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Comments Off on Tax group calls for extension to the annual investment allowance

Tax group calls for extension to the annual investment allowance

Tax group calls for extension to the annual investment allowance

The temporary increase to the annual investment allowance should be extended, according to the Association of Tax Technicians (ATT). The allowance enables firms to fully offset the cost of qualifying capital items of plant and machinery against taxable profits. Since 1 January 2019, businesses have received faster tax relief for plant and machinery investments up … Continued

Comments Off on Chancellor reveals new support measures amid second-wave fears

Chancellor reveals new support measures amid second-wave fears

Chancellor reveals new support measures amid second-wave fears

New support measures for businesses and workers have been announced in the face of a rising tide of coronavirus. A job support scheme will replace the furlough scheme from 1 November 2020, initially until 30 April 2021. Government and employers will subsidise the pay of employees working fewer hours than normal due to lower demand. … Continued

Comments Off on Commission set to recommend national living wage freeze

Commission set to recommend national living wage freeze

Commission set to recommend national living wage freeze

Ministers are reportedly considering halting plans to implement the planned national living wage increase from next spring. The national living wage is currently set at £8.72 an hour for people aged 25 and over until 31 March 2021. Chancellor Rishi Sunak said in this year’s Spring Budget that “forecasts would see the rate rise to … Continued

Comments Off on Firms ‘unable to prepare’ for end of Brexit transition period

Firms ‘unable to prepare’ for end of Brexit transition period

Firms ‘unable to prepare’ for end of Brexit transition period

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

Comments Off on Furloughed workers get redundancy pay protection

Furloughed workers get redundancy pay protection

Furloughed workers get redundancy pay protection

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

Comments Off on Businesses claim late payments crisis deepens during lockdown

Businesses claim late payments crisis deepens during lockdown

Businesses claim late payments crisis deepens during lockdown

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

Comments Off on Video-witnessed wills become legal in England and Wales

Video-witnessed wills become legal in England and Wales

Video-witnessed wills become legal in England and Wales

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

Comments Off on Making Tax Digital to ‘apply to all VAT-registered traders by 2022/23’

Making Tax Digital to ‘apply to all VAT-registered traders by 2022/23’

Making Tax Digital to ‘apply to all VAT-registered traders by 2022/23’

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

Comments Off on MPs: Let opted-out workers re-enrol earlier into pensions

MPs: Let opted-out workers re-enrol earlier into pensions

MPs: Let opted-out workers re-enrol earlier into pensions

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