Money Matters - October 2021 Accounting Newsletter
Posted on October 26, 2021

We are pleased to offer you a complimentary copy of our latest newsletter.

The feature in this edition looks at the changing expectations of employees returning to the workplace and how employers might need to adapt. We also cover the future changes to Making Tax Digital (MTD), the Health and Social Care Levy and lay out key details of the new late payment penalty scheme, and the schedule for different sectors, which starts for VAT in April 2022.

The articles in this issue are:

  • New penalties for late payments The new late payment penalties regime will start rolling out from April 2022 for VAT taxpayers, followed by income tax self-assessment taxpayers.
  • New tax rises and the end of the triple lock The 1.25% increases in national insurance and dividend tax rates are scheduled to start in April 2022 and become a separate Health and Social Care levy from April 2023.
  • Managing new office relations Employers have been welcoming their workforces back on site but ongoing concerns around vaccination and employees’ rights may need a new approach.
  • Claiming extended loss relief The rules for setting business losses against earlier profits were temporarily extended in the first Budget of 2021 in March.
  • Making tax digital shifts again From April 2022 all VAT registered businesses will have to keep digital records and send returns using MTD compatible software, with income tax changes delayed until 2024.
  • Balancing cost management Adjusting to the new economic climate may tempt you into focusing on additional cost cuts or consolidating pandemic changes to manage cash flow and finances.

We hope you enjoy reading the newsletter. Please get in touch if you need help or advice on any of the topics covered.