HMRC Update – Jan 2022

HMRC Update – Jan 2022

Another helpful tax update from HMRC:

Chancellor announces £1 billion fund for businesses
On 21 December 2021, Chancellor of the Exchequer, Rishi Sunak, unveiled a £1 billion COVID-19 fund, including cash grants of up to £6,000 per premises for each eligible firm.

Self assessment taxpayers must declare COVID grants on tax returns
HMRC has reminded self assessment taxpayers to declare any COVID-19 grant payments on their 2020/21 tax return.

HMRC waives self assessment penalties for one month to ease COVID-19 pressures
HMRC is waiving late filing and late payment penalties for self assessment taxpayers for one month.

FCA to introduce new consumer duty
The Financial Conduct Authority (FCA) is set to introduce a new consumer duty to better protect users of financial services.

HMRC latest guidance for employers
HMRC has published the latest edition of the Employer Bulletin.

Over 440,000 small firms at risk due to late payment crisis
More than 440,000 small firms could be forced out of business by the late payment crisis, according to the Federation of Small Businesses (FSB).

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