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Coronavirus Update

August 12, 2020

  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...

August 9, 2020

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...

July 21, 2020

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...

July 11, 2020

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....

July 4, 2020

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...

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Leeds: 94 Street Lane, Leeds

Batley: 504B Bradford Road, WF17 5JY

Bradford: 22 Muirhead Drive, Bradford, BD4 0HJ

Birmingham: 9 Sheaf Lane, Coventry Road, Birmingham

London: Suite 2462, Unit 3A,34-35 Hatton Garden,London, EC1N 8DX

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