Office for National Statistics (ONS) has revealed that Coronavirus lockdown measures have pushed the UK economy into recession. These measures were introduced as a result of the coronavirus (COVID-19) pandemic. The economy shrank by 20.4% in the second quarter of 2020. Construction and factory output slowed as the lockdown took effect and household spending...
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The Institute of Chartered Accountants in England and Wales (ICAEW) has warned taxpayers that they have 90 days to notify HMRC of overclaimed coronavirus (COVID-19) grants. The 90-day period to inform HMRC of any overclaimed amounts is now law. Finance Act 2020 recently received Royal Assent, which confirms the taxability of the Coronavirus Job Retention...
The government has further extended Tax-Free Childcare (TFC) scheme to 31 October 2020. The scheme applies to the parents who may have fallen below the minimum income requirement as a result of the coronavirus (COVID-19) pandemic. The Government’s Tax-Free Childcare scheme offers up to £2,000 a year per child towards childcare costs. However, only a...
The government has released guidance on how to claim money back through the Eat Out to Help Out Scheme. Who can claim If you have registered your establishment for the Eat Out to Help Out Scheme and offered scheme discounts to diners on Mondays to Wednesdays between 3 and 31 August, you can: claim back...
The UK government Eat Out to Help Out scheme will start on 3 August and run throughout the month. Chancellor Rishi Sunak had announced this scheme in his Summer Economic Update. It will provide a 50% reduction for sit-down meals in participating cafes, restaurants and pubs across the UK from Monday to Wednesday every week...
HMRC has introduced changes to the VAT on imported goods from 1 January 2021. The government will introduce a new model for the VAT treatment of goods arriving in Great Britain from outside of the UK. The changes will ensure to treat goods from EU and non-EU countries in the same way. They will also...
The Office of Tax Simplification (OTS) has outlined a range of measures intended to help simplify the UK tax system. The OTS stated that the UK tax has become ‘highly complex’, and has ‘not kept pace with changes in society’. As such, in its report, the OTS has recommended 23 measures intended to simplify VAT....
HMRC has reminded employers that Coronavirus Job Retention Scheme (CJRS) claims for periods ending on or before 30 June 2020 must be made by 31 July 2020. Employers and agents must submit all CJRS claims for periods ending on or before 30 June 2020 by 31 July 2020. After this date, it will not be...
HMRC has reduced VAT rates for hospitality and the flat rate scheme. VAT flat rates have been reduced for catering, accommodation and pubs in light of the government’s temporary VAT reduction. As a consequence of the temporary reduction in the VAT rate from 20% to 5% in the hospitality sector, the flat rate percentages used...
UK businesses have now borrowed over £46 billion through the government-backed coronavirus loan schemes. These schemes are helping firms during the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. In total, £46.3 billion has now been lent to over 1.1 million businesses through the following schemes: Bounce Back Loan Scheme (BBLS) Coronavirus...
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