Counting the human cost of Covid — and of leaving small business owners behind July 23, 2020 The daily lists of cases, tests and R numbers tell a tale of the scale of the Covid-19 crisis, but they don’t always explain the full story of the cost on people’s lives. ACCA and the Corporate Finance Network (CFN) are running a tracker poll among accountancy firms representing more than 22,000 small businesses to [...]
A four-step approach to optimise your innovation funding July 23, 2020 The landscape of innovation grants, funding and tax credits can be overwhelming. We explore how companies can make the most of the funding options available to them. With a host of new innovation funds being made available across a number of sectors and HMRC committing to accelerating payments of research and development (R&D) tax credits, [...]
Legislation day – A vision to reshape and modernise HMRC for the future July 22, 2020 As one might expect from Legislation Day, yesterday included the publication of draft legislation ahead of the Autumn Budget. However, the core theme from yesterday’s announcements that accompanied the legislation was the Government’s clear mission to change the role that HMRC plays in tomorrow’s society. This builds from the critical role that the tax authority [...]
Small companies slam plans for big Making Tax Digital extension July 21, 2020 Small businesses have slammed the government’s planned expansion of the Making Tax Digital programme, saying it means more cost and paperwork for companies at a time when they are under great pressure. The government today said it will extend its tax digitisation programme to 4.7m of the UK’s smallest companies and self-employed workers from April [...]
House sales begin to recover as lockdown measures ease July 21, 2020 UK property transactions grew almost a third in the month to June as lockdown measures began to lift around the country, but remain 35 per cent down since last year as market uncertainty and the Brexit deadline continue to weigh on buyer sentiment. Around 63,250 residential property transactions took place in June, up 31.7 per [...]
HMRC expands probe into Ladbrokes owner GVC July 21, 2020 HMRC has expanded its investigation into Ladbrokes owner GVC’s former online business in Turkey. The probe by the tax authority began in late 2019 and was initially directed at former third-party suppliers over processing of payments at the business GVC disposed of in December 2017. GVC’s chief executive Kenny Alexander stepped down last week after [...]
Lockdown blues: Breakups and divorces support UK house prices July 21, 2020 The property market is currently defying gravity, with asking prices hitting an all-time high in July and spirits buoyant after the chancellor slashed the stamp duty homes tax. But estate agents say a less-publicised factor has been helping the property sector ride out economic turbulence better than most had predicted: A surge in lockdown breakups [...]
Left out in the cold: The company directors who have fallen through the cracks in the Treasury’s support schemes July 21, 2020 On Friday, the Prime Minister set out the latest steps towards reopening Britain’s economy, providing encouragement for many businesses. Combined with the chancellor’s promise earlier this month of a half-price lunch, the message appears clear: it’s time to get going and move the economy forward again. But as we do, the government should also take [...]
Firms may still be taxed even if they return furlough money July 14, 2020 Businesses may still be taxed on the furlough scheme funds they receive even if they return the cash to HMRC. At the start of the coronavirus lockdown the government introduced the job retention scheme, which pays 80 per cent of salary costs for furloughed staff. Last week Chancellor Rishi Sunak announced the “job retention bonus” [...]
Finding the best way to incentivise management July 14, 2020 With cash at a premium, businesses could be considering an award of shares to employees instead of bonuses. This could be a good way to incentivise key employees in the long term without utilising cash and perhaps a first step towards unlocking liquidity for owners through, for example, a management buy-out. However, with share values [...]