HMRC scraps benefit-in-kind charge on coronavirus tests
The government has scrapped plans to get workers to pay income tax on coronavirus (COVID-19) testing kits purchased by their employer. HMRC issued guidance on 6 July which outlined that COVID-19 testing kits were to be classified as a taxable benefit-in-kind. However, the Treasury Select Committee criticised this decision and highlighted that tax bills could […]
Recovery advice scheme launched for small businesses
A government-backed scheme to offer free online advice to help small businesses bounce back from the coronavirus (COVID-19) has been launched. The Recovery Advice for Business Scheme gives small firms access to free, one-to-one advice with an expert adviser to help them through the COVID-19 pandemic and prepare for long-term recovery. Advice offered includes bespoke, […]
Scottish government to reduce LBTT rate
The Scottish government will reduce the rate of Land and Buildings Transaction Tax (LBTT) following a similar reduction to the rate of residential Stamp Duty Land Tax (SDLT) announced by Chancellor Rishi Sunak in the recent Summer Economic Update. LBTT is payable by the purchaser in a land transaction occurring in Scotland. SDLT applies to […]
Welsh government to reduce LTT rate
Following the reduction in the rate of residential Stamp Duty Land Tax (SDLT), the Welsh government has announced that it will reduce the rate of Land Transaction Tax (LTT). LTT is payable by the purchaser of residential or non-residential property in a land transaction occurring in Wales. SDLT is payable on land transactions in England […]
Homeworking creates new opportunities for cyber criminals, research finds
The rise in homeworking caused by the coronavirus (COVID-19) pandemic has created new vulnerabilities for criminals to exploit, according to research from cyber experts CyberCube and insurance broker Aon. According to the report, homeworking has exposed new access points for cyber criminals to gain entry to corporate systems, including domestic PCs, laptops and Wi-Fi routers. […]
Coronavirus borrowing now over £46 billion
UK businesses have now borrowed over £46 billion through the government-backed schemes that are helping firms during the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. In total, £46.3 billion has now been lent to over 1.1 million businesses through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan […]
Business groups cautious on easing of lockdown restrictions
Businesses groups have given a cautious response to the easing of lockdown restrictions in England announced by Prime Minister Boris Johnson last week. Josh Hardie, Deputy Director General at the Confederation of British Industry (CBI), said: ‘Businesses know the return to offices must not risk an infection spike. Firms can be knocked down once, not twice. […]
Lockdown has ‘negatively impacted young people’s labour market outcomes’
The coronavirus (COVID-19) lockdown has negatively affected young people’s labour market outcomes, according to a report published by the Institute for Fiscal Studies (IFS). The report, which was funded by the Turing Institute, found that the COVID-19 pandemic threatens to ‘severely disrupt’ young workers’ career progression. It also suggested that the economic impacts of the […]
Claims deadline approaching for first phase of furlough scheme
Coronavirus Job Retention Scheme (CJRS) claims for periods ending on or before 30 June 2020 must be made by 31 July 2020, HMRC has reminded employers. Employers and agents must submit all CJRS claims for periods ending on or before 30 June 2020 by 31 July 2020. After this date it will not be possible […]
FRC urges companies to provide high-quality disclosures on impact of coronavirus
The Financial Reporting Council (FRC) has urged companies to provide more detailed disclosures on the impact the coronavirus (COVID-19) has had on their firm. In a new review, the FRC stated that although companies provided sufficient information to enable individuals to understand the impact COVID-19 has had on their performance, position and future prospects, some […]