Category Archives: Business News

Repayments of Corporation Tax: Updated Guidance

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

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

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 […]

HMRC to start off compliance activity on CJRS grants

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

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

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% […]

UK economy in recession for first time in 11 years

  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 […]

How to claim money back through Eat Out to Help Out scheme

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 […]

Eat Out to Help Out scheme

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 […]

Changes to VAT on imported goods: HMRC introduces a new model

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 […]