VAT cut on PPE extended
The Treasury has extended the temporary scrapping of VAT on personal protective equipment (PPE) until the end of October. The decision comes after a temporary zero-rate of VAT was applied to PPE sales for an initial three months from 1 May to 31 July. The government previously removed import duties from PPE and medical supplies […]
Chancellor to deliver Summer Economic Update
Chancellor Rishi Sunak will deliver the Summer Economic Update today, in which he will announce measures to help boost the UK economy following the coronavirus (COVID-19) lockdown. The Chancellor is expected to cut taxes in order to help the UK economy recover following the COVID-19 lockdown. Experts predict that the Chancellor will reduce VAT for […]
Chancellor announces Job Retention Bonus in Summer Economic Update
On 8 July Chancellor Rishi Sunak delivered a Summer Economic Update, which outlined measures designed to boost the UK economy following the coronavirus (COVID-19) lockdown. A new Job Retention Bonus was announced, which will provide employers with a one-off £1,000 bonus for each furloughed employee who is still employed as of 31 January 2021. The […]
Business groups react to Summer Economic Update
Business groups, including the Confederation of British Industry (CBI), the Federation of Small Businesses (FSB) and the British Chambers of Commerce (BCC) have reacted to Chancellor Rishi Sunak’s Summer Economic Update. In the Update, the Chancellor announced a range of measures designed to protect and create jobs and boost the UK economy following the coronavirus […]
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 […]