NEWSLETTER ARTICLES

 

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06-08-2020
Job Retention Bonus policy paper published

Job Retention Bonus policy paper published

The government has published further guidance on how the forthcoming Job Retention Bonus Scheme will operate. The scheme will enable eligible employers to claim £1,000 for each eligible employee ... read more

05-08-2020
£50m extra funding for Customs Intermediary Grant Scheme

£50m extra funding for Customs Intermediary Grant Scheme

Over the past few months, HMRC has unveiled a package of measures to accelerate the growth of the UK's customs intermediary sector. These announcements included £50 million of new funding to ... read more

05-08-2020
£20m in new grants for small businesses

£20m in new grants for small businesses

£20 million worth of new government grants have been released to help small and medium sized businesses across England recover from the effects of the Coronavirus pandemic. These grants will ... read more

05-08-2020
Advice for early years sector

Advice for early years sector

The Competition and Markets Authority (CMA) launched a COVID-19 taskforce back in March 2020 to identify any commercial practices that adversely affect consumers and to consider appropriate responses ... read more

05-08-2020
Renewing your MOT

Renewing your MOT

Vehicle owners with a MOT expiry date between 30 March 2020 and 31 July 2020 were given a 6 month extension. This measure was designed to help motorists as the Coronavirus pandemic began to take hold. ... read more

05-08-2020
Government u-turn on lockdown changes

Government u-turn on lockdown changes

Lockdown changes - in England - that were due to come into effect on 1 August 2020, have been delayed until at least 15 August. The last-minute announcement by the Prime Minister, Boris Johnson, ... read more

05-08-2020
State Aid rules relaxed for CBILS loans

State Aid rules relaxed for CBILS loans

The government has announced that more small businesses will benefit from the Coronavirus Business Interruption Loan Scheme (CBILS). Under the scheme, borrowers can apply for up to £5 million in ... read more

05-08-2020
Intellectual Property Office service update

Intellectual Property Office service update

The Intellectual Property Office (IPO) has ended its 'interrupted days' provisions and is now working to its usual deadlines. The IPO introduced extended deadlines, known as interrupted days, ... read more

05-08-2020
More support for film and other creative industries

More support for film and other creative industries

A new £500 million scheme to kickstart film and television production struggling to secure insurance for COVID-related costs has been launched. This scheme will help TV and film productions that ... read more

05-08-2020
Breaking even

Breaking even

There are businesses that have benefitted from the current COVID disruption. Particularly, those that can deliver goods and services online. There are far more that have not benefitted. Before ... read more

03-08-2020
Beyond furlough

Beyond furlough

Unless the Chancellor comes up with replacement funding for the furlough scheme, and there is no sign that this will happen, those businesses that have maintained their workforce by furloughing staff ... read more

30-07-2020
New redundancy protections for furloughed employees

New redundancy protections for furloughed employees

The government has unveiled an important new law that will protect furloughed workers who are made redundant. This will ensure that any employee who was furloughed under the Coronavirus Job Retention ... read more

30-07-2020
Changes to tax treatment of termination payments

Changes to tax treatment of termination payments

The government has published draft clauses for insertion into a new Finance Bill 2020-21, to be introduced into Parliament in the Autumn. These include changes which will affect employers who make ... read more

29-07-2020
How elastic is demand for your products?

How elastic is demand for your products?

Many will remember the empty shelves in supermarkets when lock-down commenced March 2020. In particular, the absence of toilet rolls… Compare this with supplies of TVs and other luxury goods ... read more

29-07-2020
£50 bike repair voucher scheme launched

£50 bike repair voucher scheme launched

The government has launched a new scheme - open to anyone in England - with a bike in need of repair. The Fix your Bike Voucher Scheme is a new initiative that has been championed by the Prime ... read more

28-07-2020
Business rates review

Business rates review

The government has confirmed that the next business rates revaluation in England will be postponed until April 2023. The government has previously announced that the revaluation that was due in 2021 ... read more

28-07-2020
Beware £5,000 company fine

Beware £5,000 company fine

As well as filing accounts with Companies House, there is an important requirement to check that the information Companies House has about your company is correct every year. This is facilitated by ... read more

28-07-2020
Customs declarations for exporters of goods from 1 January 2021

Customs declarations for exporters of goods from 1 January 2021

The Brexit transition period is due to end 31 December 2020. The UK and EU have agreed there will not be any further extensions, although with the COVID-19 outbreak nothing appears certain. As things ... read more

28-07-2020
Are you due a tax refund?

Are you due a tax refund?

HMRC’s annual reconciliation of PAYE for the tax year 2019-20 is well under way. HMRC uses salary and pension information to calculate if you have paid the correct amount of tax. The calculation ... read more

28-07-2020
New measures to tackle promotion of tax avoidance

New measures to tackle promotion of tax avoidance

HMRC has published a series of a consultations together with details of proposed legislative changes to existing anti-avoidance regimes to strengthen HMRC’s ability to further clamp down on the ... read more

28-07-2020
HMRC to gain new civil information powers

HMRC to gain new civil information powers

A new measure that will provide HMRC with additional civil information powers is expected to take effect when the Finance Bill 2020-21 receives Royal Assent. The new measure known as a Financial ... read more

28-07-2020
VAT option-to-tax changes extended

VAT option-to-tax changes extended

To accommodate coronavirus disruption HMRC temporarily changed the time limit from 30 to 90 days for notifying a VAT option-to-tax for land and buildings. This extension was set to expire on 30 June ... read more

28-07-2020
What are the maximum weekly working hours?

What are the maximum weekly working hours?

There are working time limits that state the legal maximum weekly working hours that a person has to work. They should not exceed 48 hours a week on average. The maximum hours for under 18’s is ... read more

28-07-2020
Why do customers buy from you?

Why do customers buy from you?

This may seem to be an odd question. They buy because you offer what they want at the right price? But is that the only consideration? For faceless organisations like the larger online retailers, ... read more

26-07-2020
Tax Diary August/September 2020

Tax Diary August/September 2020

1 August 2020 - Due date for Corporation Tax due for the year ended 31 October 2019. 19 August 2020 - PAYE and NIC deductions due for month ended 5 August 2020. (If you pay your tax electronically ... read more

22-07-2020
HMRC reminder that you can defer tax

HMRC reminder that you can defer tax

HMRC has issued a press release to remind Self-Assessment taxpayers of the opportunity to defer Income Tax payments due on 31 July 2020. This opportunity is available to taxpayers due to make their ... read more

22-07-2020
Final reminder to renew tax credit awards

Final reminder to renew tax credit awards

Friday 31 July 2020 is the deadline day for families and individuals that receive tax credits to tell HMRC about any changes to their financial circumstances. As in previous years, there is likely to ... read more

22-07-2020
Theatres can reopen from 1 August 2020

Theatres can reopen from 1 August 2020

The Prime Minister, Boris Johnson, has announced the gradual reopening of indoor theatres and other live performance venues from 1 August 2020. The venues will need to follow strict social distancing ... read more

22-07-2020
Eat Out to Help Out scheme

Eat Out to Help Out scheme

The Eat Out to Help Out scheme to help encourage the struggling restaurant sector was announced as part of the Chancellor’s Summer Economic Update earlier this month. The scheme is designed to ... read more

22-07-2020
Making Tax Digital next steps

Making Tax Digital next steps

HM Treasury has confirmed the extension of Making Tax Digital (MTD) to cover businesses with a turnover below the VAT threshold and for certain individuals who file Income Tax Self-Assessment tax ... read more

22-07-2020
Students working summer jobs

Students working summer jobs

We would like to remind students that work part time, for example in a summer job, that they are entitled to claim back any tax overpaid. Students (and other temporary workers) are not required to pay ... read more

22-07-2020
Review of CGT on the cards?

Review of CGT on the cards?

The Chancellor, Rishi Sunak has written to the OTS (Office of Tax Simplification), asking the OTS to undertake a review of Capital Gains Tax (CGT) and aspects of the taxation of chargeable gains in ... read more

22-07-2020
Local authorities to receive £500m additional support

Local authorities to receive £500m additional support

The government has confirmed allocations for individual councils in England from the £500 million of additional support for Coronavirus-related spending pressures. This further injection sees a ... read more

22-07-2020
Who pays Inheritance Tax?

Who pays Inheritance Tax?

Inheritance Tax (IHT) is levied on a person’s estate when they die and can also be payable during a person’s lifetime on certain trusts and gifts. The rate of Inheritance Tax payable is ... read more

22-07-2020
Draft legislation published for Finance Bill 2020-21

Draft legislation published for Finance Bill 2020-21

The government has published the draft legislation for Finance Bill 2020-21, along with accompanying explanatory notes, tax information and impact notes. The consultation on draft clauses is intended ... read more

20-07-2020
Trading online

Trading online

High Street retailers will have watched with dismay as competitors take their market share – not by businesses in their local business community – but globally, as consumers in the UK ... read more

20-07-2020
Tax and accounts

Tax and accounts

If you are self-employed, as a sole trader or in partnership, the profits from your business are treated as part of your income for Income Tax and self-employed National Insurance purposes. As a ... read more

15-07-2020
Sports facilities to open this month

Sports facilities to open this month

In a surprising move, the government has given permission for sports facilities in England to begin reopening. Initial projections had suggested that gyms would be closed until at least the Autumn ... read more

15-07-2020
Job Retention Bonus

Job Retention Bonus

One of the measures announced by the Chancellor, Rishi Sunak in his recent Summer Statement was the introduction of the Job Retention Bonus. This bonus is designed to encourage employers to bring back ... read more

15-07-2020
Holiday package refunds

Holiday package refunds

The Competition and Markets Authority (CMA) launched a COVID-19 taskforce in March 2020 to identify any commercial practices that adversely affect consumers and to take enforcement action if a firm ... read more

15-07-2020
Sending forms to Companies House – coronavirus update

Sending forms to Companies House – coronavirus update

Companies House has developed and launched a new temporary online service to upload and send completed forms during the Coronavirus outbreak. The online service was first launched at the beginning of ... read more

15-07-2020
Companies House restarts voluntary strike-off process

Companies House restarts voluntary strike-off process

Companies House has announced the restart of the process for companies that have applied for voluntary strike-off, from 10 September 2020. All voluntary strike-off applications were suspended in March ... read more

15-07-2020
Want to trial the MTD for Income Tax process?

Want to trial the MTD for Income Tax process?

Making Tax Digital (MTD) will fundamentally change the way businesses, the self-employed and landlords interact with HMRC. The regime will require businesses and individuals to register, file, pay and ... read more

15-07-2020
Controls for importing goods from July 2021

Controls for importing goods from July 2021

As we reported previously, the UK government has confirmed that it will neither accept nor seek any extension to the Brexit transition period which expires on 31 December 2020. The EU has formally ... read more

15-07-2020
Temporary 5% VAT rate and the Flat Rate Scheme

Temporary 5% VAT rate and the Flat Rate Scheme

HMRC has published new guidance for VAT registered businesses in the hospitality, holiday accommodation and attractions sectors. This new guidance follows the Chancellor’s announcement in the ... read more

15-07-2020
Property nil-rate thresholds raised in Scotland and Wales

Property nil-rate thresholds raised in Scotland and Wales

The Scottish and Welsh governments have both confirmed increases in their respective nil-rate thresholds for stamp duty purposes. This follows the announcement of an increase in the Stamp Duty Land ... read more

15-07-2020
What if?

What if?

Any planned change will be targeted at a specific issue – say, reduce sales prices to win more customers and increase footfall – but actions of this kind have knock-on effects. For ... read more

15-07-2020
Winter lock-down?

Winter lock-down?

We have made passing references to business planning in recent articles published to this newsfeed; about the need to secure and plan your bank resources to better cope with the disruptions caused by ... read more

14-07-2020
New SSP regulations extend entitlement

New SSP regulations extend entitlement

The Statutory Sick Pay (Coronavirus) (Suspension of Waiting Days and General Amendment) (No. 2) Regulations 2020 came into force on 6 July 2020. The regulations: extend statutory sick pay (SSP) to ... read more

09-07-2020
Summer Statement

Summer Statement

The Chancellor, Rishi Sunak continued with his campaign to support the business and jobs community today, 8 July 2020, as firms engage with the disruption caused by the coronavirus outbreak and the ... read more