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January 2022

THE IMPORTANCE OF INTERNAL SCRUTINY FOR ACADEMIES

Following on from the publication of the Academy Trust Handbook 2021 (formerly the Academies Financial Handbook) which became more of a general governance on all areas and not just purely focusing on the finances of the trusts, there are some key points within the handbook which all Academy Trusts should be aware of and complying to. 

Are you ready for Making Tax Digital for VAT in 2022?

This year, Making Tax Digital for VAT is being extended to smaller VAT businesses including the self-employed and landlords.  

Funding now available for CRM, accounting and eCommerce software

Funding for CRM, accounting and eCommerce software is now available through the government’s Help to Grow: Digital scheme.   

Government announces delays to new VAT penalty system

The government has announced that the new penalty system for late submissions of VAT returns, which was due to come into effect from 1 April 2022, will now be delayed by nine months, until January 2023.  

CLAIM BACK STATUTORY SICK PAY PAID TO YOUR EMPLOYEES DUE TO COVID-19

In response to the effect the Omicron variant is having on businesses, HMRC has reactivated the Statutory Sick Pay (SSP) rebate scheme. Under the scheme, employers can claim back any Covid-related SSP costs, for up to two weeks per employee.  

EXTENSION TO RECOVERY LOAN SCHEME

The Recovery Loan Scheme (RLS) is currently open to businesses of any size to support them to access loans and different kinds of finance so they can rebuild after the pandemic and pandemic transition period, this replaced the former schemes of CBILS and BBLS.

SELF-ASSESSMENT TAX DEADLINE

The deadline to file your 2020/21 self-assessment tax return is soon. Taxpayers that choose to file via a paper return had a deadline of 31 October 2021. If you file electronically, the filing deadline is 31 January 2022 however HMRC is waiving late filing and late payment penalties for one month giving self-assessment taxpayers extra time (if required) to complete their 2020 to 2021 tax return and pay an tax due.

QuickBooks Desktop users must switch to QuickBooks Online

QuickBooks has discontinued its QuickBooks Desktop service in the UK, from January 2022.

EXTENDED HMRC DEADLINE FOR SELF ASSESSMENT TAXPAYERS

For those struggling from the pressures of Covid-19, HMRC has announced that it will be extending the deadline for Self Assessment taxpayers for one month.