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New law to protect access to cash announced in Queen’s Speech

New laws to protect access to cash and help victims of financial scams were announced in the Queen’s Speech at the state opening of parliament on 10th May. The new Financial Services and Markets Bill will ensure the continued availability of withdrawal and deposit facilities across the UK.


Number of firms in critical financial distress rises sharply

A growing number of UK businesses are at risk of going under as costs spiral and Covid loan repayments become due, according to a report from insolvency firm Begbies Traynor. Although COVID restrictions have been lifted, some firms are still feeling the impact of disruptions to supply chains, and the price of energy and other inputs have risen sharply.


HMRC issues £14 million in penalties for minimum wage offences

HMRC issued 580 penalties totalling over £14 million for minimum wage offences during 2020/21, according to a report released by the Department for Business, Energy and Industrial Strategy (BEIS). The penalties given out for national minimum wage (NMW) and national living wage (NLW) offences have dropped by £4.5 million from the year before, which saw 992 penalties worth £18.5 million.


Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 June 2022.  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..


Almost 66,500 filed self assessment returns on 6 April

Nearly 66,500 taxpayers filed their 2021/22 self assessment return on the first day of the new tax year, according to figures from HMRC. In recent years, there has been an increasing number of ‘early-bird’ customers filing their completed self assessment tax returns at the start of the new tax year – almost 30,000 more customers filed their returns on 6 April this year, compared to 2018.

Alternative Dispute Resolution (ADR) change by HMRC

ADR is a useful mediation process available for businesses to resolve disputes with HMRC across a range of taxes.  The taxes are CT, IT, Inheritance Tax, VAT, excise duty and customs duty.  The James Cowper Kreston VAT team has used the ADR process successfully to reduce assessments and inaccuracy penalties.  

Increasing Business Failure

The latest Government statistics in relation to business failures do not make great reading with significant increases in businesses entering formal insolvency proceedings. The number of registered company insolvencies in April 2022 was 1,991:

·  More than double the number registered in the same month in the previous year (925 in April 2021)

·  39% higher than the number registered three years previously (pre-pandemic; 1,429 in April 2019)


Catch up on our free webinar 'VAT for Equestrian Businesses - Livery & Riding Schools'

During the webinar our expert Toby Thorne, VAT Senior Manager, answered the commonly asked questions involving the correct VAT treatment of these two activities. Is livery VAT exempt? Or are horse riding lessons VAT exempt?

Click here to view this webinar.

Contact Us

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 or call us on 01635 35255.


James Cowper Kreston


The information in this newsletter must not be relied on as giving sufficient advice in any specific case.


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