Summer Statement – 8 July 2020 Highlights A £1,000 Job Retention Bonus will be introduced when the Coronavirus Job Retention Scheme ends for employees who have been furloughed. A new Kickstart Scheme will cover employers’ costs for new six-month work placements for trainees aged 16-24. A £1,000 payment will be made to employers for each 16-24-year-old on work placement and training. Employers who hire new apprentices will receive payments of up to £2,000. There will be a temporary cut to Stamp Duty Land Tax on residential property, increasing the zero-rate band to £500,000 and saving purchasers up to £15,000. The rate of VAT will be cut temporarily from 20% to 5% for restaurant, food, accommodation and attractions businesses. An ‘Eat Out to Help Out’ Scheme will offer 50% meal discounts during August. Introduction Source: OBR The Chancellor, Rishi Sunak, has spent so much time in the spotlight that it seems hard to believe he has not yet been in the job for five months. Today’s Financial Statement was just the latest of a series of announcements by Mr Sunak since he presented his Spring Budget on 11 March, four weeks after entering 11 Downing Street. One way or another, all [...]
The first half of 2020 has been dominated by the coronavirus crisis, with the global pandemic having a dramatic impact on personal freedoms, economic projections and financial markets.
This year, the UK and many other nations commemorated the 75th anniversary of VE Day. What many of us forget is that just a fortnight after the cessation of hostilities in 1945, the nation went to the polls in a General Election.
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.
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.
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.
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 [...]
our summary of the key announcements in the Budget 2020 statement, made on Wednesday 11 March, as well as our updated tax tables.