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...
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...
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....
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...
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...
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....
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,...
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...
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Bradford: 44 7515 029751
Batley: 0192 492 7447
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