Insurance industry to pay out on COVID-19 business interruption claims
More than 370,000 small businesses in England and Wales could be due a payout on their business interruption insurance after the Supreme Court ruled in favour of payments being made on previously refused claims and policies. A number of insurers
Read more...VAT – Post-Brexit arrangements
The latest guidance on VAT on imports and services to and from the EU is complex and businesses need to account for this in their trading. To help we have provided a brief summary below, but we highly recommend you
Read more...FSB proposes move to turn Covid emergency debt into shared ownership schemes
The Federation of Small Businesses (FSB) is calling on the Government to introduce new measures to help companies struggling with COVID-related debt, including employee shared ownership. The FSB has said that businesses are facing “unmanageable” levels of Coronavirus debt –
Read more...HMRC issues new warning over lockdown fraudsters
Within hours of the Prime Minister announcing a new national lockdown in England, HM Revenue & Customs (HMRC) has issued new warnings after it received reports that fraudsters were attempting to dupe taxpayers by pretending to be the tax authority.
Read more...Could the Government be about to launch a new permanent state-backed small business loan scheme?
According to reports in the Financial Times, the Government is considering launching a new loan scheme, where businesses could borrow anything up to £10 million through an 80 per cent state-guaranteed bank loan. The new scheme, which could be a
Read more...Independent commission argues against annual wealth tax but advocates a one-off charge
An independent commission established last spring by the London School of Economics, the University of Warwick and the Economic and Social Research Council to analyse proposals for a wealth tax has rejected an annual tax but has advocated a one-off
Read more...HM Revenue & Customs increases the threshold for Self-Assessment online payment plan service to £30,000
HM Revenue & Customs (HMRC) has increased the threshold for Self-Assessment taxpayers to use its online self-service Time to Pay payment plan service from £10,000 in tax liabilities to £30,000. The move means that more taxpayers will be able to
Read more...Chancellor announces grants worth up to £9,000 for businesses in the retail, hospitality and leisure sectors
The Chancellor, Rishi Sunak, has announced a package of one-off grants worth between £4,000 and £9,000 for businesses in the retail, hospitality and leisure sectors, following the announcement of a nationwide lockdown in England lasting until at least mid-February. The
Read more...Grandparents set to increase gifting following pandemic and families set to inherit more than expected
A pair of studies have revealed that UK grandparents are reconsidering their plans following the Coronavirus pandemic, which may mean that many families are set to inherit more than they expected to. A survey of 2,006 grandparents, carried out by
Read more...Virtual Christmas parties eligible for £150 annual function exemption
HM Revenue & Customs (HMRC) has confirmed that virtual Christmas parties will be eligible for the £150 annual function exemption that employers often put towards in-person festivities at this time of year. Typically, employers can make use of the exemption
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