The Chancellor, Rishi Sunak continued with his campaign to support the business and jobs community today, 8 July 2020, as firms engage with the disruption caused by the coronavirus outbreak and the measures taken to control infection.
The main
Families and individuals that receive tax credits should ensure that they review their tax credit claims by 31 July 2020. Claimants who do not inform HMRC about relevant changes in their circumstances by the deadline date may have their payments
A reminder that since 4 July 2020, many business sectors have been given permission to reopen in England. The businesses are expected to follow COVID-19 secure guidelines.
The categories of businesses that have been allowed to reopen
There are business sectors that have not yet been given permission to reopen in England. There has been no indication given as to when these businesses will be able to reopen.
Government guidance lists the following businesses that currently need to
There are special rules for businesses established outside the EU submitting a claim for VAT incurred on goods or services bought in the UK. The exact rules that determine what VAT is refundable can be complex. There are also a number of conditions
The government’s Finance Bill 2020 (formally known as Finance Bill 2019-21) has now completed its passage through the House of Commons and the 1st reading at the House of Lords took place on 2 July 2020. This stage is a formality that signals
HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS).The Direction mainly deals with the expansion of the
The Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent, with most provisions coming into force on 26 June 2020. The Act addresses numerous issues arising for businesses from the COVID-19 pandemic to give distressed
Businesses can close a VAT registration for two main reasons. For example, the business has stopped making taxable supplies or a voluntary deregistration can be made by businesses that does not expect its taxable turnover to exceed the deregistration
Acas has published a process map for employers who are having to consider making redundancies due to coronavirus. The interactive tool has been designed to help employers better understand redundancy processes, required steps and good practice when
It may be some time before we could state with some certainty that it was back to business as usual; usual being the business environment before the arrival of Coronavirus.
What has changed?
The major change has been the dampening of demand due to
Accountants would say that working capital is the difference between current assets and current liabilities. It is the capital of a business used in day to day trading operations.
Current assets are generally those that can be converted into cash
On 26 June 2020, the Chancellor, Rishi Sunak made a further (third) Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the Coronavirus Job Retention Scheme (CJRS).
There are a number of important changes to the way
The government has confirmed a further easing of lockdown as pubs, cafes, restaurants, hotels, hairdressers and cinemas have been given permission to reopen in England from 4 July. The launch date has been dubbed as Super Saturday. These changes will
The government has announced that an extra £37.8 million will be made available to support debt advice providers during 2020-21. The distribution of the money will be overseen by the Money and Pensions Service (MaPS). MaPS will set out the
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