Tag Archives: UK Economy

Finance Bill 2021: Details Published

The government has published the details of the Finance Bill 2021 on 11 March 2021. The Bill highlights the important law measures(announced in the recent 2021 Budget) set to come into legislation. Chancellor Rishi Sunak announced the following measures in his budget speech: an extension of the stamp duty holiday in England a super-deduction capital […]

Budget 2021: Major highlights at a glance

Chancellor Rishi Sunak unveiled the contents of his Budget 2021 in the House of Commons on 3rd March. He announced the UK government’s tax and spending plans for the year ahead. However, the focus on helping business and jobs through the pandemic and supporting the UK’s long-term economic recovery will remain unchanged. Here is a […]

Domestic VAT reverse charge updates

The domestic VAT reverse charge for construction services will come into effect on 1 March 2021, according to HMRC. It was initially scheduled to come into effect from 1 October 2019 but was postponed until October 2020. The VAT reverse charge for construction is an extension of the Construction Industry Scheme (CIS).It applies only to […]

UK economy suffered the biggest slump in 2020

The UK economy suffered its biggest slump in more than 3 centuries in 2020 as the coronavirus pandemic ravaged the economy. The pandemic closed shops and restaurants, devastated the travel industry and curtailed manufacturing. The economy shrank 9.9 per cent last year. Which is more than twice the figure for 2009 at the height of […]

Tariff free trade deal: Brexit

Just before Christmas, the U.K. and the EU have announced a historic agreement indicating tariff free trade deal. The agreement (termed a “Trade and Co-operation Agreement” (TCA)) meant how they’ll trade with one another after Brexit. TCA agreed between the UK and EU came into force at 11 pm on 31 December 2020. Why did […]

Extend SEISS : IPSE calls for Government

The government must extend SEISS Self-employment Income Support Scheme to fulfil their commitment with employed workers, says IPSE. Chancellor Rishi recently announced the extension of the coronavirus (COVID-19) Job Retention and loan schemes from March until April 2021. IPSE welcomed this announcement. However, it claims that self-employed workers have received less comprehensive support from the […]

Third SEISS grant: Government tightens eligibility criteria

The government has tightened the eligibility criteria for the third SEISS grant – Self-employment Income Support Scheme. Applicants for the grant will face a new test, warns the Institute of Chartered Accountants in England and Wales (ICAEW). Applications for the third SEISS grant will open from 30 November 2020. Make your claim from the date […]

Annual Investment Allowance (AIA) £1m cap extended

The Treasury has confirmed the extension of £1 million Annual Investment Allowance (AIA) cap for an additional year. Earlier it was designed to stimulate investment in UK manufacturing. The government extended AIA for an additional year in an effort to counter the current slump in economic activity. Now businesses, including manufacturing firms, can continue to […]

New COVID Fraud Hotline

The government has launched a new COVID fraud hotline to stop fraudsters who make illegal claims for support. The public can now call a dedicated phoneline anonymously and free of charge to report suspected fraudulent activity. The launch of the new Fraud Hotline is an initiative of government and independent charity Crimestoppers. Although fraud is […]

Kickstart Scheme: Apply for a grant

The UK government’s £2 billion Kickstart Scheme is now open for employer applications. Chancellor Rishi Sunak announced the scheme as part of the Plan for Jobs in July Summer Economic Update. The Kickstart Scheme aims to create work placements for young people. Moreover for those who are at risk of becoming unemployed for the long-term. […]