Newsletter...
October 2021 - ENEWS
In this month’s Enews we consider the government’s decision to delay the introduction of Making Tax Digital for Income Tax Self Assessment until 2024; the introduction of the Health and Social Care Levy; and the announcement of the date for the Autumn Budget.
With guidance on the furlough scheme finishing, new proposals for flexible working and the end of the COVID-19 sick pay rebate, there is a lot to update you on.
- Making Tax Digital for Income Tax Self Assessment delayed for a year
The government has delayed the introduction of Making Tax Digital (MTD) for Income Tax Self Assessment (MTD for ITSA) for a year, HMRC recently announced. The government says it has made the move in recognition of the challenges faced by many UK businesses as the country emerges from the pandemic.......read more - National Insurance and dividend tax rises announced for social care reform
From April 2022, the government plans to create a new social care levy which will see UK-wide tax and National Insurance Contribution (NIC) increases. There will be a 1.25% increase in NICs on earned income, with dividend tax rates also increasing by 1.25%. The money raised will be ringfenced for health and social care costs.......read more - Chancellor to deliver Autumn 2021 Budget on 27 October
HM Treasury has announced that Chancellor Rishi Sunak will deliver the Autumn 2021 Budget on Wednesday 27 October. On 7 September the Chancellor launched Spending Review 2021, which will conclude on 27 October and will be presented alongside the Autumn Budget.......read more - Chancellor warned of redundancies as furlough scheme ends
The government's Coronavirus Job Retention Scheme (CJRS) ended on 30 September after supporting millions of workers during the pandemic. The government said the wages of more than 11 million people were subsidised for at least some of the scheme's duration at a cost of around £70 billion.......read more - COVID-19 sick pay rebate scheme closed in September
The government's scheme that enables small businesses to recoup statutory sick pay costs caused by COVID-19 closed at the end of September. Legislation ending the Coronavirus Statutory Sick Pay Rebate Scheme (SSPRS) was laid before parliament on 9 September.......read more - £800 million Reinsurance Scheme opens for live events
The government has opened a £800 million Reinsurance Scheme to cover live events against cancellations stemming from the COVID-19 pandemic. The live events sector is worth more than £70 billion annually to the UK economy and supports more than 700,000 jobs, including small businesses and the self-employed.......read more - Government announces plans to make requesting flexible working a day one right
UK workers could get more choice over when and where they work under new proposals to make the right to request flexible working a day one entitlement.The government will also introduce a day one right to one week's unpaid leave for carers balancing a job with caring responsibilities.......read more - British Business Bank provided £80.5 billion of COVID-19 support
COVID-19 emergency finance schemes offered £80.5 billion of finance to almost 1.7 million businesses through the British Business Bank (BBB) during the last financial year. This support, which is not included under the Bank's core programmes, was evenly distributed across the nations and regions of the UK.......read more