MPs open inquiry into £155 billion of tax reliefs
Posted on Thursday, June 18th, 2020
The Public Accounts Committee (PAC) has opened an inquiry into the UK’s management of £155 billion of tax relief. The inquiry follows the February publication of a National Audit Office (NAO) report that identified over 300 such... Read Full Article...
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Advisory fuel rates for company cars
Posted on Thursday, June 18th, 2020
New company car advisory fuel rates have been published which take effect from 1 March 2020. The guidance states: ‘You can use the previous rates for up to one month from the date the new rates apply’.... Read Full Article...
Freeports
Posted on Thursday, June 18th, 2020
The government has launched a consultation on proposals to create up to ten freeports across the UK which would have different customs rules than those which apply in the rest of the UK. The government is considering... Read Full Article...
Chancellor announces changes to Job Retention Scheme
Posted on Monday, June 15th, 2020
Chancellor Rishi Sunak has announced changes to the government’s Coronavirus Job Retention Scheme (JRS), which will be slowly wound down between July and October. The changes mean businesses will be able to bring furloughed employees back on... Read Full Article...
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COVID-19: delay to VAT reverse charge on construction services
Posted on Monday, June 15th, 2020
On 5 June 2020, HMRC announced a five-month delay to the introduction of the domestic VAT reverse charge for construction services, due to the impact of the COVID-19 pandemic on the sector. The change will now apply... Read Full Article...
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Loan size increased to £200 million under large business interruption scheme
Posted on Monday, June 15th, 2020
Several changes to the CLBILS scheme have taken effect from 26 May. The government has extended the maximum loan size available through the Coronavirus Large Business Interruption Loan Scheme (CLBILS) from £50 million to £200 million. However,... Read Full Article...
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Future Fund launches to give start-ups coronavirus support
Posted on Monday, June 15th, 2020
On 20 May 2020, the government launched its Future Fund package, which aims to support start-up businesses not eligible for other COVID-19 rescue measures. The Future Fund offers government loans of between £125,000 and £5 million to... Read Full Article...
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Coronavirus Statutory Sick Pay Rebate Scheme goes live
Posted on Monday, June 15th, 2020
On 26 May 2020, HMRC opened up its Statutory Sick Pay (SSP) rebate claim service. Eligible employers are able to recoup up to two weeks’ worth of SSP payments made to employees off work for COVID-19-related reasons... Read Full Article...
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Changes to insolvency and company law going through Parliament
Posted on Monday, June 15th, 2020
The government is making changes to insolvency and company law as a result of the COVID-19 pandemic. The Corporate Insolvency and Governance Bill outlines that struggling companies will be given extra time to consider rescue plans presented... Read Full Article...
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UK sets out post-Brexit tariff regime
Posted on Monday, June 15th, 2020
The UK government published its plans for a new import tariff regime following the end of the Brexit transition period. Following its departure from the EU, the UK has the ability to set its own rules and... Read Full Article...