IR35 sage in public sector

IR35 sage in public sector

IR35 sage in public sector In the ongoing saga over IR35 in the public sector, two more government departments are facing multimillion pound tax bills for non-compliance   The latest annual reports for the Ministry of Justice (MoJ) and the Department for Environment, Food and Rural Affairs (Defra) show that both departments owe millions of…

Statutory sick pay rebate scheme reinstated

Statutory sick pay rebate scheme reinstated

Statutory sick pay rebate scheme reinstated As increasing numbers of Covid-19 cases means more workers taking time off work, the government has reintroduced the statutory sick pay rebate scheme (SSPRS)   Who can apply for statutory sick pay rebate scheme (SSPRS)?   The SSPRS will help small and medium-sized employers – those with fewer than…

15% global minimum tax

15% global minimum tax

15% global minimum tax – Rules published by OECD The OECD has published detailed rules to assist in the implementation of reform to the international tax system, which will see multinationals will be subject to a minimum 15% tax rate from 2023 The Pillar Two model rules provide governments a precise template for taking forward…

Bank base rate increased to 0.25%

Bank base rate increased to 0.25%

Bank base rate increased to 0.25% (First increase in 3 years) The Bank of England has raised the bank base rate for the first time in three years to 0.25%, despite concerns over omicron variant   At its meeting ending on 15 December 2021, the Monetary Policy Committee (MPC) voted by a majority of 8-1…

Covid grants to be included in tax returns

Covid grants to be included in tax returns

Covid grants to be included in tax returns HMRC is reminding self assessment customers to declare any Covid-19 grant payments on their 2020/21 tax return, including SEISS claims which are taxable More than 2.7 million customers claimed at least one Self-Employment Income Support Scheme (SEISS) payment up to 5 April 2021. These grants are taxable…

EU custom changes

EU customs changes

EU custom changes from January 2022 Some of the temporary customs and VAT easements introduced on 1 January 2021 for goods moving between Great Britain and the EU will be removed on 1 January 2022 Businesses trading with the EU have less than three weeks to get ready for new import and exports customs controls…

Fraudulent Covid loans of £4.9bn

Fraudulent Covid loans of £4.9bn

Fraudulent Covid loans of £4.9bn The government’s measures to prevent fraud in its bounce back loan scheme (BBL) have been labelled inadequate by National Audit Office (NAO) and were introduced too late.   A report by the government’s spending watchdog estimated that £4.9bn of the £47bn that was given out as part of the Covid-19…