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Summer Statement
08/07/2020 - More...
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 thrust of his announcements during his Summer Economic update concerned his nominated Plan for

Tax Credits updates required this month
07/07/2020 - More...
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 stopped. HMRC has sent tax credits renewal packs to tax credit claimants and is encouraging

Reminder of businesses opening since 4 July 2020
07/07/2020 - More...
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 include: hotels, hostels, bed and breakfast accommodation, holiday apartments or homes, cottages or

Reminder of businesses not opening 4 July 2020
07/07/2020 - More...
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 remain closed, as government assessment suggest that they cannot yet be made sufficiently

UK VAT claims by non EU businesses
07/07/2020 - More...
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 which must be met in order for a claim to qualify. The deadline for the submission of a

Finance Bill 2020 progress
07/07/2020 - More...
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 the start of the Bill's journey through the Lords. The date for the 2nd reading of the

SEISS further update
07/07/2020 - More...
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 SEISS for a final three-month period to 31 August 2020, officially referred to as the

Corporate Insolvency and Governance Bill receives Royal Assent
07/07/2020 - More...
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 the breathing space they need to get advice and seek a rescue Some of the key

Reclaiming VAT after deregistration
07/07/2020 - More...
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 limit. The current deregistration limit is £83,000. A business that deregisters

Redundancy process map
06/07/2020 - More...
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 engaging with employees. It also provides details of options and alternatives to making

The new reality
05/07/2020 - More...
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 lock-down and other government interventions aimed at job retention and support for

What is working capital?
05/07/2020 - More...
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 reasonably quickly, money in your bank account. For example, stocks and work in progress,

 

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