In this week’s Enews, we look at HMRC’s new online tool that will help businesses and individuals complete compliance checks. There are also new rules protecting consumers of crypto assets and a warning over Gen Z’s employment crisis to update you on.

• HMRC launches new online help for compliance checks
• New cryptoasset rules aim to protect consumers
• Government warned over ‘lost generation’

HMRC has launched a new online interactive tool to help guide both businesses and individuals through tax compliance checks.

The Interactive Compliance Guidance tool available on GOV.UK provides information to help customers understand:

• HMRC compliance checks.
• Why HMRC has requested specific information or documents.
• How to request extra support due to health or personal circumstances.
• How to appoint someone to act on your behalf.
• What to do if you disagree with a decision made by HMRC.
• How to pay a tax assessment or penalty.

The new tool brings together existing compliance guidance and videos in one place, making it easier to find and navigate the appropriate information, HMRC says.

Joanne Walker, Low Incomes Tax Reform Group (LITRG) Technical Officer and Customer Experience Advisory Group (CEAG) member, said:

‘When unrepresented customers have a tax compliance problem, it can be difficult for them to find the help they need.

‘This new interactive tool from HMRC makes compliance guidance readily accessible in one place, and easier for people to find the information that is relevant to them. The links to the extra support available will be especially valuable for the most vulnerable customers.’

Internet link: HMRC press release

The government is introducing legislation to regulate cryptoassets and improve consumer protection for the asset class.

The new rules will apply to firms offering services for cryptoassets like Bitcoin and Ethereum.

The government says that around 12% of UK adults now own or have owned crypto, up from just 4% in 2021. But it says owners have too often been left exposed to risky firms and scams.

Under the new rules, crypto exchanges, dealers and agents will be brought into the regulatory perimeter. Crypto firms with UK customers will also have to meet clear standards on transparency, consumer protection and operational resilience, like their counterparts in traditional finance.

Chancellor of the Exchequer, Rachel Reeves said that the UK and US will use the upcoming UK – US Financial Regulatory Working Group to continue engagement to support the use and responsible growth of digital assets.

Ms Reeves said:

‘Through our Plan for Change, we are making Britain the best place in the world to innovate — and the safest place for consumers. Robust rules around crypto will boost investor confidence, support the growth of Fintech and protect people across the UK.’

Internet link: GOV.UK

The government should urgently tackle the jobs crisis among young people or it will risk facing a ‘lost generation’, according to the British Chambers of Commerce (BCC).

In a report the BCC says immediate action is needed to remove barriers preventing almost a million people in Generation Z from engaging with work, education and contributing to society.

The report highlights that the economic benefit of tackling the challenge of young people not in employment, education of training (NEETs) could add £69 billion to UK output.

And it calls for government to align its response to the issue across all departments as the problem is likely to worsen in the short term.

The report also calls for business to look for ways to open up employment opportunities to young people, as just 13% of firms currently have specific recruitment, training or retention plans for under 25s.

SMEs in particular are missing out on the benefits of a targeted approach to youth employment, the BCC adds.

Shevaun Haviland, Director General of the British Chambers of Commerce, said:

‘The UK’s active workforce is rapidly ageing, while the number of young people who are not in employment, education or training is at its highest level for a decade.

‘Generation Z face a double whammy of increasing barriers to entering the workforce, and reducing opportunities as the number of vacancies continues to fall.

‘But research shows the longer we leave this pool of talent to drift away from the workplace the harder it becomes for them to engage.’

Internet link: BCC website