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Don’t leave your financial planning to the end of the tax year

Although the current tax year doesn’t end until 5 April 2022, effective financial planning shouldn’t be a mad March rush. Starting your financial planning early in the year will give you a head start.

Spring Statement 2022 – Out of Covid and into a Cost-of-Living Crisis

It has been reported in the Financial Times that the Chancellor is preparing to face pressure from the PM to offer new help to households while balancing the fears that inflation could rise to 7% in May.

Pension Lifetime Allowance tax take jumps by over 1,000%

HMRC data shows that tax collected from individuals breaching the Lifetime Allowance for pension savings has increased by 1068%. In the tax year ending 2009/10, HMRC collected just £32m from people breaching the limit, with this jumping to £342m in the tax year ending 2019/20.

Delay to New HMRC VAT Penalty Charges

This new regime is designed to be proportionate, penalising businesses who persistently miss their submission obligations, rather than those who make occasional mistakes. This is good news for businesses who make occasional late returns or payments, as the penalties in these circumstances will be relatively small.

Has Contributing to a Pension become even more important?

Enforced lockdowns around the world has led to supply chain issues with many goods being delayed for months. The global economy initially saw a sharp downturn and thankfully has then seen a recovery as we all came out of our houses last year.

Rising payroll costs, what’s next?

There are various economic factors impacting the increase in wages, with some changes to taxation and minimum wages to arrive in April 2022. Action is needed to navigate your company through these changes. Before we talk about minimising risk, we’ve put a brief overview of the impact to the payroll cost of your business to come.

Can you afford to be off work with a serious illness?

Covid-19 has forced us all to think about our own financial situation. The need for financial resilience, stability and control has become front of mind for many when faced with job insecurity or the possibility of falling ill and becoming incapable of working. Furlough is now a thing of the past we hope as we move out of the pandemic to the endemic phase, Omicron notwithstanding.

How can you protect your business against the increased threat of Cyber Attack?

The National Cyber Security Centre (NCSC) has advised business owners to take action following Russia’s invasion of the Ukraine. With the cyber threat heightened, the NCSC has said that organisations should act on improving their resilience and bolster their online defences.

Lump sum exit scheme in England – further details announced

The Rural Payments Agency (RPA) at long last issued further details of how the lump sum exit scheme will work in practice in early February.

Final claims for the Statutory Sick Pay Rebate Scheme

The Statutory Sick Pay Rebate Scheme will close on 17‌‌‌ ‌March‌‌‌ ‌2022. Employers have until 24‌‌‌ ‌March‌‌‌ ‌2022 to submit any new claims for employee absence periods up to 17‌‌‌ ‌March‌‌‌ ‌2022, or to amend claims you have already submitted.

You will no longer be able to claim back Statutory Sick Pay (SSP) for your employees’ coronavirus-related absences or self-isolation that occur after 17‌‌‌ ‌March‌‌‌ ‌2022.