Friday, 17 September 2021

17th September 2021 – Hillmans Weekly Update


Below I have summarised all the main tax related updates we have seen this week.

Further Details on Proposed NIC and Dividend Tax Rates
Check how to import or export goods
Claiming back Statutory Sick Pay paid to employees due to coronavirus (COVID-19)
Businesses given more time to apply new product safety marking

If you have any queries about this week’s content, or if you need any assistance please do not hesitate to contact me.

I hope you have a great weekend.

Stay safe and well.

Cheers,

Steve

Steven Hillman
BSc (Hons) ACA
Chartered Accountant
Tel: 01934 444100


Thursday, 16 September 2021

Check how to import or export goods

There is a new government tool check on how to import or export goods, which provides step by step tailored guidance. Use this service to get information about importing and exporting, including:

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
which paperwork you need to keep

You will need to know:

where the goods are coming from or going to
the commodity code for the goods

See: Check how to import or export goods - GOV.UK (https://www.gov.uk/check-how-to-import-export)


Wednesday, 15 September 2021

Claiming back Statutory Sick Pay paid to employees due to coronavirus (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.

The online service you could use to claim back Statutory Sick Pay (SSP) is now available.

See: Check if you can claim back Statutory Sick Pay paid to employees due to coronavirus (COVID-19) - GOV.UK (https://www.gov.uk/guidance/claim-back-statutory-sick-pay-paid-to-employees-due-to-coronavirus-covid-19)

Tuesday, 14 September 2021

Further Details on Proposed NIC and Dividend Tax Rates

Following last weeks announcement, the Government has published further details on the proposed National Insurance and dividend tax rate increases. 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. Note that the 1.25% increase applies to the Class 4 contributions paid by the self-employed on their profits as well as the Class 1 contributions paid by employees increasing the rates to 10.25% and 13.25%. The employers Class 1 rate will increase from 12.8% to 14.05% however many small businesses are able to set off a £4,000 employment allowance against their employers NIC liability.

Many workers operating through personal service companies to whom the new “off-payroll” working rules apply will also be caught by the proposed measures.

The 1.25% additional levy doesn’t just apply to national insurance contributions, it is proposed that the income from share dividends, earned by those who own shares in companies, will also see a 1.25% tax increase. This would mean that after the £2,000 tax free dividend allowance the rate of tax would be 8.75% for basic rate taxpayers, 33.75% for higher rate taxpayers and 39.35% for those with income in excess of £150,000 a year.

Details of the proposals are set out in the following document: 6.7688_CO_Command paper cover_060921 (https://assets.publishing.service.gov.uk/government/uploads/system/uploads/attachment_data/file/1015736/Build_Back_Better-_Our_Plan_for_Health_and_Social_Care.pdf)


Monday, 13 September 2021

Businesses given more time to apply new product safety marking

The UKCA marking replaces the product safety labelling the UK previously used while a member of the EU, such as the CE mark.

Businesses will have an additional year to apply new product safety markings for most products placed on the market in England, Scotland and Wales. The UK Conformity Assessed (UKCA) marking allows the UK to have control over its goods regulations, maintaining the high product safety standards expected in the UK.

Recognising the impact of the pandemic on businesses, the UK Government will extend this deadline to 1 January 2023 to apply UKCA marks for certain products to demonstrate compliance with product safety regulations, rather than 1 January 2022.

See: Businesses given more time to apply new product safety marking - https://www.gov.uk/government/news/businesses-given-more-time-to-apply-new-product-safety-marking


Friday, 10 September 2021

10th September 2021 – Hillmans Weekly Update


Below I have summarised all the main tax related updates we have seen this week.

National Insurance and tax on dividends to rise by 1.25%
Intellectual Property renewal service goes digital
Back to school - Remind employees about HMRC support with childcare costs!
Reimbursing Fuel for Company cars from 1 September 2021

If you have any queries about this week’s content, or if you need any assistance please do not hesitate to contact me.

I hope you have a great weekend.

Stay safe and well.

Cheers,

Steve

Steven Hillman BSc (Hons) ACA
Chartered Accountant
Tel: 01934 444100


Thursday, 9 September 2021

Intellectual Property renewal service goes digital

A new digital renewals service that reduces bulk renewal time for IP rights from 5 days to 5 minutes has now been opened up to all customers by the Intellectual Property Office (IPO).

Customers who need to renew a registered design can do so online. Customers can also renew up to 1,500 IP rights - including combinations of patents, trademarks and designs - in a single digital transaction. The IPO say that they will bring forward these design principles to their One IPO Transformation Programme, which will provide a single, integrated system for all registered IP rights.

See: Renew a patent, trade mark or registered design - https://www.gov.uk/renew-patent-trademark-registered-design