HMRC statements mislead taxpayers
Credit and Source: Accounting Web Taxpayers rely on HMRC to explain what costs they can claim for, and what taxes should be paid by which dates. Rebecca Cave looks more closely at two recent HMRC statements that instilled confusion rather than clarity. The latest misleading statement from HMRC came in an FT.com com article on 27 November in […]
HMRC confirms virtual Christmas party exemption
Credit and source: Accounting Web Samantha Mann considers how the tax system will support the seasonal festivities for 2020, including the news that virtual Christmas parties will be eligible for the annual function exemption. 2020 is a year when an employer’s ability to say thank you to their employees has never been more important. But […]
Business groups cautious on easing of lockdown restrictions
Businesses groups have given a cautious response to the easing of lockdown restrictions in England announced by Prime Minister Boris Johnson last week. Josh Hardie, Deputy Director General at the Confederation of British Industry (CBI), said: ‘Businesses know the return to offices must not risk an infection spike. Firms can be knocked down once, not twice. […]
Coronavirus borrowing now over £46 billion
UK businesses have now borrowed over £46 billion through the government-backed schemes that are helping firms during the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. In total, £46.3 billion has now been lent to over 1.1 million businesses through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan […]
Chancellor asks OTS to review capital gains tax
Chancellor Rishi Sunak has asked the Office of Tax Simplification (OTS) to carry out a thorough review of capital gains tax (CGT). In a letter to the OTS, the Chancellor requested that the independent office review CGT and aspects of the taxation of chargeable gains in regard to individuals and small businesses. Mr Sunak requested […]
Homeworking creates new opportunities for cyber criminals, research finds
The rise in homeworking caused by the coronavirus (COVID-19) pandemic has created new vulnerabilities for criminals to exploit, according to research from cyber experts CyberCube and insurance broker Aon. According to the report, homeworking has exposed new access points for cyber criminals to gain entry to corporate systems, including domestic PCs, laptops and Wi-Fi routers. […]
Three quarters of businesses not ready for end of Brexit transition period
Three quarters of UK businesses are not fully prepared for the end of the Brexit transition period, according to a survey conducted by the Institute of Directors (IoD). Nearly half of the 978 company directors polled in late June said they have not been able to prepare. One in seven said that the coronavirus (COVID-19) […]
Credit card spending fell significantly at start of coronavirus lockdown, data reveals
Data published by UK Finance has revealed that spending via credit cards fell by 50% in the first month of the coronavirus (COVID-19) lockdown. The value of credit card transactions fell to £8.7 billion in April 2020, half the value when compared to April 2019. UK Finance said that limited opportunity to spend in shops […]