The Government’s spending watchdog, the National Audit Office (NAO), has warned that up to 60 per cent of businesses may not pay back the 100 per cent Government-backed Bounce Back Loans Scheme (BBLS) because of fraudulent applications and minimal credit checks.
HM Revenue & Customs publishes further details of the Job Support Scheme
HM Revenue & Customs (HMRC) has published further details of the Job Support Scheme (JSS), announced by the Chancellor during his Winter Economy Statement in Parliament on 24 September. The JSS is intended to support businesses facing reduced demand over the winter as a result of the Coronavirus crisis, helping to keep employees in ‘viable’ […]
Annual Investment Allowance – Time is running out
Since 1 January 2019, the Annual Investment Allowance (AIA) for capital allowances has been £1 million – helping businesses to invest tax efficiently. However, from 1 January 2021, the AIA will fall back to just £200,000, reducing the amount of tax that can potentially be saved. By using the AIA, businesses can claim against most […]
Accounting for mobile phone use
During the last few months, to assist workers with working from home, many businesses have supplied a work mobile phone, but how should they account for this benefit? Typically, the provision of equipment, such as a mobile, could be considered a benefit in kind for tax purposes, however, an employee can benefit from an employer-provided […]
Time to prepare (once again) for the VAT reverse charge
In just a few months, more than 150,000 businesses connected to the construction industry will have to make a fundamental change to how they manage their VAT affairs. Although the world has been in lockdown, and with it, parts of the construction sector, the Government still intends to launch the VAT domestic reverse charge for […]
Is the Government considering a National Living Wage freeze?
New reports have suggested that the Treasury may be considering postponing a planned increase to the National Living Wage (NLW) rates next year. Under plans outlined last December by then Chancellor, Sajid Javid, the legal minimum wage paid to workers over the age of 25 was due to rise by 6.2 per cent from £8.72 […]
Companies House reforms to combat fraud and assist businesses
Companies House, the UK’s register of company information, is to be reformed under new plans designed to prevent fraud and money laundering. As part of the reforms, directors will have to have their identity verified by Companies House before they can be appointed. The amendment will increase the accuracy of data that Companies House holds, […]
Price of plastic bags in England to double to 10p
The price of plastic bags in larger retailers in England will double from 5p to 10p from April next year. The 5p charge was first introduced in 2015 and the Department for Environment, Food and Rural Affairs (DEFRA) says that plastic bag use has fallen from 140 a year per adult in 2014 to four […]
New Coronavirus regulations place self-isolation obligations on employers
The Health Protection (Coronavirus, Restrictions) (Self-Isolation) Regulations 2020 came into effect on 28 September 2020 and place new obligations on employers in relation to self-isolation. Regulation 7 creates a new offence of knowingly permitting a worker, including agency workers, to attend a place other than where they are self-isolating. This affects workers who are self-isolating […]