December 2021 NewsletterWelcome to our newsletter. We hope it finds you safe and well. Do get in touch if we can be of assistance with any of the issues raised e:email@example.com. 0800 019 1744
The Prime Minister has confirmed England will move to Plan B following the rapid spread of the new variant.
Here’s guidance on the measures including working from home.
More on the Coronavirus Statutory Sick Pay Rebate Scheme to claim back employees' Covid-related Statutory Sick Pay can be found here.
Beware of hidden taxes when Christmas shopping online
If you are buying Christmas gifts online this year, take care that you are not presented with unexpected VAT, excise duty or customs duty charges before you can take possession of your purchases. Changes introduced on 1 January 2021 mean that in the same way that consumers have previously had to pay charges when buying certain items from non-EU sellers, they may now also need to do so when buying goods from the EU. See our blog.
Stay strong and plan ahead
The cost of living has surged at its fastest pace in almost 10 years - primarily due to higher fuel and energy prices but the cost of second-hand cars and eating out also increased, the Office for National Statistics have said. Meanwhile the Bank of England has not ruled out a hike in interest rates.
Here are a few ideas to help stay resilient:
Review your Budgets and set realistic and achievable targets for the remainder of 2021 and 2022;
Get rid of ‘Won’t Pay’ customers;
Review debtors list and chase up overdue invoices;
Make sure your terms of business contain explicit payment terms;
Assign responsibility to one individual for invoicing and collections;
Agree extended payment terms with all suppliers in advance;
If appropriate, review banking facilities and discuss future needs;
Put extra effort into making sure your relationships with your better customers are solid;
Review and flow chart the main processes in your business (eg Sales processing, order fulfilment and shipping)
Encourage your staff to suggest ways to streamline and simplify processes
As long-established accountants we have considerable experience in helping clients with their strategy and sustainability.
Talk to us about planning ahead. Call your local Barringtons office:
Christmas is always a busy time of year especially for those grappling with self-assessment tax returns. Here’s a reminder of deadlines to meet – and remember we are on hand to help.
*19 December 2021 - PAYE and NIC deductions due for month ended 5 December 2021. (If you pay your tax electronically the due date is 22 December 2021).
*19 December 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 December 2021.
*19 December 2021 - CIS tax deducted for the month ended 5 December 2021 is payable by today.
*30 December 2021 - Deadline for filing 2020-21 self-assessment tax returns online to include a claim for under payments to be collected via tax code in 2022-23.
*1 January 2022 - Due date for corporation tax due for the year ended 31 March 2021.
For more dates go to our blog.
New requirements for importing animal and plant goods
From 1 January 2022, pre-notification will be required for imports to Great Britain of most products of animal origin, animal by-products, high-risk food not of animal origin and regulated plants and plant products from the EU. For more see here.
Prepare for customs changes on January 1
HMRC are reminding traders to prepare for customs changes that come into effect on 1 January 2022. You will no longer be able to delay making import customs declarations under the Staged Customs Controls rules that have applied during 2021. See herefor more information.
Repaying CJRS grants
There’s no doubt CJRS proved a lifeline to businesses and their employees during the health crisis. Now it’s time to pack back any furlough grants over-claimed or face penalty. Employers must use the online service to get a unique payment reference number to pay back HMRC.
See herefor full guidance.
Our Payroll department has handled a huge number of CJRS claims. They are a great source of support in this often complex area and are ready to assist.
And finally...Christmas gifts for staff
Want to reward your employees with a gift or works ‘do’ this festive season? Here’s a reminder of the allowances and tax breaks for gifting and partying restrictions permitting and without a sprig of mistletoe in sight! See our blogfor more.