At a time when businesses across the UK are grappling with unprecedented challenges, access to funding to increase cashflow and help mitigate the disruption has become a top priority. Business owners will be looking at any opportunity to bring cash into the business and this is where government-backed R&D tax incentives could create a crucial…
A new judgment at the High Court has clarified that policyholders denied business interruption (BI) insurance claims due to COVID-19 may be due compensation. In an important test case, brought by the Financial Conduct Authority (FCA), the court has found in favour of BI policyholders after many insurers denied pay-outs, claiming that the pandemic was…
As part of the Government’s plan to extend the Self-Employment Income Support Scheme (SEISS) for a further six months, HM Revenue & Customs (HMRC) has announced new conditions that must be met. The scope of the extended scheme will now be much narrower, with the third and fourth grants being less generous for the self-employed.…
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…
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…
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,…
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…
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…
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…
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…