A question of control
The off-payroll working (IR35) tests are still relevant despite the blanket approach often in place regarding contractors’ employment status. They must always be applied if you are contracting for a small organisation. Two recent decisions in the Upper Tribunal closely examined the question of control. In both cases, the Upper Tribunal upheld First-Tier Tribunal decisions, […]
Bounce back repayments begin
The bounce back loan scheme (BBLS) has kept many businesses afloat over the past year, but, with the first repayments now starting to become due, many of the 1.5 million businesses that borrowed money could fall into difficulty. Default position The BBLS was launched in May 2020, with no interest charged or repayments required for […]
Spending Review – 25 November 2020
HIGHLIGHTS No tax announcements, although the Chancellor noted that “we have a responsibility … to return to a sustainable fiscal position”. Government borrowing projected to be £394 billion in 2020/21 before stabilising at around £100 billion from 2023/24 onwards. Total debt to remain over 100% of GDP. The Office for Budget Responsibility (OBR) says that […]
Another Autumn Budget deferred
After heavy hinting from the Treasury for some weeks, the expected Autumn Budget has been pushed into spring 2021, with tax rises on the cards. Since the March Budget and through to August, the expectation was that the Chancellor, Rishi Sunak, would introduce his second Budget this autumn. Such timing would have restored the cycle […]
Scammers never sleep – rise in tax scams reported
Given the amount of Covid-19 financial assistance available, it comes as no surprise that there is an increase in HMRC-related scams this year. What is worrying is that scammers have become more sophisticated; it is no longer a matter of simply ignoring emails offering tax refunds. Recent scams have targeted the self-employed receiving income support […]
Chancellor extends VAT cut until March
The temporary reduced standard VAT rate of 5% for the tourism and hospitality sector was due to end on 12 January, but has now been extended to 31 March 2021. With Covid-19 restrictions continuing for the foreseeable future, this winter is likely to be quite challenging for many tourism and hospitality businesses, so the extension […]
Bounce Back Loan Scheme extended
The application date for the Bounce Back Loan Scheme (BBLS) has now been extended to 30 November, and the loan repayment process made more flexible. To date, the BBLS has provided more than a million loans between £2,000 and £50,000 to businesses affected by the Covid-19 crisis. Businesses can borrow up to 25% of their […]
The Chancellor’s Winter Economy Plan
The latest pandemic support measures are much less generous than before. Even though the Chancellor cancelled this year’s Autumn Budget, he still made an early autumn appearance before the House of Commons to announce his ‘Winter Economy Plan’. He announced new employment support and amendments to existing schemes. Job Support Scheme (JSS) The JSS is […]
The government’s £500m COVID-19 Future Fund available now
The Future Fund has launched and is open for applications enabling many companies that have been unable to access funds from other initiatives, including start-ups and early stage tech-based businesses. If your company is UK-based and operating in technology, life sciences and the creative industries you can apply for a convertible loan of between £125,000 […]
COVID-19 Measures: 11th and 17th March 2020
Last week’s Budget from the new Chancellor, Rishi Sunak, included £7 billion of expenditure targeting the impact of Covid-19 on employees, the self-employed and businesses. Six days later a further raft of measures was announced, amounting to an additional £20 billion of support expenditure plus £330 billion of loan guarantees. The Chancellor’s 17 March […]
