Business

9
Apr

Business support packages for Covid-19

  Chancellor’s business support packages for coronavirus pandemic On 17 March, Chancellor Rishi Sunak unveiled a £330 billion worth of business support packages for the UK economy as it combats the COVID-19 pandemic. The measures dwarf the £12 billion made available in the 2020 Budget. The package includes an increase in government-backed loans, higher cash grants, widened business rates relief

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6
Mar

Coronavirus sick pay: ‘Day one’ Statutory Sick Pay

  Coronavirus measure: Statutory Sick Pay from ‘day one’ The Prime Minister, Boris Johnson, has announced that when it comes to Coronavirus, sick pay entitlement for employees will begin from day one. This means employees will be entitled to Statutory Sick Pay (SSP) from day one when self-isolating rather than having to wait until day four under the SSP waiting

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10
Dec

Research and Development spend

  Research and Development spend The Office for National Statistics (ONS) has revealed that UK businesses Research and Development (R&D) spend was £25 billion in 2018. Data from the ONS showed that total R&D expenditure increased from £23.7 billion in 2017 to £25 billion in 2018. The report showed: the aerospace industry saw the largest increase in R&D expenditure with

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10
Dec

Employer guidance from HMRC

  Employer guidance from HMRC HMRC has issued Employer guidance in the latest Employer Bulletin. This issue includes articles on a number of areas including: guidance for employers on reporting PAYE information in real time when payments are made early at Christmas electronic payment deadline falls on a weekend Ultra Low Emission Vehicle High Income Child Benefit Charge deadline 31

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9
Sep

Strong Customer Authentication

  Strong Customer Authentication The Financial Conduct Authority (FCA) has agreed a plan to give the payments and e-commerce industry extra time to implement Strong Customer Authentication (SCA). From 14 September 2019, new European Union (EU) rules apply that impact how banks or payment services providers verify their customers’ identities and validate payment instructions. The Strong Customer Authentication (SCA) rules

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9
Sep

Trusts and Estates with savings income

  Trusts and Estates with small amounts of savings income In the latest Trusts and Estates Newsletter HMRC has confirmed the continuation of the interim arrangement for interest reporting. In 2016 the requirement for payers to deduct tax at source on bank and building society interest was removed and income from these sources is now paid gross. Due to this

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9
Sep

ICAEW: Simplify apprenticeship funding

  ICAEW urges Governement to simplify apprenticeship funding The Institute of Chartered Accountants in England and Wales (ICAEW) has urged the government to simplify the complexities of accessing apprenticeship funding. The Apprenticeship Levy took effect from 6 April 2017 and changed the way in which apprenticeships are funded. Larger employers are required to pay a levy of 0.5% of their

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2
Aug

Wage growth at at highest since financial crisis

  Wage growth at highest since financial crisis Data published by the Office for National Statistics (ONS) has revealed that UK wage growth increased to 3.6% in the year to May 2019, the highest rate since the financial crisis in 2008. According to the ONS, wages have been rising faster than inflation since March 2018 and that increases to the

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2
Aug

Distribution of assets: Insolvency hierarchy changes

  Distribution of assets: Insolvency hierarchy changes From 6 April 2020, insolvency legislation will be amended to move HMRC up the creditor hierarchy for the distribution of assets in the event of insolvency by making HMRC a secondary preferential creditor in respect of certain tax debts held by a business (this includes individuals and partnerships) on behalf of their customers and employees.

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2
Aug

Digital Services Tax to be introduced from April 2020

  Digital Services Tax from April 2020 From April 2020, the government will introduce a new 2% Digital Services Tax on the revenues of search engines, social media platforms and online marketplaces which derive value from UK users. However, this only applies when the group’s worldwide revenues from these digital activities are more than £500m and more than £25m of

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