Chancellor announces support for businesses forced to close

09.10.20 / Insight posted in Articles, Tax

With new lockdown measures looming the Chancellor has announced an extension of the Job Support Scheme and grants to businesses who are forced to close. Job Support Scheme Extension Businesses whose premises are legally required to shut as part of local or national lockdown restrictions will receive grants to pay the wages of staff who…

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Chancellor’s Winter Economy Plan

24.09.20 / Insight posted in Articles, Tax

Amid continuing uncertainty as a result of Coronavirus, the Chancellor of the Exchequer yesterday cancelled his proposed autumn Budget, and today announced a number of further support measures. The Coronavirus Job Retention Scheme has long been due to end on 31 October, and with restrictions starting to increase once again, pressure has been mounting on…

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Reduction in the VAT rate: Practical points to consider

13.07.20 / Insight posted in Articles, Tax

The reduction in VAT rate to 5% Businesses providing services in the hospitality, holiday accommodation and attractions sectors will benefit from the reduction of standard rate VAT from 20% to 5%, effective from 15 July, and should be considering the wider potential opportunities that this can offer. Those organisations need to implement the necessary changes…

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Summer economic update 2020

08.07.20 / Insight posted in Articles, Tax

The summer economic update had the feel of a mini-Budget, with the Chancellor announcing a number of new measures as part of his “plan for jobs”. The £160 billion spent by the Treasury so far on Coronavirus-related measures has constituted the first “protection” phase of the government’s response to the virus. The Chancellor told us…

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Furlough scheme – EMI options not to be disqualified

02.07.20 / Insight posted in Articles, Tax

One of the conditions of EMI is that the option holder has to satisfy the ‘full-time’ working requirement.  There was concern that if an option holder was furloughed, this condition would not be met.  Representations have been made to the Chancellor to address this and introduce a relaxation, as there is for reservists who are…

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Navigating Coronavirus: recent tax developments

10.06.20 / Insight posted in Tax, Webinars

As the country begins to gently emerge from lockdown, the government continues to announce measures to support businesses through this period. Most of the key measures are now fairly well understood, but there are some important areas that have not received the same level of publicity. This webinar will provide an update on recent tax-related…

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Chancellor extends Self-Employed Income Support Scheme

29.05.20 / Insight posted in Articles, Tax

Unexpectedly the Chancellor has extended the Self-Employed Income Support Scheme (SEISS) for a further three months to 31 August 2020. Under the original SEISS covering the period from 1 March to 31 May, self-employed individuals were able to claim a grant worth 80% of their average monthly trading profits, paid out in a single instalment…

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Chancellor’s phased exit from furlough announced

29.05.20 / Insight posted in Articles, Tax

The rules covering the final three months of the Coronavirus job retention scheme have finally been announced. There are three key areas: The amount of the grant will be reduced on a phased basis from 1 August as follows: The job retention scheme will be closed to new entrants on 30 June. For an employee…

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FT live Q&A: Tim Stovold on wealth tax implications post-crisis

20.05.20 / Insight posted in Tax, MKS News

FT Money calls on Tim Stovold to answer readers’ questions on the Coronavirus bailout by the government. Responding to a question on defined benefit pension schemes, Stovold said: “If a wealth tax were implemented based on the capital values of assets, it wouldn’t really work with DB schemes so a possible alternative would be to…

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Supporting homeworking employees: tax reliefs available to them

19.05.20 / Insight posted in Articles, Brochures, Tax

With the announcement that schools will close to most pupils, almost everyone who can work at home will be doing so from 23 March if they are not already. This follows the PM’s call to “stop non-essential contact with others and stop all unnecessary travel”. Setting aside the logistical, technological and data security issues of…

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