News
A round up of our latest blogs, commentary or office news. Get in touch if you need more details on any of the topics covered.
Latest posts
New grants for businesses affected by local lockdowns
Government has announced that businesses in England required to shut because of local lockdown interventions will now be able to claim a grant of up to £1,500 per property every three weeks.
Further support needed for SMEs
Against a backdrop of rising Covid infections and a reduction in government support, will SMEs be able to survive cashflow pressures and Covid debt burdens? Much needed help may be on the way as the CBI and financial services sector call for change.
Disguised remuneration schemes – settlement refunds
If you used a disguised remuneration scheme between the 6 April 1999 and 5 April 2016 and settled the tax due with HMRC between 16 March 2016 and 11 March 2020, you may be eligible for a refund or a waiver.
Plans to extend Making Tax Digital
On 21 July the government published its 10 year strategy for the tax system. This included its plans to extend the Making Tax Digital initiative.
Tax planning, share incentive schemes and employee retention
Cassandra Graham, Senior Tax Manager at Bates Weston, considers the use of tax planning in attracting and keeping people who are driven to grow your business, in particular the use of tailored share incentive schemes.
Capital Gains Tax Review – is an increase on the way?
Craig Simpson, Tax Partner at Bates Weston considers whether an increase in Capital Gains Tax is on the way, following the Chancellor’s request for a review of Capital Gains Tax in a letter to the Office for Tax Simplification.
Cut in VAT rate for leisure and tourism sectors
As part of the government’s approach to support economic recovery, the Chancellor announced a temporary cut in the rate of VAT, from 20% to 5%, from the 15 July 2020 to 12 January 2021 for the leisure and tourism sectors.
A warning not to cut corners on R&D claims
Craig Simpson, tax partner at Bates Weston stresses the need for rigorous attention to detail and issues a warning not to cut corners on R&D claims
Eat Out to Help Out
If your business sells food for immediate consumption on your premises, has a dining area for eat in meals and was registered as a food business with your Local Authority on or before 7 July, you can register to participate in the Eat Out to Help Out scheme from 13 July.
Tax planning and asset protection
In a time of economic uncertainty, thoughts turn to asset protection – protecting business assets should your business suffer and passing on personal assets to future generations.
The Chancellor explains his plan for jobs
A summary of the Chancellor’s plan for jobs – including Job Retention Bonus, Kickstart Scheme, Green Homes Grant, Stamp Duty Land Tax , VAT for hospitality & tourism sector and “Eat Out to Help Out”.
Green Homes Grant
Rishi Sunak is set to announce a £2bn Green Homes Grant to provide home efficiency upgrades which will save carbon and create jobs.
Maintaining records to support NHS Test and Trace
As sectors of the economy safely reopen under Covid-19 secure guidelines, here is a simple summary of the records you will need to keep for 21 days to help NHS Test and Trace combat the virus.
Summer Economic Update – 8 July
What can we expect from Rishi Sunak’s economic update on July 8? The CBI suggests he will focus on protecting and creating jobs.
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