Less than a quarter of company directors are fully prepared for the end of the Brexit transition period on 31 December 2020, a survey by the Institute of Directors (IoD) shows. When polled in late June, 31% of directors said they were waiting until the final changes of the UK’s deal with the EU are … Continued
The Government has closed a loophole which allowed employers to make furloughed staff redundant on reduced pay under the furlough scheme. The new law kicked in on 31 July 2020 to ensure furloughed workers who are made redundant receive redundancy pay based on their normal wage. Employees who are made redundant after more than two … Continued
Almost two-thirds of small businesses in the UK experienced late or frozen payments as a result of the COVID-19 outbreak, a report has claimed. The Federation of Small Businesses (FSB) polled 4,228 small business owners during lockdown in April 2020 and found the issue affected 62% of firms. Businesses in the wholesale sector (72%) were … Continued
The witnessing of wills over video-conferencing platforms in England and Wales has been temporarily legalised, the Government has confirmed. The law still requires a will to be made “in the presence of” at least two witnesses to be legally valid, while the use of video should be a last resort. However, some people have understandably … Continued
Making Tax Digital (MTD) is set to expand to all VAT-registered businesses from April 2022, the Treasury has announced. Since April 2019, VAT-registered traders with annual taxable turnover above £85,000 have been submitting VAT returns through MTD, while other firms have been able to submit VAT returns voluntarily. From April 2023, the Treasury expects MTD … Continued
Employees who opted out of their workplace pension due to COVID-19 should be encouraged back into saving sooner than auto-enrolment rules would usually allow, a Government committee has said. Under current auto-enrolment rules, employees aged between 22 and state pension age who earn more than £10,000 a year are automatically enrolled into a workplace pension … Continued
The second and final round of grants under the self-employed income support scheme (SEISS) opened this month, offering a smaller lump sum grant. From 17 August 2020, self-employed individuals who meet the scheme requirements will be able to access HMRC’s online service and claim up to £6,570 to cover three months’ worth of profits. This … Continued
The Government has called for a comprehensive review of the capital gains tax system. Chancellor Rishi Sunak has commissioned the Office for Tax Simplification (OTS) to review how asset sales are taxed. Capital gains tax applies on the sales of assets such as second homes, stocks and shares, most personal possessions, and business assets. The … Continued
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What to expect from tax probes in 2020/21. After temporarily pausing tax investigations as COVID-19 business support measures rolled out earlier this year, HMRC has restarted probes into businesses and individuals’ tax affairs. The Revenue has also started to direct its attention towards the misuse of coronavirus support schemes, such as the furlough scheme and … Continued
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