Many businesses have faced difficult decisions in recent weeks because of the coronavirus pandemic. The outbreak has had a devastating impact on many areas of the economy as companies of all sizes consider their short and long-term viability.
With more than 400,000 people around the world contracting coronavirus, there are more important concerns than personal tax at the moment. However, as we move towards 5 April and the end of the UK tax year, some individuals will be worried that an extended stay in the UK due to coronavirus could prejudice their tax position.
Financial markets have been devastated by the Covid-19 pandemic with falls of up to a third in the major stock market indices acknowledging that we are already in a very deep economic recession.
If you’re the director of a business that is struggling to continue during the coronavirus pandemic, new measures announced on the 28th March by the Business Secretary should provide reassurance.
The Covid-19 virus continues to spread with tragic effect and the UK and US are at the point of the curve where the pandemic is set to escalate.
As expected, the Chancellor of the Exchequer yesterday unveiled a support package for self-employed workers who have been impacted by the Coronavirus pandemic.
On 17th March, the government announced that anyone struggling as a result of the coronavirus outbreak will be able to take a three-month mortgage repayment holiday. It has been confirmed that this will apply to all residential and buy to let mortgages, as well as those with Help to Buy equity loans. All lenders are required to comply.
The Covid-19 virus is spreading quicker and with more deadly effect than governments, and financial markets, had ever considered.
In recent months, the issue of the pensions Tapered Annual Allowance has never been far from the headlines. As senior NHS staff cut hours and refused additional shifts in order to avoid a significant tax bill, the government announced an urgent review into the issue in late 2019. During his Budget speech on 11 March 2020, the Chancellor announced the results of that review, and the changes that will be made for the 2020/21 tax year. Of course, it hasn’t just been NHS staff that have been impacted by the taper, so here’s your summary of the changes. Increases in the thresholds that determine the taper During his Budget speech, Rishi Sunak announced that, from 6 April 2020, there will be an increase in the two thresholds that determine whether you are affected by the taper of the annual pension savings allowance, and by how much. These changes will affect both individuals and employers. The rules are complicated so here’s a look at who these changes will impact – both positively and negatively. The current position for individuals In the 2019/20 tax year, if your ‘threshold income’ (broadly, all income including investment income, less certain deductions) is less than [...]
The weekend news from around the globe was truly shocking but the pandemic will come to an end in time, and financial markets do recover from these awful shocks however bleak it feels at the time.