Recent economic forecasts for 2020 published by H M Treasury will do little to inspire business confidence. In their comparison of independent forecasts published last month, the unemployment rate is estimated to rise to 8% and in the same period, GDP falls by 9%. The only good news is that inflation remains on the low […]

In an attempt to address the financial difficulties of businesses in the hospitality and tourism industries, Rishi Sunak also announced a range of VAT reductions on selected supplies for these sectors. Summary of the changes are set out below: Hospitality When you supply food and non-alcoholic beverages for consumption on your premises, between 15 July […]

In his recent Summer Statement, Rishi Sunak announced changes to the nil rate band of Stamp Duty Land Tax (SDLT) to be applied in England and Northern Ireland. This was followed by announcements from the Scottish and Welsh regional assemblies who set the rates in Scotland and Wales. Here is a brief summary of the […]

A Fix your Bike Voucher Scheme has been launched by the Department for Transport as an incentive to encourage the numbers of people using their bikes to commute and for leisure purposes. How the scheme works Bike repairers must be located in England. Bike repairers must meet certain eligibility criteria including the possession of valid […]

New legislation applies from 31 July 2020 to ensure that furloughed employees receive statutory redundancy pay based on their normal wages, rather than a reduced amount based on their furloughed pay. Business owners who are considering their options – to bring back furloughed staff or consider redundancy – are now obliged to consider new legislation […]

We have been waiting for some time for government to announce an extension to its Making Tax Digital (MTD) program; this they did last week. What is MTD? HMRC are keen to digitise the collection of information to calculate your tax liabilities. At present they are reliant on you submitting a variety of tax returns […]

It seems fairly likely that we are heading for a no-deal exit from the EU, 1 January 2021. Many smaller businesses that presently import or export goods from and to the EU will need to deal with a complex raft of customs and VAT issues if they continue trade with the EU after this date. […]

Many businesses in vulnerable sectors may have slipped into a loss making position following lock-down. Some of those businesses may have availed themselves of government backed “soft” loans to provide them with the cash-flow to survive the process. Even with rigorous planning to reduce costs, furlough employees and benefit from other COVID related grants, businesses […]

Social distancing will be challenging theatre and other performance arts facilities as they grapple with the news announced last week that indoor performance with socially distanced audiences will be able to take place across the country from 1 August 2020. The idea that an audience can be socially distanced is mind boggling, adds a whole […]

The furlough scheme has enabled employers to defer decisions about their workforce – who to retain, who to let go – but as from the beginning of August 2020, employers will be obliged to meet the furlough costs on an incremental basis. Another change this month, July 2020, is that employees can be invited back […]