Government urged to consider emergency VAT reduction
The government has again been urged to consider an emergency VAT reduction in order to help businesses once the coronavirus (COVID-19) lockdown ends. A new report published by think tank Policy Exchange has suggested that reducing the rate of VAT to 15% could help boost consumer spending in the short-term. The current standard rate of […]
Government-backed coronavirus lending now over £40 billion
Over £40 billion has now been borrowed through government-backed schemes designed to help businesses get through the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. More than 304,000 businesses have now accessed support through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large […]
IoD urges government to support jobs and investment after coronavirus lockdown
The Institute of Directors (IoD) has called on the government to act to support jobs and investment once the coronavirus lockdown ends. In a submission to the Treasury, the IoD has urged the government to act now in order to reduce the cost of employing people as the Coronavirus Job Retention Scheme (CJRS) comes to […]
Overseas VAT claims subject to COVID delays
VAT claims submitted under the Overseas Refund Scheme will be subject to delays due to changes in HMRC’s working practices during the COVID-19 pandemic, the tax authority has stated. The delays relate to payments due to overseas businesses that are not established in the EU. The affected claims are those within the prescribed year 1 […]
Job retention scheme closing to new entrants
HMRC is reminding businesses that Coronavirus Job Retention Scheme (CJRS) will close to new entrants on 30 June. In addition, From 1 July, employees will no longer have to be furloughed for a minimum period of three weeks. From this date the CJRS will have more flexibility to allow claims on a pro rata basis. […]
Business warned about rise in impersonation fraud
Businesses have been told to stay vigilant against the rise in impersonation fraud during the coronavirus pandemic, by trade credit insurer Atradius. The insurer says the increase in impersonation fraud is result of opportunistic fraudsters seeking to take advantage of disruptions to normal business patterns during lockdown. Impersonation fraud occurs when a fraudulent party presents […]
Furlough scheme now covering 9.3 million workers
The number of workers now furloughed under the Coronavirus Job Retention Scheme (CJRS) has risen to 9.3 million, according to the latest figures from the Treasury. A further 100,000 employees were furloughed in the week up to 28 June, with 1.1 million employers now using the CJRS. The government has now paid out more than […]
FSB finds late payment crisis has worsened during coronavirus lockdown
The Federation of Small Businesses (FSB) has found that the UK’s late payment crisis has worsened during the coronavirus (COVID-19) lockdown. 62% of small businesses have been subject to late or frozen payments during the COVID-19 pandemic, according to research carried out by the FSB. Just 10% of small firms have agreed changes to payment […]
LITRG urges self-employed to check eligibility for SEISS
The Low Incomes Tax Reform Group (LITRG) has urged self-employed individuals to check their eligibility for the first round of the government’s coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS) grant. The claim window for the first SEISS grant will close on 13 July. The LITRG stated that HMRC used IT systems to identify potential SEISS […]
Private sector off-payroll reforms given go ahead for April 2021
The introduction of off-payroll rules to the private sector will go ahead as planned next April after an attempt to delay them again failed in the House of Commons. The reforms of the off-payroll rules to the private sector, which are known as IR35 and have applied to the public sector since 2017, were reviewed […]