Customs controls from 1 January 2022
There are special procedures for importing goods into the UK. Following the end of the Brexit transition period on 31 December 2020, the process for importing goods from the EU effectively mirrors the process for all other international destinations.
A number of easements to help ensure a smooth transition for goods coming from the EU after Brexit, ended on 31 December 2021. This means that since 1 January 2022, businesses are no longer able to delay making import customs declarations under the
Omicron funding delivered to local authorities
Just before the Christmas break, the Chancellor announced a new support package for some businesses most affected by the Omicron variant.
The biggest single measure was the re-introduction of one-off grants of up to £6,000 for businesses in the hospitality and leisure sectors many of whom have seen their seasonal trade hugely impacted by this latest COVID-19 variant. It is thought that some 200,000 businesses will be eligible for these new grants. On 7 January 2022, the government delivered
HMRC fraud squad net £1bn from criminals
HMRC’s Fraud Investigation Service (FIS) was launched in April 2016. The FIS is responsible for HMRC’s civil and criminal investigations into the most serious fraud and wrongdoing. It has been estimated that tax evasion and fraud cost the exchequer up to £10bn per annum.
The formation of the FIS brought together HMRC’s criminal and civil investigators. This partnership allows HMRC’s investigators to unlock the most complex financial crimes. Since the service was established more than £1 billion
Are you registered for Making Tax Digital for VAT?
Making Tax Digital (MTD) for VAT is to be extended to cover businesses with a turnover below the VAT threshold from April 2022. The MTD for VAT regime started in April 2019 when businesses with a turnover above the VAT threshold of £85,000 became mandated to keep their records digitally and provide their VAT return information to HMRC using MTD compatible software.
The extension of MTD from April 2022 will apply to all VAT registered businesses with turnover below the VAT threshold of £85,000.
Delay in implementing late payment penalties
In tandem with the announcement that no late filing penalties will be issued for 2020-21 Self-Assessment returns submitted by 28 February 2022, HMRC has also confirmed a delay in implementing late payment penalties. This means that taxpayers will not be charged a 5% late payment penalty if they pay their tax or set up a payment plan by midnight on 1 April 2022.
Under the normal rules a 5% late payment penalty would have been charged if tax remained outstanding or a payment plan has not been set
HMRC agree delay in tax return deadline
HMRC has announced that late filing penalties will be waived for taxpayers that file their 2020-21 Self-Assessment returns by 28 February 2022. The due date of 31 January 2022 remains and HMRC is still encouraging taxpayers to try and meet this deadline. Taxpayers should try and pay their tax bill by 31 January 2022 as interest will accrue from 1 February 2022 on any outstanding liabilities.
There had been concerns from Self-Assessment taxpayers and their agents for the government to soften its