Category Archives: News

UK Tax rises: Pay the cost of COVID-19

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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 […]

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 […]

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 […]

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% […]

UK economy in recession for first time in 11 years

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  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 […]

Overclaimed grants and penalties: CJRS Covid-19 update

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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 […]

Tax-Free Childcare (TFC) scheme extended

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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 […]

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

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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 […]

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

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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 […]