Welcome 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:advice@barringtons.co.uk
Plan for what's round the corner
As winter approaches, there is much in the ‘uncertainty’ pot to consider. To quote the well coined phrase, we are not out of the woods yet.
Cold months are not a brilliant time for infection and we should expect the usual rash of flu, and now COVID, cases to increase. See our blog for advice on creating a survival strategy.
We help business owners develop long-term plans to see them through good times and bad. Contact us today for a strategic planning review. Email advice@barringtons.co.uk or call t. 0800 019 1744
October Dates for your Diary
Key dates this month are:
19 October 2021 - PAYE and NIC deductions due for month ended 5 October 2021. (If you pay your tax electronically the due date is 22 October 2021.)
19 October 2021 - Filing deadline for the CIS300 monthly return for the month ended 5 October 2021.
19 October 2021 - CIS tax deducted for the month ended 5 October 2021 is payable by today.
31 October 2021 – Latest date you can file a paper version of your 2021 self-assessment tax return.
Claiming back Statutory Sick Pay paid to employees due to COVID-19
The Coronavirus Statutory Sick Pay Rebate Scheme will repay employers the Statutory Sick Pay paid to current or former employees.
HMRC have updated the guidance to confirm that employers can only claim for employees who were off work on or before 30 September 2021.
If you have any outstanding claims that you would like Barringtons to process on your behalf, please contact payroll@barringtons.co.uk before 20 December 2021, as the deadline to submit or amend claims is 31 December 2021.
The online service you could use to claim back Statutory Sick Pay (SSP) is now available.
There’s a free HMRC Statutory Sick Pay (SSP) webinar on October 26.
Employers: Our Payroll department is on hand to ease the headache of SSP and more.
Beware: HMRC Phishing & Scams
We are urging clients to be careful if they are contacted out of the blue by someone asking for money or personal information. We continue to see high numbers of fraudsters calling, emailing, texting and even writing to customers claiming to be from HMRC.
HMRC website confirms you will never get an email, text message, message in an application (for example WhatsApp) or a phone call from HMRC which:
tells you about a tax rebate or penalty
asks for your personal or payment information
If in doubt, we advise you not to reply directly to anything suspicious, but to contact us straight away.
You can also check HMRC’s guidance on recognising scams if you’re not sure.
Proposed NIC and Dividend Tax Rates
It is proposed that there will be a 1.25% rise in National Insurance Contributions (NICs) from April 2022 paid by both employers and workers and will then become a separate tax on earned income from 2023 - calculated in the same way as NIC and appearing on an employee's payslip.
For a concise update on the changes contact our helpful Payroll department T: 01782 713700e: payroll@barringtons.co.uk
VAT rates for hospitality, holiday accommodation and attractions
The reduced VAT rate of 5%, extended to 30 September, is now replaced by an interim rate of 12.5% for six months. The standard rate of 20% returns April 2022.
If you are a VAT registered business, check if you can temporarily reduce the rate of VAT on supplies relating to hospitality, accommodation, or admission to certain attractions.
A reminder that Barringtons has a specific VAT and Duties consultancy, provided by Colin Woodward, the VAT and Duties Director, who is also a Chartered Tax Advisor and a former Senior Officer of HM Customs & Excise. To contact Colin email cdw@barringtons.co.uk or call 01782 713700
Check how to import or export goods
Our region is a hotbed for products and services sold overseas. Now there’s government tool to check on how to import or export goods. Use this service for information on:
how to register your business for trading
which licences and certificates you need for your goods
paying the right tax and duty for your goods
how to make declarations for your goods to clear the UK border
And finally …the government has confirmed that a full Spending Review (SR) will be held alongside the Budget on 27 October, and published its overall spending ‘envelope’ – the total pot of money to be allocated between departments at the SR. These new spending plans cover 2022/23, 2023/24 and 2024/25 and represent a return to multi-year budgeting which have proved impossible during the pandemic.
