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15 July 2020

Companies House has announced the restart of the process for companies that have applied for voluntary strike-off, from 10 September 2020. All voluntary strike-off applications were suspended in March 2020 in response to the Coronavirus pandemic.

The press release published by Companies House outlines the following changes:

  • When voluntary strike off action restarts from 10...
15 July 2020

One of the measures announced by the Chancellor, Rishi Sunak in his recent Summer Statement was the introduction of the Job Retention Bonus. This bonus is designed to encourage employers to bring back furloughed workers as the benefits of the Coronavirus Job Retention Scheme start to taper before the scheme ends on 31 October 2020.

The new Job Retention Bonus will provide a £1,000...

15 July 2020

In a surprising move, the government has given permission for sports facilities in England to begin reopening. Initial projections had suggested that gyms would be closed until at least the Autumn when it was hoped that the virus is more completely under control.

Outdoor pools were given permission to reopen from 11 July although many pools remained closed as they were only given a few...

15 July 2020

The Scottish and Welsh governments have both confirmed increases in their respective nil-rate thresholds for stamp duty purposes. This follows the announcement of an increase in the Stamp Duty Land Tax (SDLT) nil-rate band in England and Northern Ireland as part of the Chancellor’s Summer Economic update.

The Scottish government has confirmed that there will be an increase in its Land...

15 July 2020

Any planned change will be targeted at a specific issue – say, reduce sales prices to win more customers and increase footfall – but actions of this kind have knock-on effects. For example, what effect will the proposed reduction in sales prices have on profits, cash-flow and solvency?

Many of these scenarios can be mapped on spreadsheets or backs of large envelopes, but this requires...

14 July 2020

The Statutory Sick Pay (Coronavirus) (Suspension of Waiting Days and General Amendment) (No. 2) Regulations 2020 came into force on 6 July 2020. The regulations:

  • extend statutory sick pay (SSP) to employees who are required to self-isolate because they are in the same ‘support bubble’ as someone who has coronavirus or coronavirus symptoms, where they are not able to work from home...
09 July 2020

The Chancellor, Rishi Sunak continued with his campaign to support the business and jobs community today, 8 July 2020, as firms engage with the disruption caused by the coronavirus outbreak and the measures taken to control infection.

The main thrust of his announcements during his Summer Economic update concerned his nominated Plan for Jobs 2020, details are listed below.

He...

08 July 2020

There are special rules for businesses established outside the EU submitting a claim for VAT incurred on goods or services bought in the UK. The exact rules that determine what VAT is refundable can be complex. There are also a number of conditions which must be met in order for a claim to qualify.

The deadline for the submission of a refund request for expenses incurred in the UK by...

08 July 2020

The government’s Finance Bill 2020 (formally known as Finance Bill 2019-21) has now completed its passage through the House of Commons and the 1st reading at the House of Lords took place on 2 July 2020. This stage is a formality that signals the start of the Bill's journey through the Lords. The date for the 2nd reading of the Bill, where a general debate on all aspects of the Bill will take...

08 July 2020

HM Treasury has published a further Treasury Direction made under the Coronavirus Act 2020, ss. 71 and 76, which modifies and extends the effect of the Self-Employment Income Support Scheme (SEISS).The Direction mainly deals with the expansion of the SEISS for a final three-month period to 31 August 2020, officially referred to as the SEISS extension. The eligibility criteria remains...

08 July 2020

There are business sectors that have not yet been given permission to reopen in England. There has been no indication given as to when these businesses will be able to reopen.

Government guidance lists the following businesses that currently need to remain closed, as government assessment suggest that they cannot yet be made sufficiently COVID-19 Secure:

  • nightclubs
  • ...
08 July 2020

Families and individuals that receive tax credits should ensure that they review their tax credit claims by 31 July 2020. Claimants who do not inform HMRC about relevant changes in their circumstances by the deadline date may have their payments stopped.

HMRC has sent tax credits renewal packs to tax credit claimants and is encouraging recipients who need to respond to do so online. All...

08 July 2020

The Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent, with most provisions coming into force on 26 June 2020. The Act addresses numerous issues arising for businesses from the COVID-19 pandemic to give distressed businesses the breathing space they need to get advice and seek a rescue

Some of the key provisions of the Act are as follows:

  • ...
08 July 2020

Businesses can close a VAT registration for two main reasons. For example, the business has stopped making taxable supplies or a voluntary deregistration can be made by businesses that does not expect its taxable turnover to exceed the deregistration limit. The current deregistration limit is £83,000.

A business that deregisters will be required to submit a final VAT Return for the...

08 July 2020

A reminder that since 4 July 2020, many business sectors have been given permission to reopen in England. The businesses are expected to follow COVID-19 secure guidelines.

The categories of businesses that have been allowed to reopen include:

  • hotels, hostels, bed and breakfast accommodation, holiday apartments or homes, cottages or bungalows, campsites, caravan parks or...

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