Category Archives: Business News

UK Tax System: OTS recommended measures to simplify VAT

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. […]

Coronavirus Job Retention Scheme: Claims deadline approaching

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 […]

VAT flat rates reduction

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 […]

Coronavirus Loan Schemes:UK businesses have borrowed over £46 billion

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 […]

Review Capital Gains Tax: Chancellor requests OTS

  Chancellor Rishi Sunak has asked the Office of Tax Simplification (OTS) to carry out a thorough review of capital gains tax (CGT). He requested to analyse the aspects of the taxation of chargeable gains in regard to individuals and small businesses. In the 2016 Budget, there was a drop in CGT, apart from on […]

IFS urges Sunak for higher taxes

The Institute of Fiscal Studies says the economy will remain in a “support and recovery” phase for some time, but higher taxes are inevitable. They have warned that the government will need to raise taxes in order to pay for the economic support measures announced by Chancellor in his summer statement on Wednesday 8 July. […]

UK chancellor announced new measures -a plan for jobs

UK chancellor Rishi Sunak has announced new measures “plan for jobs” including bonuses for employers, VAT and stamp duty cuts, home improvement vouchers and eating-out discounts. The finance minister made his summer statement or ‘mini-budget’ in parliament on Wednesday. Today the Chancellor announced the introduction of the Job Retention Bonus. This is a one-off payment […]

Future Fund Scheme expanded for start-ups

The government has expanded its Future Fund scheme for start-ups businesses. The reforms in scheme aim to support start-up businesses not eligible for other Coronavirus (Covid-19) rescue measures. The start-ups that have previously taken part in accelerator programmes can now easily access the Future Fund Scheme. However early-stage firms might continue to struggle. This means […]

Director’s Remuneration

There are tough times where tough choices are being made by the businesses. Many directors have been deferring or waiving some or all of their remuneration. Few things to consider: You have to irretrievably give up your rights to the remuneration prior to the payment date. Employers must remember that the payment of a salary, […]

Overseas VAT claims delayed: Covid-19

The tax authority has stated that VAT claims submitted under the Overseas Refund Scheme will be subject to delays. HMRC has admitted that changes to its working practices, as a result of the pandemic, have resulted in delays in processing and refunding VAT claims. The delays relate to payments due to overseas businesses that are not […]