Self assessment taxpayers must be on the lookout for scam texts, emails and phone calls from fraudsters, HMRC was warned.

HMRC has received more than 130,000 reports about tax scams in the past year, with 58,000 of those offering fake tax rebates.

With around 12 million people expected to submit a self assessment tax return for the 2022/23 tax year before the 31 January 2024 deadline, fraudsters will prey on taxpayers by impersonating HMRC.

The scams take different approaches. Some offer a rebate; others tell taxpayers that they need to update their tax details or threaten immediate arrest for tax evasion.

Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

‘HMRC is reminding taxpayers to be wary of approaches by fraudsters in the run up to the self assessment deadline. Criminals are great pretenders who try and dupe people by sending emails, phone calls and texts which mimic government messages to make them appear authentic.

‘Unexpected contacts like these should set alarm bells ringing, so take your time and check HMRC scams advice on GOV.UK.’

Internet link: HMRC press release

Online platforms should commit to paying small businesses within a maximum of thirty days in line with the Prompt Payment Code, according to the Federation of Small Businesses (FSB).

The FSB has set out a range of proposals to protect small business owners who use online sales platforms to ensure that small firms can make the most of the opportunities of trading online.

The business group wants platforms to invest much more in systems to resolve issues for small businesses, including the provision of dedicated complaint and dispute handling resources where these do not already exist.

It also says the UK government should consider legislation to make it an offence for an individual to post a fake and malicious online review.

Finally, the FSB wants the Competition and Markets Authority (CMA) to investigate the charging structures of retail platforms and the charging levels of accommodation and food delivery platforms to determine whether these are indicative of monopolistic or oligopolistic behaviour.

Tina McKenzie, the FSB’s Policy Chair, said:

‘Small firms are calling out for more to be done on issues like protection of their intellectual property, while platforms should commit to paying businesses as promptly as possible – a figure that would be a rounding error for a large e-commerce site could easily be the difference between survival or closure for a small firm.

‘Making the relationship between small firms and online platforms as transparent and as stable as possible will ultimately benefit all parties.’

Internet link: FSB website

The Chancellor should cement the government’s commitment to small businesses in his Autumn Statement, according to the Federation of Small Businesses (FSB).

The FSB has called for a strong stand against late payments; an extension to the 75% business rates discount for retail, hospitality and leisure businesses beyond March 2024; and training in new skills to be tax-deductible for the self-employed.

It has also urged action to increase housebuilding through the introduction of a new Brownfield Development Relief and new measures to help reduce health-related labour market inactivity.

Martin McTague, National Chair of the FSB, said:

‘This Autumn Statement cannot be business as usual. We need focused action. With inflation barely budging, the Chancellor has a golden opportunity to spur the economic vitality the UK needs.

‘We need clear plans to help small businesses grow. Small firms were key to helping the economy bounce back in 2008, and to replicate that, we need to face this issue head on.

‘The government must act swiftly to end late payments, extend business rate relief and eliminate the perverse disincentive against acquiring new skills.’

The 2023 Autumn Statement will be presented to Parliament on 22 November.

Internet link: FSB website GOV.UK

HMRC has urged almost 430,000 young people with an unclaimed Child Trust Fund (CTF) to claim their cash.

CTFs are tax-free savings accounts that were created for every child born between 1 September 2002 and 2 January 2011. The government contributed an initial deposit of at least £250. Family and friends can contribute up to a maximum of £9,000 in any one year into an existing CTF account.

CTF accounts began to mature in September 2020 when the first children turned 18.

HMRC revealed that there are currently 5.3 million open CTF accounts, and that more than 500,000 matured CTF accounts have been claimed or transferred into an ISA since September 2020.

Angela MacDonald, Deputy Chief Executive at HMRC, said:

‘Many 18-21-year-olds are starting out in first jobs or apprenticeships, starting university or moving into their first home and their CTF is a pot of money with their name on.

‘I would encourage young people to use the online tool to track it down or, for parents of teenagers, to speak to them to ensure they’re aware of their CTF. It could make a real difference to their future plans.’

Internet link: HMRC website

Less than 1% of small firms have benefitted from key local support schemes across England on net zero, according to research from the Federation of Small Businesses (FSB) and Warwick Business School.

The research has raised concerns over the reach and accessibility of the programmes as the UK’s 2050 target edges closer.

Small businesses also face future challenges due to the changing funding landscape for net zero business support in England. While local authorities emerge as the most common contributor, the European Regional Development Fund is no longer available due to Brexit.

The FSB makes several recommendations, including a national ‘Help to Green’ scheme, consisting of an online hub of practical information on reducing energy usage and carbon emissions.

Richard Askew, FSB England Policy Unit Chair, said:

‘Small businesses play a critical role in reaching net zero by 2050 and it’s encouraging to see that many firms are taking steps to mitigate their impact on the environment – from installing basic measures such as LED lighting to becoming fully self-sufficient microgenerators.

‘But reaching net zero is a complex process and there are still many small businesses that lack the money, resources and time to progress their decarbonising efforts.’

Internet link: FSB website