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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
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
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
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.
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
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
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
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 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
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
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.
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.
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
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
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
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
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
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
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
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
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
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
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
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