It feels very much like a game of two halves within agriculture and our client base currently, with many sectors having had a reasonable last 12 months due to decent livestock prices and commodity prices. However, we should not underestimate the severe difficulties the pig industry especially is having.
Inflationary pressures pose a huge risk to the SME sector with 90% of owner managed businesses in our region reporting these will impede their growth in 2022.
The Fifth EU Money Laundering Directive, commonly known as 5MLD, which took effect for trusts from 6 October 2020, then extended this requirement to now apply to the vast majority of trusts (even non-taxable trusts), unless specifically excluded.
Whilst the Chancellor’s measures are all welcome, they are just a drop in the ocean compared to the massive increase in input costs faced by farmers in recent months.
Whilst the support for Business was less apparent during Rishi Sunak’s Spring Statement, the focus was on consultation over the summer with a view to cutting taxes and encouraging investment for business in the Autumn.
The Chancellor confirmed that from 6th July he will raise the NIC threshold for employees and the self-employed, so that it matches the £12,570 income tax personal allowance, which will help many taxpayers who are currently facing a cost-of-living squeeze.