Chancellor announces £1 billion fund for businesses
January 2022
On 21 December 2021, Chancellor of the Exchequer, Rishi Sunak, unveiled a £1 billion COVID-19 fund, including cash grants of up to £6,000 per premises for each eligible firm. Mr…
Self assessment taxpayers must declare COVID grants on tax returns
January 2022
HMRC has reminded self assessment taxpayers to declare any COVID-19 grant payments on their 2020/21 tax return. According to HMRC, more than 2.7 million customers claimed at least one Self-employment…
HMRC waives self assessment penalties for one month to ease COVID-19 pressures
January 2022
HMRC is waiving late filing and late payment penalties for self assessment taxpayers for one month. The measure will give those taxpayers affected by the coronavirus (COVID-19) extra time, if…
Scottish Budget 2022
January 2022
Finance Secretary Kate Forbes delivered the 2022/23 Scottish Budget on 9 December 2021, setting out the Scottish Government's financial and tax plans. The Budget outlined the government's spending plans, income…
Welsh government delivers Budget
January 2022
On 20 December 2021, the Welsh government outlined a Budget to 'build a stronger, fairer and greener Wales'. The Welsh government unveiled a £116 million package of funding to aid…
FCA to introduce new consumer duty
January 2022
The Financial Conduct Authority (FCA) is set to introduce a new consumer duty to better protect users of financial services. The new rules will help tackle harmful practices such as…
HMRC latest guidance for employers
January 2022
HMRC has published the latest edition of the Employer Bulletin. This guidance for employers, and their agents, includes articles on: reporting PAYE information in real time when payments are made…
Over 440,000 small firms at risk due to late payment crisis
January 2022
More than 440,000 small firms could be forced out of business by the late payment crisis, according to the Federation of Small Businesses (FSB). An FSB study of more than…
HMRC's tax take falls by billions due to pandemic
December 2021
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,…
Government sets out tax details on TAM Day
December 2021
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…
Three-day wait for Statutory Sick Pay to return next year
December 2021
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…
HMRC issues warning on self assessment scams
December 2021
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…
New law introduced to help protect pension savers from scammers
December 2021
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…
Services sector continues to recover despite rising costs
December 2021
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…
Advisory fuel rates for company cars
December 2021
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…
Costs 'weighing on businesses' sustainability intentions', FSB finds
December 2021
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…