Welcome to the May 2023 Newsletter from Walsh & Co

Trade association UK Finance has revealed that £177.6 million was lost to criminals carrying out impersonation scams in 2022. UK Finance has advised the public to follow the advice of the Take Five to Stop Fraud campaign.

Meanwhile, research published by think tank the Resolution Foundation has found that the size of the UK's six-year 'stealth tax' threshold freeze has almost trebled to £25 billion.

£177.6 million lost to impersonation scams in 2022

£177.6 million was lost to impersonation scams in 2022, data published by trade association UK Finance has revealed.

The data showed that there were 45,367 cases of impersonation scams in 2022. It also revealed that just 51% of individuals always check whether a request for personal data or money is legitimate. Just 38% of 18 to 34 year-olds always checked, according to UK Finance's research.

Impersonation scams involve criminals pretending to be a trusted organisation such as a utility company, your bank or the police, and often begin with an email, text or call with a request for money or personal information.

UK Finance says individuals should stop and take a moment to think before parting with money or information; challenge any unsolicited communication; and protect themselves and their finances by contacting their bank immediately if they think they've fallen for a scam.

'Anyone can be caught out by a scam in the heat of the moment and criminals are constantly adapting their tactics to appear legitimate,' said Katy Worobec, Managing Director of Economic Crime at UK Finance.

'It has never been more important to take steps to check for genuine communication and follow the advice of the Take Five to Stop Fraud campaign and to stop, challenge and protect.'

Size of six-year tax threshold freeze has trebled to £25 billion, research finds

Research carried out by think tank the Resolution Foundation has suggested that the size of the UK's six-year 'stealth tax' threshold freeze has nearly trebled to £25 billion.

The figure is significantly higher than the previous forecast of £9 billion announced during the 2021 Budget.

A small number of tax thresholds have been frozen since 2021/22 and are set to remain frozen until April 2028. The think tank found that next year's threshold freeze will raise £12 billion a year by the time of the final freeze in 2027/28.

Commenting on the matter, Adam Corlett, Principal Economist at the Resolution Foundation, said: 'High inflation has pushed up the projected revenue take from the government's personal tax threshold freeze to £25 billion a year - almost triple the amount forecast when the freeze was introduced. But higher-income households will be the ones most affected by next year's major tax rises.'

ESSENTIAL TAX DATES FOR MAY

3 May
Deadline for submitting P46(Car) for employees whose car/fuel benefits changed during the quarter to 5 April 2023.

19 May
PAYE, Student loan and CIS deductions are due for the month to 5 May 2023.

31 May      
Deadline for forms P60 for 2022/23 to be issued to employees.

QUOTE OF THE MONTH

'With domestic price pressures still stubbornly strong, it's plausible that the Bank of England will raise interest rates again at its May meeting.'

Alpesh Paleja, Lead Economist at the Confederation of British Industry (CBI), commenting on the possibility of the Bank of England raising interest rates in the near future.

ON OUR WEBSITE

A wealth of resources for businesses
With topics ranging from the Bribery Act 2010 to the National Minimum Wage and the National Living Wage, the Your Business section of our site is a hub of essential information.

Useful information for individuals
For a comprehensive bank of guides covering Venture Capital Trusts, the dividend nil-rate and much more, please visit the Your Money area of our website.

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