With employees’ and directors’ P11d’s for 2021/22 due by 6 July 2022 it is timely to remind employers of the rules for travel and subsistence, particularly as HMRC have recently issued some updated guidance and useful examples of their interpretation of the law.

We are in a period of high inflation of prices for goods and services. The Office for National Statistics (ONS) shows one of the inflation indices has increased by 6.2% in the 12 months to March 2022.

The International Monetary Fund (IMF) has stated the war in Ukraine will severely set back the world economy and the UK is predicted to have the slowest growth in the G7 and across Europe’s main economies at 1.2% for 2023.

The government has launched a wide-ranging £375 million package of support for innovative energy technologies with the aim of powering British homes and businesses for decades to come and strengthening the nation’s energy security.

With Russia's invasion of Ukraine creating additional fiscal uncertainty in the UK and around the globe, economic growth slowed in February and, according to the Office for National Statistics, the UK economy is now only 1.5% above the pre-pandemic level in February 2020.

The Net Zero Technology Centre has launched the first of two open funding windows for 2022.

Businesses from across the globe can apply for a share of £7 million available in the first funding window, with a maximum of £1 million to be awarded to each successful project.

In conjunction with the start of the new tax year, HMRC have published an updated factsheet to assist employers in determining the employment status of their workers. The factsheet recommends the use of the ‘Check Employment Status for Tax’ (CEST) diagnostic tool on the HMRC website but that is not obligatory.

Where companies give shares to employees in the company or group that they work for they will generally be taxed on the difference between the market value of those shares and the amount paid, if any. The transaction also needs to be reported to HMRC by 7 July following the end of the tax year. HMRC provide a template to enable employers to report the transaction online:

The government announced last week moves that will see ‘stablecoins’ recognised as a valid form of payment as part of wider plans to make Britain a global hub for cryptoasset technology and investment. In brief:

Millions of households are facing a rise in energy costs, alongside increases in the cost of council tax, water bills and other utilities and there is a warning of fresh energy bill price rises in October. Energy prices have been affected by the Ukraine war and pressure on suppliers. There are continuing delays and shortages on a wide range of goods businesses need to function properly. In addition, the National Insurance rise is now hitting pay packets, an additional cost to both employers and employees.

Is it all doom and gloom or can you plan forward and make adjustments in and to your business to factor in these changes?

HMRC is warning individuals not to share their personal information online to avoid their identities being used to claim bogus Self-Assessment tax refunds.

One of the best ways to help is by donating cash through trusted charities and aid organisations, rather than donating goods.

UK businesses can now record their interest in supporting Ukrainians fleeing the war.

The Department for Levelling Up, Housing and Communities has launched a webpage for sponsors to record their interest in Homes for Ukraine, ahead of Phase One of the scheme opening for applications on Friday 18 March.

No matter how big or successful your company is, maintaining business throughout a recession is hard. With fluctuating demands, losses in sales and competitive price drops, the whole experience can feel like a rollercoaster ride. So how do you survive the economic chaos?

Successful businesses all have two things in common – a thorough understanding of customer needs, and they have a total dedication to their customers.

Pricing, for better or for worse, is a largely subjective topic.

Despite all of your efforts, some people will still disagree with your pricing - and that's okay.

Unfortunately, you cannot please everyone.

However, this doesn't diminish the value of the products/services you provide.

So, how do you achieve pricing confidence when pricing is such a polarising subject?

The days since the invasion of Ukraine by the Russian State have been terrifying for all those people under fire in the country. For the rest of us, the shock at such reckless action has been profound. We condemn the violence replacing the diplomatic dialogue that should be ongoing between all the parties involved in the conflict.

The first quarter of the year is when you can develop good habits. It’s where you can lay a solid foundation for the year going forward. So, whether you want to be more focused or productive or more intentional with growing your business, now is the time to really kickstart the year.

From 1 April 2022, all VAT registered businesses must file digitally through Making Tax Digital, regardless of turnover.

We can sign you up to MTD, although you will be responsible for meeting your VAT obligations. Those who do not join Making Tax Digital for VAT may be charged a penalty for failure to do so.