News

Sports facilities to open this month

14/07/2020

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

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Job Retention Bonus

14/07/2020

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

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Holiday package refunds

14/07/2020

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

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Sending forms to Companies House – coronavirus update

14/07/2020

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

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Companies House restarts voluntary strike-off process

14/07/2020

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

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Want to trial the MTD for Income Tax process?

14/07/2020

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

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Controls for importing goods from July 2021

14/07/2020

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

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Temporary 5% VAT rate and the Flat Rate Scheme

14/07/2020

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

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Property nil-rate thresholds raised in Scotland and Wales

14/07/2020

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

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What if?

14/07/2020

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

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Winter lock-down?

14/07/2020

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

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New SSP regulations extend entitlement

13/07/2020

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

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Summer Statement

08/07/2020

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

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Tax Credits updates required this month

07/07/2020

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

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Reminder of businesses opening since 4 July 2020

07/07/2020

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

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Reminder of businesses not opening 4 July 2020

07/07/2020

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

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UK VAT claims by non EU businesses

07/07/2020

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

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Finance Bill 2020 progress

07/07/2020

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

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