The Chancellor has confirmed that government spending plans will be outlined at the Spending Review on 27 October alongside a second Budget This will be the second Budget of the year, following the March Budget which happened in mid-March, the week before the country went into lockdown due to covid-19. The three-year review will set…
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In-house finance teams could be a thing of the past with 33% of business leaders and employees seeing external expertise as essential for businesses to thrive after the Covid-19 pandemic. New research by consultancy and advisory firm Theta Global Advisors found that expertise and leadership within businesses is gradually shifting towards a greater reliance…
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The launch of a social care levy from 2022 will see all taxpayers facing a 1.25% tax charge under government plans, while dividend tax will also rise. From next April the government will create a UK-wide, 1.25% health and social care levy on earned income, hypothecated in law to health and social care, with dividends…
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As the pandemic continues to hit business, over 8,700 chain stores disappeared from retail locations in the first six months of 2021. In total, 3,488 shops opened, compared to 8,739 closures, creating a net decline of 5,251, according to PwC research compiled by the Local Data Company (LDC). However, there was some reprieve for both…
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There has been a 65% rise in write-offs of loans to restaurants and hotels during the pandemic, with £99m written off by banks and other lenders in 2020/21, up from £60m the previous year, shows research by Mazars The loan write-off figure has increased from £60m over the previous year, Mazars added. As government support…
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HMRC has updated the guidance covering the Coronavirus Job Retention Scheme (CJRS) to include a section on what happens when the scheme ends The CJRS is due to end on 30 September 2021. For claims relating to August and September 2021, the government will pay 60% of wages up to a maximum cap of £1,875…
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How can accountants help clients claim for SEISS? We have all witnessed the major disruption the pandemic caused to the economy and communities. One in 10 of the six million UK SMEs expect the pandemic to cost them over £50,000 in total, with an average of £15,673 being lost per SME. Some industries have been…
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Companies House urges businesses who are due to file accounts by the end of September to do so as soon as possible through its online service. The government department has stated that it is continuing to follow Covid-19 government guidelines to work safely which means that it could possibly take longer to process paper documents…
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14 September Deadline to claim CJRS for August 2021 claims 14 September Corporation tax second quarterly instalment payment for very large companies with annual taxable profits exceeding £20m (reduced if company is a member of one or more 51% groups) with an accounting period beginning on 1 April 2021 19 September PAYE cheque payments…
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Insolvency and restructuring trade body R3 is urging directors of Covid-hit businesses to use the final month of the government’s furlough scheme to plan for the future and address any financial issues they face. The furlough scheme ends on 30 September, and employers have until 14 October to claim wages for staff who have…
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