Category Archives: Business News

UK FCA Business Interruption Insurance Test Case Judgment

UK FCA Business Interruption Insurance test case judgement FILE GLASSES

The English High Court handed down a judgment in the UK Financial Conduct Authority’s test case on business interruption insurance coverage. The Court found in favour of the arguments advanced for policyholders by the FCA on the majority of the key issues. The FCA noted in its original announcement its view that most policies in […]

Zero rate of VAT extended for charity digital advertising

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HMRC has changed its guidance on the VAT treatment of supplies of digital advertising to charities following extensive discussions led by the Charity Tax Group. They have announced that the zero rate of VAT is applicable to a range of digital advertising services when supplied to charities. There is a zero-rate of VAT for certain […]

Furlough Scheme Claims: HMRC found fraud and errors

Furlough Scheme Claims HMRC found fraud and errors magnifying glass

HMRC has revealed that they may have paid almost £3.5 billion in furlough scheme money on fraudulent or wrong claims. That means CJRS payments have been claimed fraudulently or paid out in error. The tax authority told MPs on the Public Accounts Committee it estimates that they have awarded 5-10% of furlough cash mistakenly. Latest […]

Kickstart Scheme: Apply for a grant

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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. […]

Repayments of Corporation Tax: Updated Guidance

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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 […]

Eat Out to Help Out scheme: Call for Extension

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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 […]

Small Businesses UK: Government approves £20 million funds

Small Businesses UK Government approves £20 million funds tag in hand

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 […]

HMRC to start off compliance activity on CJRS grants

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HMRC has started off its compliance activity on Coronavirus Job Retention Scheme (CJRS) grants. They are writing letters to 3,000 employers who may need to repay some or all of their claim. HMRC has been already evaluating Coronavirus Job Retention Scheme (CJRS) applications critically. Therefore, they are now starting the next phase of its compliance […]

Self-Employment Income Support: Claim a second payment

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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 […]

Small business grants update

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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% […]