A major change to the way VAT is collected in the building and construction industry comes into force on 1 October 2020 The domestic reverse charge VAT for construction services will put the onus on the customer receiving a service to pay the VAT element to HMRC, instead of paying the supplier. It will apply … Continued
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The government’s Self-Employment Income Support Scheme will be extended, giving more security to individuals whose livelihoods are adversely affected by coronavirus in the coming months, the Chancellor announced on 29 May 2020. Rishi Sunak announces Self-Employment Income Support Scheme will be extended – with those eligible able to claim a second and final grant capped … Continued
HMRC has relaxed rules that usually restrict reimbursement for spending on office equipment for the rest of 2020/21. This should help employees avoid receiving a tax bill relating to working from home during the coronavirus lockdown. Since the lockdown restrictions were imposed in the UK on 23 March 2020, homeworking has effectively become the norm … Continued
The UK is likely to be in the deepest economic recession since records began, after gross domestic product (GDP) contracted by 5.8% in March 2020. Figures from the Office for National Statistics showed the economy shrank by 2% in the first three months of 2020, with bigger quarterly slumps set to follow. Lockdown measures were … Continued
UK businesses have claimed more than £22 billion in Government loans and guarantees to support their cashflow during the coronavirus crisis. That includes more than £14.18bn in 464,393 bounce-back loans for small businesses, just two weeks after the scheme launched. Bounce-back loans worth 25% of a business’s turnover, up to a maximum of £50,000, have … Continued
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The Self-Employment Income Support Scheme is now open for claims. If you’re eligible, you’ll be given a date when you can claim between 13 and 18 May. You can check your claim date online: https://www.gov.uk/guidance/claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme It’s important that you make this claim yourself, although you can ask your accountant or tax agent to help you. … Continued