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HMRC Late Payments

HMRC

Following the increase in the base rate, HMRC has confirmed that the late payment interest rate will rise a quarter of a percent from 21st February 2022. HMRC has increased the current late payment interest rate applied to the main taxes and duties to 3% from 2.75% effective from 21st February 2022. This is the … Read more

Help towards Energy Bills

Energy bills

The Government have pledged help towards energy bills as energy costs rise. Millions of households will receive £350 of Government support, this comes as the energy price cap rises by 50% from 1st April 2022. The Bank of England interest rate has also raised to 0.5% with immediate effect. All domestic electricity customers will get … Read more

£2,000 towards childcare costs

One month to switch

Thousands of working families in the UK could be missing out on an opportunity to get up to £2,000 a year towards childcare costs, HM Revenue and Customs (HMRC) is reminding parents, ahead of February half term. Tax-Free Childcare – the 20% childcare top-up – provides eligible working families with up to £500 every three … Read more

Full Customs Controls

Full Customs Controls

As of 1st January 2022 full customs controls came into effect. These are between the EU (except Ireland) and Great Britain. HMRC are reminding customers that the custom arrangements in place throughout 2021 for goods moving from Ireland and Northern Ireland to Great Britain have been extended whilst discussions carry on. If you move goods … Read more

VAT Reclaims for Charging Electric Vehicles

Electric Vehicle VAT Reclaims

HMRC have updated the rules on VAT reclaims for charging electric vehicles, however how employees can make claims for domestic charging is still under review. VAT incurred by businesses when charging electric vehicles can be recovered on the business use of those vehicles, where the vehicles are charged at work or at public charging premises. … Read more

Self Assessment Taxpayers 2022

Self Assessment

HMRC has waived late filing and late payment penalties for self assessment taxpayers by one month, effectively delaying the tax return deadline to 28 February HMRC has announced that it will not give out financial penalties for late filing and late payments for self assessment tax returns which will give more time for taxpayers to … Read more

Omicron Support

Omicron Support

The government has announced additional Omicron support to help businesses most affected by the new variant of Coronavirus. Businesses in the hospitality and leisure sectors in England will be eligible for one-off grants of up to £6.000 per premises. With more than £100 million discretionary funding being made available for local authorities to support other … Read more

Declaring COVID-19 grants

HMRC

Customers who received COVID-19 grant payments during the 2020 to 2021 tax year should declare them in their tax return. More than 2.7 million claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2021. These grants are taxable and should be declared on the 2020 to 2021 tax return before … Read more

Companies House Penalty Guidance

Companies House Penalty

Companies House updates penalty guidance due to covid delays and workload. Due to longer response times to appeals, Companies House has updated the penalty guidance to add reassurance that they will suspend all recovery action until an appeal has been considered. Those appealing will receive a full reply in due course and do not need … Read more

Proposed Statutory rates for 2022

Statutory rates 2022

The Government has announced the proposed statutory rates for 2022, this covers statutory sick pay, statutory maternity, paternity, adoption, parental bereavement and shared parental payments from April 2022. The rate for 2022/23 for statutory maternity (SMP), paternity (SPP), adoption (SAP), parental bereavement (SPBP) and shared parental pay (SShPP) is set to increase from £151.97 to … Read more