The UK was unable to zero rate VAT on women’s sanitary products under EU rules and the items were subject to 5% VAT. Following the end of the transition period the UK is no longer bound by the EU VAT Directive which mandates a minimum 5% rate of VAT
The Chancellor of the Exchequer, Rishi Sunak has confirmed that the next UK Budget will take place on Wednesday, 3 March 2021. This will be the Chancellor’s second Budget and will focus on delivering the next phase of the plan to tackle the virus and
Any business that has overclaimed a Coronavirus Job Retention Scheme (CJRS) grant must pay back the overpayment to HMRC. The rules outlined below for paying HMRC back an overclaim also applies to businesses that would like to make a voluntary
Employers should notify HMRC if they have received a CJRS payment to which they are not entitled and pay back any amounts of CJRS grants claimed in error. By paying back any amounts they were not entitled to, employers can avoid any tax liability for
It’s official. We are in lock-down 3 in England, Scotland following suit and the other regions expected to enforce similar restrictions. It is evident that any freeing impact of the vaccine roll-outs will not have sufficient impact before February at
If you have managed to retain profits in your business this fat-on-the-bone will help to see you through loss making periods as we endeavour to emerge from COVID disruption, hopefully, later this year. How long these reserves may last depends on how
Following a rapid rise in COVID infections, from today 5th January 2021, England has been placed into a new lockdown. Following this the Chancellor has announced £4.6 billion of new lockdown grants to help support businesses forced to close. The
The Help to Save scheme was launched by the government in September 2018 to help those on low incomes to boost their savings. Under the scheme, those eligible could save between £1 and £50 every calendar month and receive a 50% government bonus. The
Children born after 31 August 2002 and before 3 January 2011 were entitled to a Child Trust Fund (CTF) account provided they met the necessary conditions. These funds were long term saving accounts for newly born children. The first of these children
The UK Internal Market Act 2020 received Royal Assent on 17 December 2020 and came into force on 1 January 2021 following the end of the Brexit transition period. The new Act ensures that businesses can continue to trade seamlessly across all four
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