Latest tax and business news from November to January

/ AIMS News, Quarterly Updates, SME

Author: Henry Ejdelbaum

Tags: Quarterly Update - February 2022

With any tax updates, how they work in reality will vary for different companies, every business is different, after all. It is always worth checking with your accountant what the best thing is for you and your business.

  • VAT rate for the Tourism and Hospitality Industry went up, since 1 October 2021 to 12.5% for 6 months. On 1 April 2022 it will increase again back to its original VAT rate of 20%. To read further, visit our full article here.
  • Another significant change was the 1.25% hike to the National Insurance tax paid by employers and 1.25% by employees from April 2022. We have written a full article on this which can be seen here.
  • Lastly, the UK Government has implemented a new Plastic Packaging Tax (PPT) starting 1 April 2022 for businesses in the UK or overseas that produce or import certain plastic packaging. Affected businesses by the new tax will be importers or producers of over 10 tonnes of plastic packaging per year and which materials do not contain at least 30% recycled plastic. It will not apply to plastic packaging if it contains at least 30% recycled plastic.

In other AIMS news, we wanted to share a partnership update.

We work with great partners; it is what means our service to you remains value adding and something we are proud of. AIMS Accountants are pleased to announce that we have recently made a new partnership with OSU, a platform for sole traders.

OSU is a business management and payment app for sole traders, the self-employed, and micro businesses, allowing them to easily manage their clients, take control of their schedule, issue invoices, take client payments and more. OSU software uses a portal to make document transfers a simpler integration process and give instant access to your clients’ data.

We have arranged an exclusive deal that allows AIMS Accountants to offer this product for free to our sole trader clients who are not VAT registered, for free, and the software is a viable alternative to costly bookkeeping software.

To stay up to date with all the changes in the business world, search ‘AIMS Accountants for Business’ on Facebook, Twitter or Linked In. Remember to check our previous edition and keep an eye on our weekly Tuesday blogs.