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Summer Statement

08/07/2020

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

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Tax Credits updates required this month

07/07/2020

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

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Reminder of businesses opening since 4 July 2020

07/07/2020

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

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Reminder of businesses not opening 4 July 2020

07/07/2020

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

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UK VAT claims by non EU businesses

07/07/2020

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

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Finance Bill 2020 progress

07/07/2020

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

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SEISS further update

07/07/2020

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

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Corporate Insolvency and Governance Bill receives Royal Assent

07/07/2020

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

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Reclaiming VAT after deregistration

07/07/2020

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

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Redundancy process map

06/07/2020

Acas has published a process map for employers who are having to consider making redundancies due to coronavirus. The interactive tool has been designed to help employers better understand redundancy processes, required steps and good practice when

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The new reality

05/07/2020

It may be some time before we could state with some certainty that it was back to business as usual; usual being the business environment before the arrival of Coronavirus. What has changed? The major change has been the dampening of demand due to

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What is working capital?

05/07/2020

Accountants would say that working capital is the difference between current assets and current liabilities. It is the capital of a business used in day to day trading operations. Current assets are generally those that can be converted into cash

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Updated HM Treasury instructions re: CJRS

30/06/2020

On 26 June 2020, the Chancellor, Rishi Sunak made a further (third) Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the Coronavirus Job Retention Scheme (CJRS). There are a number of important changes to the way

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Government support for pubs, cafes and restaurants

30/06/2020

The government has confirmed a further easing of lockdown as pubs, cafes, restaurants, hotels, hairdressers and cinemas have been given permission to reopen in England from 4 July. The launch date has been dubbed as Super Saturday. These changes will

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Financial help for debt advisers

30/06/2020

The government has announced that an extra £37.8 million will be made available to support debt advice providers during 2020-21. The distribution of the money will be overseen by the Money and Pensions Service (MaPS). MaPS will set out the

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Reporting Capital Gains on residential property

30/06/2020

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed from 6 April 2020. This change means that any CGT due on the sale of a residential property needs to be reported and a payment on account

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Vehicle MOT dates

30/06/2020

The government has announced that mandatory MOT tests for car, motorcycle and van owners in England, Scotland and Wales are to be reintroduced from 1 August 2020. This means that all drivers whose vehicle is due for an MOT test from 1 August will be

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Trusts and CGT

30/06/2020

A trust is an obligation that binds a trustee, an individual or a company to deal with the assets such as land, money and shares which form part of the trust. The person who places assets into a trust is known as a settlor and the trust benefits one

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Cambridge House, 32 Padwell Road

Southampton, SO14 6QZ

023 8057 5900
dp@pandey.co.uk
 www.pandey.co.uk

Cambridge House, 32 Padwell Road

Southampton, SO14 6QZ

023 8057 5900
dp@pandey.co.uk
 www.pandey.co.uk