Welcome to the May 2022 Newsletter from Walsh & Co

HMRC has begun to recover overpayments of Self-employment Income Support Scheme (SEISS) grants from individuals who were given financial help during the coronavirus (COVID-19) pandemic.

Meanwhile, a new online one-stop shop has been launched by HMRC to provide taxpayers with information on tax reliefs they may be eligible to claim. The new section of the HMRC website lists the financial support available.

HMRC starts chasing up SEISS overpayments

HMRC has started to recover overpayments of Self-employment Income Support Scheme (SEISS) grants.

From April, HMRC is writing to taxpayers whose entitlement to the fourth or the fifth SEISS grant has reduced by more than £100 to ask them to repay amounts that were overpaid.

A taxpayer's grant is calculated by using the information from their amended tax return. HMRC's letters include a date by which the taxpayer must make the repayment. If the payment is over 30 days late, a late payment penalty of 5% of the unpaid tax will be applied.

Taxpayers who need to repay grants can make use of HMRC online tools to help them calculate what they owe. Individuals who receive a letter from HMRC are required to use the payment reference beginning with X when making their repayment.

Taxpayers who are not able to pay in full may be able to set up a Time to Pay arrangement with HMRC, which allows them to spread payments.

More information on making a repayment can be found here.

New HMRC one-stop online shop provides taxpayers with tax relief information

HMRC has launched a new one-stop online shop designed to provide taxpayers with information on the tax reliefs and financial support available to them.

In a new section of the GOV.UK website, HMRC has listed the financial support available to ensure individuals are not missing out on reliefs they are eligible for.

The shop is designed to make it easier than ever for taxpayers to claim the benefits, credits and allowances they are entitled to. HMRC has provided online guidance and tools to permit people to check if they are eligible for each relief.

Myrtle Lloyd, Director General for Customer Services at HMRC, said: 'We understand these are very difficult times for many so it's vitally important we continue to highlight the range of support available.

'We'd encourage those who think they may be eligible for support to take a look and claim what they're entitled to – it could make an important difference to household budgets at a time when it's needed the most.'

The online shop can be found here.

ESSENTIAL TAX DATES FOR MAY

3 May
Deadline for submitting P46(Car) for employees whose car/fuel benefits changed during the quarter to 5 April 2022.

19 May
PAYE, Student loan and CIS deductions are due for the month to 5 May 2022.

31 May
Deadline for forms P60 for 2021/22 to be issued to employees.

QUOTE OF THE MONTH

'If we are to realise the aspirations of the UK government's Export Strategy then 2022 has to be the year where these structural factors holding back our exporters are addressed.'

William Bain, Head of Trade Policy at the British Chambers of Commerce (BCC), commenting on data published by the business group that showed that UK export growth has been effectively stagnant for the past year.   

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.

Energy bosses call for price cap to be scrapped to prevent 'horrific' winter
Bosses of the UK's largest energy firms have called on the government to intervene with 'unprecedented' measures to prevent a fuel poverty crisis next winter.
Click here for the full story

Research suggests hybrid working saves businesses significant amounts of money
Research carried out by Confused.com has revealed that hybrid working practices help businesses save an average of £8,100 per employee.
Click here for the full story

UK government unveils energy strategy
Up to eight more nuclear reactors could be delivered on existing sites as part of the UK's new energy strategy.
Click here for the full story

Treasury announces it will regulate some forms of cryptocurrency
The Treasury has announced that it intends to recognise stablecoins as a valid form of payment as part of wider government plans to 'make Britain a global hub for cryptoasset technology and investment'.
Click here for the full story

NIC increase causes businesses to raise prices
The increase in national insurance contributions (NICs) will cause a third of businesses to raise their prices, according to the results of a survey conducted by the Institute of Directors (IoD).
Click here for the full story