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Industry News

Summer Statement

Summer Statement

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

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Tax Credits updates required this month

Tax Credits updates required this month

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

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Reminder of businesses opening since 4 July 2020

Reminder of businesses opening since 4 July 2020

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

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Reminder of businesses not opening 4 July 2020

Reminder of businesses not opening 4 July 2020

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

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UK VAT claims by non EU businesses

UK VAT claims by non EU businesses

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

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Finance Bill 2020 progress

Finance Bill 2020 progress

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

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SEISS further update

SEISS further update

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

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Corporate Insolvency and Governance Bill receives Royal Assent

Corporate Insolvency and Governance Bill receives Royal Assent

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

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Reclaiming VAT after deregistration

Reclaiming VAT after deregistration

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

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Redundancy process map

Redundancy process map

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

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The new reality

The new reality

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

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What is working capital?

What is working capital?

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

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Updated HM Treasury instructions re: CJRS

Updated HM Treasury instructions re: CJRS

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

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Government support for pubs, cafes and restaurants

Government support for pubs, cafes and restaurants

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

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Financial help for debt advisers

Financial help for debt advisers

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

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Reporting Capital Gains on residential property

Reporting Capital Gains on residential property

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed from 6 April 2020. This change means that any CGT due on the sale of a

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Vehicle MOT dates

Vehicle MOT dates

The government has announced that mandatory MOT tests for car, motorcycle and van owners in England, Scotland and Wales are to be reintroduced from 1 August 2020. This means that all drivers

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Trusts and CGT

Trusts and CGT

A trust is an obligation that binds a trustee, an individual or a company to deal with the assets such as land, money and shares which form part of the trust. The person who places assets

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IHT exemption for gifts out of income

IHT exemption for gifts out of income

It is possible for wealthier taxpayers to take advantage of the IHT exemption for gifts and payments that are paid as normal expenditure out of income. This is a very flexible exemption from

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Stock valued at net realisable value

Stock valued at net realisable value

One of the acceptable methods to value stock is at the lower of cost and net realisable value (NRV). NRV is broadly defined as the estimated selling price of an asset less any disposal

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Shielding measures to be relaxed in England from 1 August 2020

Shielding measures to be relaxed in England from 1 August 2020

From 1 August 2020 onwards, it is intended that the shielding programme will be paused in England so clinically extremely vulnerable people will no longer be advised to shield. From an

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What are debits and credits?

What are debits and credits?

You may have come across the terms debit and credit and perhaps wondered exactly what do they mean? Certainly, if you are a bookkeeper or accountant you will or should understand their

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Depreciation

Depreciation

Literally, the word depreciation means a reduction in the value of an asset over time. It recognises the fact that if you buy assets for your business – cars, plant, computers etc

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Tax Diary July/August 2020

Tax Diary July/August 2020

1 July 2020 - Due date for Corporation Tax due for the year ended 30 September 2019. 6 July 2020 - Complete and submit forms P11D return of benefits and expenses and P11D(b) return of Class

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