Welcome to the June 2022 Newsletter from Walsh & Co

The Pensions Regulator (TPR) is carrying out spot checks on employers who have neglected to take care of their workplace pension duties. TPR is visiting employers who have failed to make the proper pensions contributions for their employees.

Meanwhile, research published by the Federation of Small Businesses (FSB) revealed that 34% of small business owners experienced a decline in their mental health as a result of the coronavirus (COVID-19) pandemic.

Pension regulator running spot checks on UK employers

Employers suspected of failing to meet their workplace pensions duties are being targeted with spot check inspections by the Pensions Regulator (TPR).

The majority of employers visited by TPR are those which have failed to make the correct pensions contributions for their staff. The compliance drive marks a return by TPR to larger scale in-person inspections targeting different areas across the UK following the lifting of coronavirus (COVID-19) restrictions earlier this year.

While TPR has continued with urgent ad-hoc inspections on employers suspected of serious breaches, its routine compliance drives were paused in response to COVID-19 social distancing restrictions.

TPR's Head of Compliance and Enforcement, Joe Turner, said: 'Despite the challenges of the past two years, the majority of employers have continued to meet their responsibilities, including paying contributions in full on time and recognising that automatic enrolment is business as usual.

'But where we are aware that an employer is failing to do the right thing, we will take action to protect savers, including on-site inspections. This means we could be knocking on an employer's door in any part of the UK.'

FSB finds one in three business owners suffered COVID-related mental health decline

Research carried out by the FSB has found that 34% of small business owners had their mental health adversely impacted by the COVID-19 pandemic.

The FSB's survey also found that 24% of respondents currently have a mental health condition such as anxiety, depression or post-traumatic stress. 16% of small business owners report having a mild mental health condition; 6% stated that they have a moderate mental health condition; and 2% said that they have a severe mental health condition.

Commenting on the issue, Tina McKenzie, Policy and Advocacy Chair at the FSB, said: 'Whether it's the migrant entrepreneur suffering post-traumatic stress, the aspiring start-up creator wrestling with depression as they struggle to find work, or the thousands of business owners who feel isolated and hopeless because of late payment, policymakers should reflect on the challenges faced by entrepreneurs.

'By building on, and promoting access to, the support that's already available to business owners and their teams, the government can make a real difference to mental wellbeing.'

ESSENTIAL TAX DATES FOR JUNE

3 June
New Advisory Fuel Rates (AFR) for company car users apply from today.

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

30 June
End of CT61 quarterly period.

QUOTE OF THE MONTH

'We want to make sure any action we take is targeted and effective, but we are certainly not going to rule [a windfall tax] out on principle in face of what is such an extraordinary situation.'

Chief Secretary to the Treasury, Simon Clarke, commenting on a potential 'windfall tax' on oil and gas companies designed to help with the rising cost of living.

ON OUR WEBSITE

A wealth of resources for businesses
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