HMRC has reminded taxpayers that they are now less than 100 days until the deadline for self assessment online return submission.

Self assessment taxpayers have until 31 January 2023 to submit their online return for the 2021/22 tax year.

According to HMRC, more than 66,000 taxpayers beat the clock and filed their tax return on 6 April – the first day of the new tax year.

HMRC is now encouraging others to complete their return as soon as they can so they know what they owe and can budget to make the payment by 31 January 2023. This also means that if a repayment is due, it can be claimed back sooner.

Last year, more than 95% of taxpayers filed online and those who submit their returns early still have until 31 January 2023 to pay.

Speaking on 24 October, Myrtle Lloyd, HMRC’s Director General for Customer Services, said:

‘With 100 days to go until the online deadline, there’s still time to complete your tax return, to budget and look into the range of payment options if you need to.’

Internet link: HMRC press release

The British Business Bank (BBB) was supporting £12.2 billion of lending to over 96,000 businesses at the end of March 2022, according to its annual report.

As part of its role in reducing regional imbalances the BBB was deploying £900 million of finance and supporting almost 83,000 businesses outside London at the end of March 2022.

In addition, its Regional Angels programme made six new commitments totalling £45 million, to help reduce regional imbalances in access to seed and early-stage equity finance for smaller businesses across the UK.

And its Start Up Loans programme was allocated a further three years of funding, which will deliver around 11,000 loans.

Catherine Lewis La Torre, CEO, British Business Bank, said:

‘We have increased our impact and market reach to smaller businesses across the UK’s regions and nations and designed innovative programmes while at the same time generating an attractive return on capital employed.

Despite this success over the last financial year, we are aware that areas of economic and geopolitical uncertainty remain. The serious headwinds that the economy is encountering make a national economic development bank an invaluable strategic asset, and we are ready and prepared to play whatever role is required to support UK smaller businesses.’

Internet link: British Business Bank website

Action Fraud has warned that criminals are using the ongoing cost-of-living crisis to target the public with energy rebate scams.

Action Fraud revealed that more than 1,500 reports have been filed with the National Fraud Intelligence Bureau (NFIB) regarding scam emails purporting to be from energy regulator Ofgem, offering customers energy rebates.

In order to protect themselves from scams, Action Fraud has advised individuals to contact an organisation directly if they have doubts about an email; refrain from using numbers or addresses in the message and instead use the details on the company’s official website; and forward suspicious communications to report@phishing.gov.uk.

A spokesperson for Ofgem said:

‘Protecting consumers is our top priority and it is alarming that vulnerable customers are being preyed upon in this way when people are already struggling so much.

‘That’s why, as energy regulator, on top of issuing our own warnings and advice, we have asked all energy suppliers to ensure clear and up to date information on scams is easily accessible on their websites.’

HMRC will raise interest rates on tax debt from 11 October following the 0.5% increase in the base rate.

This means that the late payment interest rate will increase to 4.75% from 11 October 2022. The rate last increased to 4.25% on 23 August. This is the highest rate since the height of the financial crisis in January 2009.

Late payment interest is payable on late tax bills covering income tax, national insurance contributions (NICs), capital gains tax (CGT), Stamp Duty Land Tax (SDLT) and stamp duty reserve tax (SDRT). The corporation tax self assessment rate also increases to 4.75%.

The repayment interest rate will also be increased from the current 0.75% repayment interest rate to 1.25%.

Corporation tax self assessment interest rates relating to interest charged on underpaid quarterly instalment payments rise to 3.25%, up from 2.75% from 3 October 2022 (with the higher rate above applying from the normal due date).

The interest paid on overpaid quarterly instalment payments and on early payments of corporation tax not due by instalments rises to 2% from 1.5% from 3 October 2022.

Eight in ten small businesses are finding it difficult to recruit staff, according to a report published by the Federation of Small Businesses (FSB).

The FSB’s ‘Scaling up Skills’ report found that over 80% of small firms are flagging a lack of relevant qualifications, skills and experience among candidates as a problem, while 60% say a lack of applicants is also an issue.

More positively, five in six small employers provided training for themselves and/or their staff in the previous 12 months, with seven days of training and development per staff member on average.

Though critical to future sustainable growth, only a quarter of small employers say they have undertaken leadership and management training over the same period.

FSB Policy Chair, Tina McKenzie, said:

‘Our members tell us their growth potential is being held back by a lack of appropriately skilled staff, with vital roles going unfilled, ultimately harming the economy.

‘This skills and training deficit is a perennial issue, but far from an insoluble one. Our report sets out a roadmap for change on every level, from schools to apprenticeships to workplaces.’