The Treasury has published a consultation document on reforms to the VAT refund rules. The government departments, devolved administrations, the NHS and Highways England are eligible for VAT refunds under Section 41 of the VAT Act 1994 Under the current VAT refund rules. However, unlike commercial organisations, public sector organisations do not carry out business...
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The UK government’s £2 billion Kickstart Scheme is now open for employer applications. Chancellor Rishi Sunak announced the scheme as part of the Plan for Jobs in July Summer Economic Update. The Kickstart Scheme aims to create work placements for young people. Moreover for those who are at risk of becoming unemployed for the long-term....
The leading economists have warned that the UK will likely face “substantial” tax rises in the coming years, as the government seeks to pay for the cost of its COVID-19 response and public services. Some top economists told parliament’s Treasury Select Committee on Tuesday that tax rises were likely, although they said increases would likely...
HMRC have issued an update to their guidance on repayments of corporation tax. They have now acknowledged that, in exceptional circumstances, claims for repayments of corporation tax for prior periods based on anticipated losses before the current accounting period has concluded will be considered. Angela Clegg, technical manager in the ICAEW tax faculty, which had raised...
Small firms have urged the government to extend its Eat Out to Help Out scheme. Extention will continue helping thousands of small food and drink businesses across the UK. The Chancellor Rishi Sunak announced the scheme in the Summer Economic Update. So, the government started it at the beginning of August. It is going to...
Uk government approves an additional £20 million for Small Businesses of UK are to help them recover from (COVID-19) pandemic.The government recently announced that small and medium-sized businesses will have access to grants of between £1,000 and £5,000. So, the grants will help them recover from the effects of the pandemic.Further, the funding will allow...
The second stage of Self Employment Income Support Scheme (SEISS) opens for applications today. Under the scheme, the government pays self-employed individuals a taxable grant based on an average of their earnings over the past three years. The businesses eligible will receive a government grant worth up to £6,570. Over 2.7 million people have benefitted...
The Federation of Small Businesses (FSB) has urged local councils in England to ensure the speedy issuance of vital small business grants to firms that require them. The business group found that councils across England have distributed on average 92 per cent of the funds. However, only 23% of councils across England have issued 100%...
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...
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...
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