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This Month

HMRC's tax take falls by billions due to pandemic

HMRC saw a drop of almost £30 billion in tax revenues in the latest financial year because of the pandemic.

Monday, December 6, 2021

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.

Monday, December 6, 2021

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.

Monday, December 6, 2021

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.

Monday, December 6, 2021

New law introduced to help protect pension savers from scammers

New rules to help protect pension savers from scammers have become law.

Monday, December 6, 2021

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).

Monday, December 6, 2021

Advisory fuel rates for company cars

New company car advisory fuel rates have been published and took effect from 1 December 2021.

Monday, December 6, 2021

Costs 'weighing on businesses' sustainability intentions', FSB finds

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.

Monday, December 6, 2021

Chancellor delivers Budget to lay foundation for a strong economy

On 27 October, Chancellor Rishi Sunak delivered a Budget to ensure the UK economy bounces back following the coronavirus (Covid-19) pandemic.

Monday, November 8, 2021

Business groups give mixed response to Budget

Business groups gave a mixed response to Chancellor Rishi Sunak's 2021 Autumn Budget speech.

Monday, November 8, 2021

IFS predicts millions to be worse off next year due to tax rises

The Institute for Fiscal Studies (IFS) has predicted that millions of people will be worse off in 2022 as a result of spiralling costs and tax rises.

Monday, November 8, 2021

Payment period on residential CGT is doubled

The government has doubled the period for filing and payment of capital gains tax (CGT) on residential property from 30 days to 60 days.

Monday, November 8, 2021

FSB warns tax rises threaten recovery from pandemic

The Federation of Small Businesses (FSB) has warned that tax rises could threaten the UK's ongoing recovery from the Covid-19 pandemic.

Monday, November 8, 2021

Applications now open for freeports

Businesses that are planning to operate in the UK's new freeports can now apply to HMRC.

Monday, November 8, 2021

Pensions experts say a minimum of £10,900 a year needed to retire

A single person will need post-tax annual income of £10,900 for a minimum standard of living in retirement, according to the Pensions and Lifetime Savings Association (PLSA).

Monday, November 8, 2021

Heat pump grants worth £5,000 will help replace gas boilers

Homeowners in England and Wales will be offered subsidies of £5,000 from next April to help them to replace old gas boilers with low carbon heat pumps.

Monday, November 8, 2021

Other

Budget Report

Information and links about the budget report

Tuesday, December 7, 2021

Autumn Statement

Information and links about the autumn statement

Tuesday, December 7, 2021

Diary

PAYE, Student loan and CIS deductions are due for the month to 5th December 2021

This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd December 2021. In year interest will be charged if payment is made late. Penalties also apply.

Online filing deadline for submitting 2020/21 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2022/23 tax code

This deadline is relevant for those individuals who complete a self assessment tax return online and who are employees. Where you have an underpayment you may request that HMRC collect the tax outstanding by making an adjustment to your tax code for the year 2022/23.

PAYE, Student loan and CIS deductions are due for the month to 5th January 2022

This deadline is relevant to employers who have made PAYE deductions from their employees’ salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21st January 2022 unless you are able to arrange a 'Faster Payment' to clear on or by Saturday 22nd January 2022. In year interest will be charged if payment is made late. Penalties also apply.

PAYE quarterly payments are due for small employers for the pay periods 6th October 2021to 5th January 2021

This deadline is relevant to small employers and contractors only. As a small employer with income tax, national insurance and student loan deductions of less than £1,500 a month you are required to make payment to HMRC of the income tax, national insurance and student loan deductions on a quarterly basis.

Where the payment is made electronically the deadline for receipt of cleared payment is Friday 21st January 2022 unless you are able to arrange a 'Faster Payment' to clear on or by Saturday 22nd January 2022. In year interest will be charged if payment is made late. Penalties also apply.

Deadline for submitting your 2020/21 self assessment return (£100 automatic penalty if your return is late) and the balance of your 2020/21 liability together with the first payment on account for 2021/22 are also due

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge liabilities.

There is a penalty of £100 if your return is not submitted on time, even if there is no tax due or your return shows that you are due a tax refund.

The balance of any outstanding income tax, Classes 2 and 4 NI, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2021is due for payment by 31st January 2022. Where the payment is made late interest will be charged.

The first payment on account for 2021/22 in respect of income tax and any Class 4 NI or High Income Child Benefit Charge is also due for payment by 31st January 2022.

If we have already dealt with your self assessment return on your behalf you need take no action.

Deadline for submitting P46(car) for employees whose car/fuel benefits changed during the quarter to 5th January 2022

This deadline is relevant to employers who provide any employees with the use of a car. The form P46 (car) only needs to be completed where a car is first provided or an additional car is provided, or an employee ceases to have the use of a car without replacement. The completion of the form enables HMRC to amend the individual’s coding notice to reflect the change in benefit. This notification may be made by completing and printing off the relevant by paper or online forms. Where one car is merely replaced with another, this may be notified online. A change in car for car benefits which are being 'payrolled' should not be reported on a P46(car).

PAYE, Student loan and CIS deductions are due for the month to 5th February 2022

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd February 2022. In year interest will be charged if payment is made late. Penalties also apply.

Advisory Fuel Rates

New Advisory Fuel Rates (AFR) for company car users apply from today. The rates can be found by visiting https://www.gov.uk/government/publications/advisory-fuel-rates

5% late payment penalty on any 2020/21 outstanding tax which was due on 31st January 2022 and still remains unpaid

This deadline is relevant to individuals who need to complete a self assessment tax return and make direct payments to HMRC in respect of their income tax, Classes 2 and 4 NI, capital gains tax or High Income Child Benefit Charge liabilities.

The balance of any outstanding income tax, Classes 2 and 4 National Insurance, capital gains tax and High Income Child Benefit Charge for the year ended 5th April 2021was due for payment by 31st January 2022. Where the payment is made late interest will be charged. On 3 March 2022a late payment penalty of 5% will be added to the outstanding liability.

If we have already dealt with this matter on your behalf you need take no action.

PAYE, Student loan and CIS deductions are due for the month to 5th March 2022

This deadline is relevant to employers who have made PAYE deductions from their employees' salaries and to contractors who have paid subcontractors under the CIS.

Employers are required to make payment to HMRC of the income tax, national insurance and student loan deductions. Contractors are required to make payment to HMRC of the tax deductions made from subcontractors under the CIS.

Where the payment is made electronically the deadline for receipt of cleared payment is 22nd March 2022. In year interest will be charged if payment is made late. Penalties also apply.

Last minute planning for tax year 2021/22

The final deadline of 5th April 2022is relevant to individuals who have not considered year end tax planning issues. These issues include:

  • utilising your annual capital gains tax exemption
  • utilising your annual inheritance tax exemption for gifts
  • utilising your annual Individual Savings Account investment limit (ISA)
  • making additional pension contributions for 2021/22.

Please do get in touch if you would like any further advice on these or any other issues.