Newsletter

WE LVE NUMBERS!

Welcome to the December 2021 Newsletter from Beatons Group

Taxpayers completing their 2020/21 tax returns have been urged by HMRC to stay vigilant in regard to scams and bogus tax rebate referrals. HMRC revealed that almost 800,000 tax scams were reported in the last year.

Meanwhile, data published by the Office for National Statistics (ONS) showed that just a third of UK businesses plan on cutting their greenhouse emissions over the next year. The report found that 11% of firms are not taking action to reduce their emissions.


HMRC issues warning on self assessment scams

HMRC has warned taxpayers completing their 2020/21 tax returns to 'be on their guard' and stay vigilant in regard to tax-related scams.

Nearly 800,000 tax scams were reported in the last year, HMRC revealed. It said that fraudsters use self assessment to attempt to steal money or personal information from taxpayers.

In the last year, HMRC received almost 360,000 bogus tax rebate referrals. HMRC will send more than four million emails and SMS messages this week to self assessment taxpayers, prompting them to think about how they intend to pay their tax bill.

It is warning taxpayers 'not to be taken in' by malicious emails, phone calls or texts, and to not mistake them for genuine HMRC communications.

Commenting on the issue, Myrtle Lloyd, Director General for Customer Services at HMRC, said: 'Scams come in many forms. Some threaten immediate arrest for tax evasion, others offer a tax rebate. Contacts like these should set alarm bells ringing, so if you are in any doubt whether the email, phone call or text is genuine, you can check the 'HMRC scams' advice on GOV.UK and find out how to report them to us.'

The self assessment deadline is 31 January 2022.


Only a third of businesses taking action to cut emissions

Only one third of businesses plan on cutting their greenhouse gas emissions over the next year despite the UK's recent net-zero efforts, according to the Office for National Statistics (ONS).

According to the ONS's report, 11% of businesses are not taking action to reduce their emissions, with 13% stating that they were 'unsure of how to even begin measuring their emissions'. The report uses data from the Business Insights and Conditions Survey, which featured the answers from around 39,000 businesses from June 2021.

The survey found that 38% of businesses reported that they are taking at least one action to reduce their greenhouse gas emissions, while 24% reported that they are intending to act in the next 12 months.

46% of businesses that have already decided to tackle their emissions output are more likely to start to take action in the coming year.

The ONS report also found that many businesses believe that implementing change for net-zero would be 'costly', with 20% of businesses stating that this was their main barrier.


ESSENTIAL TAX DATES FOR DECEMBER

1 December
New Advisory Fuel Rates (AFR) for company car users apply from today.
 
19 December
PAYE, Student loan and CIS deductions are due for the month to 5 December 2021.
  
30 December   
Online filing deadline for submitting 2020/21 self assessment return if you require HMRC to collect any underpaid tax by making an adjustment to your 2022/23 tax code.

31 December      
End of CT61 quarterly period.
Filing date for Company Tax Return Form CT600 for period ended 31 December 2020.


QUOTE OF THE MONTH

'If someone contacts you saying they're from HMRC, wanting you to urgently transfer money or give personal information, be on your guard.'

Myrtle Lloyd, Director General for Customer Services at HMRC, commenting on HMRC's warning to self assessment taxpayers to be wary of fraudsters claiming to work for the tax authority.


ON OUR WEBSITE

A wealth of resources for businesses
With topics ranging from the Bribery Act 2010 to the National Minimum Wage and the National Living Wage, the Your Business section of our site is a hub of essential information.

Useful information for individuals
For a comprehensive bank of guides covering Venture Capital Trusts, the dividend nil-rate and much more, please visit the Your Money area of our website.


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