Aug 19

Wales reduces LTT rate

On 27 July, the Welsh government reduced the rate of Land Transaction Tax (LTT) following the cuts made to SDLT and LTT across the rest of the UK. LTT is payable by the purchaser of residential or non-residential property occurring in Wales. From 27 July 2020, the starting threshold for residential LTT rose from £180,000 […]

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Scottish government cuts LBTT to help home buyers

On 15 July, the Scottish government reduced the rate of Land and Buildings Transaction Tax (LBTT) following a similar reduction to the rate of residential Stamp Duty Land Tax (SDLT) announced by Chancellor Rishi Sunak in the recent Summer Economic Update. LBTT is payable by the purchaser in a land transaction occurring in Scotland. SDLT […]

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Eat Out to Help Out now up and running

On 1 August, the government’s Eat Out to Help Out scheme began operating at eateries across the country. The scheme was announced by Chancellor Rishi Sunak in his Summer Economic Update. It provides a 50% reduction of up to £10, for sit-down meals in participating cafes, restaurants and pubs across the UK from Monday to […]

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Government announces review of business rates scheme

The government has published a call for evidence on the overhaul of the business rates system that applies in England. The government announced at the 2020 Budget in March that it would conduct a review of the business rates system in England. It is seeking views from businesses, business representative organisations, local authorities, rating agents, […]

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Treasury sets out next steps for Making Tax Digital

On 21 July, the Treasury set out the next steps in its plan to extend Making Tax Digital (MTD) to all businesses and those taxpayers that file self assessment returns. Currently, businesses above the VAT threshold of £85,000 are required to comply with Making Tax Digital for VAT (MTD for VAT). From April 2022, the […]

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HMRC outlines Job Retention Bonus criteria

HMRC has outlined the eligibility requirements for the Job Retention Bonus (JRB) that follows the furlough scheme as part of the government’s measures to support the economy through the COVID-19 lockdown. The government’s Coronavirus Job Retention Scheme ends on 31 October 2020 and the JRB aims to provide additional support to employers who keep on […]

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The Dairy Support Scheme closes on 14 August 2020

Jul 22

Dairy Support Scheme – The latest

The Dairy Support Scheme closes on 14 August 2020 and therefore if you are a dairy farmer who has seen a reduction in your milk price of 25% or more in April and May when compared to February 2020 please have a look at the detailed guidance at Gov.wales Dairy Support Scheme

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Eat out to help out scheme - Help for businesses

Eat out to help out scheme – Help for businesses

How does this affect me? In very simple terms this is a UK wide Government scheme to encourage us to eat out. Eligible businesses register with the Government, they then offer a discount (must be 50%) on their food and non-alcoholic drink, the discount is then claimed back by businesses from the Government. The scheme […]

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Jul 14

Private sector off-payroll reforms given go ahead for April 2021

The introduction of off-payroll rules to the private sector will go ahead as planned next April after an attempt to delay them failed in the House of Commons. The reforms of the off-payroll rules to the private sector, which are known as IR35 and have applied to the public sector since 2017, was reviewed earlier […]

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Government expands aid for start-ups and innovators

The government has expanded its COVID-19 support for start-ups and innovative companies with the launch of a new fund. On 27 June the government announced the Sustainable Innovation Fund (SIF), which is aimed at helping businesses to keep ‘cutting edge’ projects and ideas alive during the pandemic. The SIF will make almost £200 million available […]

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Late payment crisis has worsened during coronavirus lockdown

The Federation of Small Businesses (FSB) has found that the UK’s late payment crisis has worsened during the coronavirus (COVID-19) lockdown. 62% of small businesses have been subject to late or frozen payments during the COVID-19 pandemic, according to research carried out by the FSB. Just 10% of small firms have agreed changes to payment […]

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FCA confirms further support for consumer credit customers

The Financial Conduct Authority (FCA) has confirmed further support for users of certain consumer credit products if they are experiencing temporary payment difficulties due to the coronavirus pandemic. The measures outline the options firms will provide for credit card, revolving credit and personal loan customers who are coming to the end of a payment freeze. […]

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Bank of England increases stimulus package for UK economy

On 18 June, the Bank of England increased the stock of purchases of UK government bonds by an additional £100 billion to help boost the UK economy following the coronavirus (COVID-19) pandemic.The £100 billion in additional quantitative easing funds takes the total to £745 billion. The MPC also voted to cut the cost of borrowing […]

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Flexible furloughing starts on job retention scheme

On 1 July, changes to the Coronavirus Job Retention Scheme (CJRS) saw flexible furloughing introduced, so employees will no longer have to be furloughed for a minimum period of three weeks. Following the change the CJRS has more flexibility to allow claims on a pro rata basis. Employers will be able to permit employees to […]

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Stamp duty temporarily reduced

Chancellor Rishi Sunak announced a temporary cut in the rate of Stamp Duty Land Tax (SDLT) in order to boost confidence in the flagging housing market in his Summer Economic Update. Property transactions fell by 50% in May this year and house prices have fallen for the first time in eight years. In response, the […]

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Chancellor unveils three-point plan for jobs

On 8 July, Chancellor Rishi Sunak announced a three-point plan to support jobs in the wake of the COVID-19 pandemic when he delivered a Summer Economic Update to Parliament. Mr Sunak confirmed the Coronavirus Job Retention Scheme (CJRS) will end as planned this October. The Chancellor said furloughing had been the right measure to protect […]

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Final call for the first SEISS grant

Jul 06

Final call for the first SEISS grant

Individuals who are eligible for the first Self-employment Income Support (SEISS) grant must make their claim by Monday 13 July. When applications for SEISS grants opened in mid-May, HMRC did not specify any deadline for claims – the deadline of 13 July 2020, announced when the scheme was extended, is now approaching and claims for the first […]

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Jun 24

UK sets out post-Brexit tariff regime

The UK government published its plans for a new import tariff regime following the end of the Brexit transition period. Following its departure from the EU, the UK has the ability to set its own rules and charges. The scheme includes the abolition of tariffs on imports worth over £30 billion, although economists say the […]

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Jun 20

MPs open inquiry into £155 billion of tax reliefs

The Public Accounts Committee (PAC) has opened an inquiry into the UK’s management of £155 billion of tax relief. The inquiry follows the February publication of a National Audit Office (NAO) report that identified over 300 such tax interventions, totalling £155 billion per year. The NAO raised concerns about the effectiveness of management of tax […]

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Jun 18

COVID-19: delay to VAT reverse charge on construction services

On 5 June 2020, HMRC announced a five-month delay to the introduction of the domestic VAT reverse charge for construction services, due to the impact of the COVID-19 pandemic on the sector. The change will now apply from 1 March 2021 and will overhaul the way VAT is payable on building and construction invoices as […]

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