Weekly update 3 September 2021

Welcome to the latest edition of our weekly update.

SME News

The federation of small business is arguing the UK government to cut the national insurance contribution to ease the cost pressure on employers.

• Call for cut in NICs to ease cost pressure on SMEs.
• Two-third of respondents to a survey said their operating costs had risen over the past year.
• FSB Chair also calls for SME Brexit Support Fund to be revamped and relaunched.

Finance Insights

The national roll out to the new £100 spending limit for contactless card payments to begin from 15^th October 2021.

• Contactless limit to increase to £100 from October.
• The roll out will give customers more flexibility when shopping in store.
• For customer spending more than £100, payment like Apple Pay do not have an upper limit.

Employer Updates

Employers carrying out right to work checks will be able to continue it digitally until 5^th of April 2022 following updated government guidance.

• Government extends digital right to work checks to 2022.
• Physical checks were due to be reintroduced on June 21 this year.
• Checks can be carried out using scans of the original documents and video calls up to April 2022.

Job Retention Scheme

After the year and half the Job Retention Scheme will come to close this month, claims for August must be made by Tuesday 14^th September.

• Preparing for closure of the Job Retention Scheme.
• Keep records supporting the grants claim, in case HMRC need to check them.
• The deadline to amend any claims for August is September 28.

Our Latest Snippets

House prices rise in august despite end of stamp duty holiday.

Repaid VAT triggers spike in tax receipts.

Business groups tell government: UK furlough scheme must stay for Covid-hit industries.

Employers must notify the gov’t if they are going to make between 20 and 99 staff redundant.

Upcoming Key Dates

September 7: VAT returns and payments due for Accounting Quarter period ending July 31.

September 30: The 5% VAT hospitality reduction will revert to 12.5%.

September 30: The Coronavirus Job Retention Scheme is due to close.

September 30: The apprenticeship payment scheme ends. All new hies must be completed by this date.

Recent blogs: 

HMRC help towards childcare costs

Furlough: Final month

Penalty suspension for late filed accounts has ended

Tax-free earnings for teenagers capped at £1,000

Super deduction extension for landlords

Commercial rent arrears and premises recovery

Employers named & shamed for paying less than minimum wage

Stamp duty on property sales hits £2.8bn

Marriage allowance

Business at risk of penalties in digital tax overhaul