMRC is contacting in the region of 4,000 taxi drivers in respect of alleged unpaid tax.  HMRC is to contact those taxi drivers who are booked via online apps over concerns they may not have declared all of their income and thus paid too little tax.
  • Offshore Property Ownership - HMRC is launching a new campaign to tackle non-compliance linked to offshore property ownership.  The move comes after HMRC reviewed data, including from the Land Registry, to identify non-resident corporate owners of UK property that may not have met certain UK tax obligations.  This will be what we have called previously a “nudge” letter being sent to the property owner.  There will be two types of letter to be issued. One letter will be issued to non-UK resident companies that own UK property and may need to disclose income received as a non-resident corporate landlord or a liability to the annual tax on enveloped dwellings (ATED).  The second letter will be issued to non-UK resident companies that appear to have made a disposal of UK residential property between 6 April 2015 and 5 April 2019 without filing a non-resident capital gains tax (NRCGT) return.
  • Outside of the HMRC, JP Morgan’s offices in Frankfurt have been raided by German prosecutors as part of an investigation into tax evasion by some of the world’s biggest banks, with German offices of Barclays, Bank of America and Morgan Stanley also being searched as part of the investigation. The raids were linked to a trading scandal which defrauded taxpayers out of more than €10bn through a dividend-stripping scheme. The strategy took advantage of a loophole in the German tax code on dividend payments.


We reported over the summer HMRC’s action in halting the payment of research and development (R&D) tax credits, while it investigated irregularities in claims for the relief, bringing in its Fraud Investigation Service.  See previous blogs here.  

HMRC have issued further guidance in respect of the suspension and delays.  We have also included a summary following the announcement in the November 2021 Budget of some changes to R&D tax rules.  All information can be read HERE.


  • Staff Retention –According to a Federation of Small Business ‘Scaling up Skills’ report, eight in ten small businesses are finding it difficult to retain staff.  78% of small firms are currently struggling to recruit the right people, with 82% citing a lack of relevant qualifications, skills, and experience among candidates.  The report pretty much backs up the discussions we are having with our clients, who have the same issue and, in addition to the pressure of rising energy costs, are the biggest issues restricting business growth.
  • Business sales increase – Mazars (an international accountancy practice) have commissioned a report which confirms our own experience, that spikes in business closures or sales have been occurring for several years in a row, with many of these closures/sales being premature and costing the economy jobs.  Fears by business owners over increases in taxes on entrepreneurs (the 10% CGT rate on business sales) have seen the run-up to Budget Day reportedly trigger a 71% jump in the number of businesses deciding to close/sell, according to the Mazars study.  (The reason we are always busy in the run up to a Budget).
  • Treasury collects highest capital gains tax haul - The Treasury confirmed it collected the highest amount of capital gains tax (CGT) on record in the tax year just ended, with a crackdown on buy-to-let properties and soaring house prices responsible for a 42% gain for the Treasury. Tax paid on capital gains rose to £14.3bn after an all-time high of 323,000 people were forced to pay the duty, with the average bill hitting £44,272.
  • Trust Registrations- All UK trusts, apart from a few exceptions and some non-UK trusts in existence on or after 6 October 2020, had to register with HMRC by 1 September 2022, including trusts that have closed since that date.  More details can be found in our July newsletter.

HM Revenue & Customs has announced that plans to fine people £5,000 if they fail to comply registration will be waved, providing it’s not deliberate.HMRC state there will be no fine for a first offence unless it is considered deliberate. Only after a warning letter will a £5,000 fine apply. If you have not yet registered your trust, then you should act immediately.


  • 30 September 2022 - Corporation tax payment due for those business with tax to pay for 31 December 2022 financial year.
  • 5 October 2022 - Deadline for Self-Assessment registration to notify chargeability of Income Tax/Capital Gains Tax for 2021/22.
  • 19 October 2022- Tax and Class 1B NICs on PAYE settlement agreements (PSA) due for 2021–22 paid non electronically.
  • 30 October 2022 - Tax and Class 1B NICs on PAYE settlement agreements (PSA) due for 2021-22 paid electronically.

Should you wish to speak with us about a specific matter, or just to be a sounding board or for a chat, please do not hesitate to give us a call.

Please do not hesitate to give us a call us on 01452 713277