News

Sports facilities to open this month
15/07/2020 - More...
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 when it was hoped that the virus is more completely under control. Outdoor pools were given permission to reopen from 11 July although many pools remained closed as they were only...

Job Retention Bonus
15/07/2020 - More...
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 furloughed workers as the benefits of the Coronavirus Job Retention Scheme start to taper before the scheme ends on 31 October 2020. The new Job Retention Bonus will provide a...

Holiday package refunds
15/07/2020 - More...
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 breaches consumer protection law and fails to respond to warnings. The CMA currently has particular concerns about the package travel sector following more than 17,500 complaints...

Sending forms to Companies House – coronavirus update
15/07/2020 - More...
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 June. The latest release of the upload a document service was issued on 6 July and now allows users to upload more form types, including Scottish limited and qualifying...

Companies House restarts voluntary strike-off process
15/07/2020 - More...
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 2020 in response to the Coronavirus pandemic. The press release published by Companies House outlines the following changes: When voluntary strike off action restarts from 10...

Want to trial the MTD for Income Tax process?
15/07/2020 - More...
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 update their information using an online tax account. The regime started in April 2019 for VAT purposes only when businesses with a turnover above the VAT threshold were mandated...

Controls for importing goods from July 2021
15/07/2020 - More...
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 accepted this position. The UK has taken the decision to introduce the new border controls in three stages from 1 January 2021. Controls for importing goods will now apply from July...

Temporary 5% VAT rate and the Flat Rate Scheme
15/07/2020 - More...
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 Summer Statement of a temporary reduction in the VAT rate from 20% to 5% from 15th July 2020 until 12th January 2021. This means that until the 12th of January 2021, VAT charged on...

Property nil-rate thresholds raised in Scotland and Wales
15/07/2020 - More...
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 Tax (SDLT) nil-rate band in England and Northern Ireland as part of the Chancellor’s Summer Economic update. The Scottish government has confirmed that there will be an...

What if?
15/07/2020 - More...
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 example, what effect will the proposed reduction in sales prices have on profits, cash-flow and solvency? Many of these scenarios can be mapped on spreadsheets or large backs of...

Winter lock-down?
15/07/2020 - More...
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 COVID-19. Government seems to be preparing us for a further increase in the rate of infections once autumn arrives. Accordingly, we need to tread carefully when considering...

New SSP regulations extend entitlement
14/07/2020 - More...
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 employees who are required to self-isolate because they are in the same ‘support bubble’ as someone who has coronavirus or coronavirus symptoms, where they are not able...

Summer Statement
09/07/2020 - More...
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 measures taken to control infection. The main thrust of his announcements during his Summer Economic update concerned his nominated Plan for Jobs 2020, details are listed below. He...

Tax Credits updates required this month
08/07/2020 - More...
Families and individuals that receive tax credits should ensure that they review their tax credit claims by 31 July 2020. Claimants who do not inform HMRC about relevant changes in their circumstances by the deadline date may have their payments stopped. HMRC has sent tax credits renewal packs to tax credit claimants and is encouraging recipients who need to respond to do so...

Reminder of businesses opening since 4 July 2020
08/07/2020 - More...
A reminder that since 4 July 2020, many business sectors have been given permission to reopen in England. The businesses are expected to follow COVID-19 secure guidelines. The categories of businesses that have been allowed to reopen include: hotels, hostels, bed and breakfast accommodation, holiday apartments or homes, cottages or bungalows, campsites, caravan parks or...

Reminder of businesses not opening 4 July 2020
08/07/2020 - More...
There are business sectors that have not yet been given permission to reopen in England. There has been no indication given as to when these businesses will be able to reopen. Government guidance lists the following businesses that currently need to remain closed, as government assessment suggest that they cannot yet be made sufficiently COVID-19...

UK VAT claims by non EU businesses
08/07/2020 - More...
There are special rules for businesses established outside the EU submitting a claim for VAT incurred on goods or services bought in the UK. The exact rules that determine what VAT is refundable can be complex. There are also a number of conditions which must be met in order for a claim to qualify. The deadline for the submission of a refund request for expenses incurred in...

Finance Bill 2020 progress
08/07/2020 - More...
The government’s Finance Bill 2020 (formally known as Finance Bill 2019-21) has now completed its passage through the House of Commons and the 1st reading at the House of Lords took place on 2 July 2020. This stage is a formality that signals the start of the Bill's journey through the Lords. The date for the 2nd reading of the Bill, where a general debate on all...

SEISS further update
08/07/2020 - More...
HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS).The Direction mainly deals with the expansion of the SEISS for a final three-month period to 31 August 2020, officially referred to as the SEISS extension. The eligibility criteria...

Corporate Insolvency and Governance Bill receives Royal Assent
08/07/2020 - More...
The Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent, with most provisions coming into force on 26 June 2020. The Act addresses numerous issues arising for businesses from the COVID-19 pandemic to give distressed businesses the breathing space they need to get advice and seek a rescue Some of the key provisions of the Act are as...

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Latest News

Sports facilities to open this month
15/07/2020 - More...In a surprising move, the government has...
Job Retention Bonus
15/07/2020 - More...One of the measures announced by the...
Holiday package refunds
15/07/2020 - More...The Competition and Markets Authority...