Latest news round-up

Newsletter issue - November 2021

Autumn Budget

The 2021 Autumn Budget was relatively quiet in terms of tax-related announcements, and the Finance Bill 2021/22 published on 4 November was similarly thin on new changes, consisting to some extent of measures that had already been announced, e.g. the abolition of basis periods.

Part 2 of the Bill introduces the draft legislation for the new Residential Property Developer Tax (RPDT). Businesses falling within the remit of the new tax will pay 4% on relevant profits, subject to an allowance of £25 million (or a pro-rated amount where the accounting period is less than 12 months long. The tax will commence for accounting periods ending on or after 1 April 2022, with periods straddling that date being apportioned.

RPDT will only apply to companies. The legislation is perhaps most useful for the key definitions, and exceptions and it is worth reviewing the explanatory notes accompanying the Bill.

Self-Employment Support Scheme (SEISS) and cryptocurrency

HMRC are writing to some businesses that claimed the first three rounds of the SEISS grants in 2020/21, requiring urgent action to be taken. The affected businesses are those that have received payments under the scheme, but have:

  • not filed a return for 2019/20; or
  • filed a return with no self-employment or partnership pages included.

Being self-employed during the previous tax year was a prerequisite for claiming under SEISS. HMRC are requesting that the missing information is filed within 30 days of the letter, or the amounts will need to be repaid, with penalties applicable.

A "nudge" letter is also being sent to individuals that own cryptoassets, such as Bitcoin. The letter advises such individuals that such assets may trigger CGT liability if disposed of, and directs the recipient to further online guidance to help review the position.

Other news

HMRC's accounts audit for 2020/21 yielded a qualified opinion from the National Audit Office and revealed that tax revenues for the year fell by 4.4%, or £27.9 billion. The fall was partly attributed to lower business revenues having a knock-on effect on the tax take - however, it's also clear that the easing of enforcement action during the pandemic also contributed.

The Department for Work and Pensions has launched a new online service for applying for an NI number. However, demand is currently high, with current wait times estimated at almost four months. Employees with the right to work in the UK can be set up on a payroll system in the interim with their name and two lines of their home address.

What our clients say about us...

  • "Paul has provided accountancy services to my company for 2 years now. I can recommend Paul very highly; his skills as an accountant are highly detailed and professional and he is always available to provide advice. One aspect of the way Paul works that I greatly appreciate is a preference to meet face to face when there is a detailed conversation to be had. I personally find this more productive and is a benefit of working with a small accountancy firm that you wouldn't get with the large faceless providers."


  • "I couldn't ask for more from Paul as an Accountant. Paul has been accountant to Work Relief Charity Recruitment for just over a year now and is proving an invaluable asset. Accurate, knowledgeable, flexible with an emphasis on service delivery, I would recommend Paul's services to any organisation looking for an accounts professional."

    Neil Price - Managing Director at Work Relief Charity Recruitment

  • "Paul was a referral from a family member when I started my business 2 years ago. As this was the first time I had ever run my own company I was totally clueless over the financial side of matters and was worried that I may have made mistakes in any of my accounting. I needn't have worried as after enaging Paul for a set monthly fee he was always there on the end of the phone for all sorts of questions I had and no matter how trivial they were Paul gave me all the information I required and more and did an excellent and painless job at the end of my first year! Couldn't ask for any better to be honest. Just two words - hire him!!!"

    Lee Westrap MBCS - Director - Bulldog IT Services

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