Category Archives: News

Future Fund Scheme expanded for start-ups

future-fund-scheme-expanded

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 […]

Overseas VAT claims delayed: Covid-19

overseas-vat-claims-delayed

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 […]

SEISS is taxable: LITRG alerts self-employed

SEISS-taxable-savings-people-money-benefit

LITRG has alerted self-employed individuals that the government’s coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS) is taxable. The Low Incomes Tax Reform Group (LITRG) is concerned that many may wrongly assume that the SEISS funds are exempt from tax, particularly as they are termed ‘grants’ by the government. It is warning that many people may […]

UK economy falls by 20.4% due to coronavirus lockdown

uk-economy-fall-by-20.4%-shops-closed

  The UK economy fell by 20.4% in April due to coronavirus (COVID-19) lockdown. The lockdown has paralysed business activity, according to the Office for National Statistics (ONS). The record decline in Gross Domestic Product (GDP) completely eclipsed the previous record contraction of 5.8%, which ONS recorded in March. The services sector fell by 19.0% in […]

Reverse charge VAT for the construction industry-delay in implementation

reverse-charge-vat-for-construction-building-work-in-progress

HMRC has announced a five-month delay to the introduction of the domestic reverse charge for construction services, due to the impact of the coronavirus pandemic on the construction sector. The VAT change will not now apply until 1 March 2021. A domestic reverse charge means the UK customer who gets supplies of construction services must […]

Changes to Job Retention Scheme: Chancellor’s announcement

chancellor-announces-changes-to-job-retention-scheme

Chancellor Rishi Sunak has announced changes to the government’s Job Retention Scheme (JRS). The changes to the scheme will gradually wind down over the next few months. The changes mean businesses will be able to bring furloughed employees back on a part-time basis from 1 July.   Furloughed staff will continue to get 80% of […]

FSB urges government to supply company directors more support

fsb-urges-government-to-supply-company-directors- more-support

  The Federation of Small Businesses (FSB) has urged the government to supply company directors with additional support during the coronavirus (COVID-19) pandemic.   The FSB has recently written a letter to Small Business Minister Paul Scully. The letter highlighted that self-employed company directors do not have access to the government’s Self-employment Income Support Scheme […]

Changes to Tax-Free Childcare Scheme

changes-to-tax-free-childcare-scheme

  The government has announced temporary changes to its Tax-Free Childcare (TFC) scheme as a result of the coronavirus (COVID-19) pandemic. The changes to the rules affect parents applying for, or already getting, tax-free childcare or 30 hours free childcare. Individuals whose earnings are now below the normal minimum income requirement but would normally expect […]

Job Retention Scheme extended until October: Coronavirus

job-retention-scheme-extended-until-october-coronavirus

The Coronavirus Job Retention Scheme will remain open until the end of October, the Chancellor announced on Tuesday 12 May. Chancellor Rishi Sunak has extended the Coronavirus Job Retention Scheme (JRS) until the end of October. Mr Sunak confirmed that employees will continue to receive 80% of their monthly wages up to £2,500. However, the […]

Online Marketplaces should collect VAT

online-market-places-should-collect-VAT

  The government should compel online marketplaces to collect and remit VAT, according to the Association of Accounting Technicians (AAT). The AAT was responding to ‘Claims and Elections Review’ call for evidence published by the Office of Tax Simplification (OTS). It said the move would help combat online VAT fraud and create a level playing […]