Coronavirus SSP Rebate Scheme set to close on 17 March

The statutory Sick Pay Rebate Scheme (SSPRS) will close on 17 March 2022. The SSPRS was reintroduced by the government on 21 December 2021 for employers with fewer than 250 employees. The maximum claim per employee is two weeks at the statutory sick pay (SSP) rate of £96.35 per week (£192.70 in total), which is the rate for 2021/22 (£99.35 /2022/23). The employer’s claim is also capped at the number of employees in its PAYE scheme on 30 November 2021.…

Businesses are being encouraged to apply for remaining coronavirus (COVID-19) grant funding from local authorities. Hospitality, leisure and accommodation businesses can still apply for a one-off cash grant of up to £6,000 through the Omicron Hospitality and Leisure Grant scheme. The funding is made up of £556 million available through the Omicron Hospitality and Leisure Grant (OHLG) scheme and a further £294 million through the Additional Restrictions Grant (ARG) scheme. The OHLG scheme provides businesses in the hospitality, leisure and…

Following the decision by the Bank of England to increase the base rate, HMRC has confirmed that the late payment interest rate rose a quarter of a per cent. The increase applies from 14 February 2022 for quarterly instalment payments and from 21 February 2022 for quarterly instalment payments and from 21 February 2022 for non-quarterly instalment payments. On 2 February 2022, the Banks Monetary Policy Committee (MPC) increased the base rate to 0.5% As HMRC interest rates are linked…

The government must overhaul motoring taxes as it phases out new diesel and petrol vehicles, according to MPs. MPs on the Transport Committee said the government must come up with new policy options by the end of the year. A ban on the sale of new diesel and petrol vehicles will be introduced by 2030, which means £35 billion will be lost in tax revenue. In a report entitled Road Pricing, the Committee favoured a road charging system based on…

The British Chambers of Commerce (BCC) has urged for immediate action to promote EU trade. According to a BCC study, 60 per cent of UK exporters said they were having trouble trading with the EU. The amount of vehicles waiting to enter the port, according to the industry group, “also presents a graphic example of the challenges that continue to impede the implementation of the trade deal between the UK and the EU.” The BCC has issued a set of…

Scam reports have surfaced. According to the latest numbers from the tax office, HMRC phone calls have decreased by 97% in the last year. Scammers impersonating HMRC in phone calls peaked at 79,477 in March 2021 and decreased to just 2,491 in December 2021, according to HMRC. The decrease in scam phone complaints to HMRC has been mirrored elsewhere, with a 92 per cent decrease in phishing email reports and a 97 per cent decrease in scam text reports in…

Creating an official digital currency in the UK could pose significant risks to the financial stability of banks, a House of Lords committee has warned. The Lords Economic Affairs Committee said introducing a Central Banking Digital Currency (CBDC) ‘would have far-reaching consequences for households, businesses and the monetary system‘. The committee made its conclusions after hearing testimony from witnesses, including the Bank of England’s Governor, Andrew Bailey; his deputy Sir John Cunliffe; Economic Secretary to the Treasury, John Glen; and senior…

Consumer group Which? has urged taxpayers to avoid using so-called ‘refund firms’ to claim tax rebates. Which? stated that people are losing hundreds of pounds by using third-party companies to claim tax rebates rather than going directly to HMRC. Research carried out by the group found that one in five people had been either contacted directly by a tax refund company via email, phone, letter or text message or found one online. Two in five of those contacted by a…

The Confederation of British Industry (CBI) has warned the government that the planned rise in national insurance will squeeze budgets and affect economic growth. The rise will see employers, employees and the self-employed pay 1.25p more in the pound from April 2022. From April 2023, the extra tax will be collected as part of the new Health and Social Care Levy. Prime Minister Boris Johnson and Chancellor Rishi Sunak recently confirmed the rise, stating that it ‘must go ahead’. The CBI…

HMRC has reopened a claims portal for small employers to again claim refunds for coronavirus (COVID-19)-related sick pay. The reopening follows the announcement of the reintroduction of the Statutory Sick Pay Rebate Scheme (SSPRS) on 21 December 2021 for employers with fewer than 250 employees by the government. The maximum claim per employee is two weeks at the statutory sick pay (SSP) rate of £96.35 per week (£192.70 in total). The employer’s claim is also capped at the number of…