Newsletter...
December 2021 - ENEWS
In this month’s Enews we consider the impact of the pandemic on HMRC’s receipts as well as the tax details published on the first Tax Administration and Maintenance (TAM) Day.
With guidance on the rules around Statutory Sick Pay, new laws for pensions trustees and an increase to the Real Living Wage, there is a lot to update you on.
- 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, 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.......read more - 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........read more - 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)........read more - 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.......read more - 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........read more - 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.......read more - 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. The advisory fuel rates for journeys undertaken on or after 1 December 2021 are........read more - 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. 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.......read more
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