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HMRC's tax take falls by billions due to pandemic | |
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HMRC saw a drop of almost £30 billion in tax revenues in the latest financial year because of the pandemic, according to its annual accounts. In its 2020/21 annual report, HMRC reported that it had collected £608.8 billion in tax revenues, which is down from £636.7 billion collected in 2019/20. | |
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Government sets out tax details on TAM Day | |
The UK government marked the inaugural Tax Administration and Maintenance (TAM) Day with the publication of 30 papers covering a wide range of tax issues. Chancellor Rishi Sunak made the commitment to have a TAM Day in the Autumn Budget. The aim was for a dedicated day for the administration and maintenance of the UK tax system | | | |
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| Three-day wait for Statutory Sick Pay to return next year | |
The standard three-day waiting time for Statutory Sick Pay (SSP) will be reinstated for coronavirus (COVID-19)-related claims from 25 March 2022, unless the government intervenes. Under standard rules in the UK, employers do not have to pay SSP to an employee until the fourth qualifying day in the Period of Incapacity for Work (PIW). | | | |
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| HMRC issues warning on self assessment scams | |
HMRC has warned taxpayers completing their 2020/21 tax returns to 'be on their guard' and stay vigilant in regard to tax-related scams. Nearly 800,000 tax scams were reported in the last year, HMRC revealed. It said that fraudsters use self assessment to attempt to steal money or personal information from taxpayers. | |
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| New law introduced to help protect pension savers from scammers | |
New rules to help protect pension savers from scammers have become law.Under the regulations, pension trustees and scheme managers will be given the power to stop suspicious transfers before cash gets into the hands of fraudsters. . | | | |
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| Services sector continues to recover despite rising costs | |
Optimism improved for firms across the services sector in the three months to November, according to the latest Service Sector Survey from the Confederation of British Industry (CBI). However, cost growth continued to pick up, increasing at the fastest pace since survey records began in 1998. Additionally, business volumes continued to grow at a strong pace across the services sector, although there are signs of slowing growth. | |
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| Advisory fuel rates for company cars | |
New company car advisory fuel rates have been published and took effect from 1 December 2021. The guidance states: ‘you can use the previous rates for up to one month from the date the new rates apply’. The rates only apply to employees using a company car. | | | |
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| Costs 'weighing on businesses' sustainability intentions', FSB finds | |
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A report published by the Federation of Small Businesses (FSB) has revealed that the costs associated with going green have impacted small firms' plans for becoming more sustainable. The FSB's report found that the majority of UK small firms are concerned about climate change but just one in three has plans in place to combat it. | |
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Intrastat Supplementary Declarations
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Intrastat is the system for gathering statistical data on the b2b movement of goods between two EU member states. If a UK business submitted Intrastat Supplementary Declarations for either Arrivals or Dispatches in 2020, it was obliged to continue to submit them to HMRC in 2021, despite Brexit. | | | |
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A new Plastic Packaging Tax is to be introduced next year, administered by HMRC. A brief summary is provided below: - Starts on 1 April 2022
- £ 200 tax per metric tonne of packaging that is primarily plastic (plastic element of total packaging by weight) and the plastic contains less than 30% recycled plastic
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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