A VAT cut in the food, drink and hospitality sectors came into force this week following the Chancellor’s ‘Summer Economic Update’ last week.
Chancellor Rishi Sunak is reportedly drawing up plans for temporary tax cuts and other measures to help boost the British economy as it emerges from lockdown next month.
Facing a steep recession triggered by the coronavirus outbreak, which could involve high numbers of job losses and business failures, the Chancellor is searching for ways to bolster the economy and boost spending.
It is thought that the Chancellor is considering a range of options, including a VAT cut, a reduction in employers’ National Insurance Contributions and business rates reform.
Businesses selling food, drink and physical products aren’t too late to get online and take advantage of a boom in eCommerce.
Some of these companies have been the worst affected by lockdown and many have pivoted towards online sales during the coronavirus pandemic. Reopening is now on the horizon for many businesses, but online sales could provide vital income support for companies that think they may struggle over the coming months.
We’re still at home – and still working for you!! But from Monday most of the team will be back in our offices, observing the rules, and looking forward to picking up where we left off before we rudely interrupted by a pandemic, with our first class, friendly accountancy service!!
Companies affected by the coronavirus can apply for an additional three month extension to file their taxes, without receiving an automatic penalty.
Part of the government’s package of support for UK businesses, the extension means that companies of all sizes will be able to prioritise their COVID-19 response over handling taxes.
4.3 million businesses must submit accounts and reports to Companies House each year and, under normal circumstances, late filers are issued with an automatic penalty.
This extension is not automatic, so you will need to apply to Companies House if you want to take advantage of it. However, any extension applications that cite issues around the impact of COVID-19 will be granted immediately, according to the Government.
If you have already extended your filing deadline or have shortened your accounting reference period then you may be ineligible for the automatic extension. Similarly, if your filing deadline has already passed then you will not be able to apply for the extension.
The Chancellor has unveiled a £30bn plan to protect jobs and boost the economy in the wake of the coronavirus pandemic, but what will this ‘mini budget’ mean for contractors’ small businesses in the UK?
A new consumer shopping app from Shopify could provide a post-coronavirus boost for small-and-medium-sized online sellers in the UK.
Although Shopify isn’t a well known consumer brand, many people will regularly use their technology without realising. This is because Shopify make the technology for anyone to set up and sell their products online.
Chancellor Rishi Sunak has confirmed that the Self-Employed Income Support Scheme will provide an additional three months of support for eligible applicants.
Workers that qualify for an income support grant will be able to claim for up to £6,570 to cover the three months from June. However, this final payment may not be as much as self-employed workers received in the previous three-month period.
HMRC has revealed that more than 100,000 self-employed Brits applied for financial aid in the first few hours after the income support scheme opened.
The Self-Employment Income Support Scheme (SEISS) was originally announced in March to help freelancers and other self-employed workers who have seen their income dip.
The UK’s Coronavirus Job Retention Schemes provides a lifeline for businesses struggling to come to terms with the pandemic.
Eligible employees can be ‘furloughed’ and the government will pay 80% of their pay, up to £2,500 per month. Employers can also top this pay up to 100% if they wish.
You can find out more details about the scheme on the government website.
To make it easier for businesses to access this scheme, Xero and FreeAgent have added new tools to their payroll systems.