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Covid-19

Job retention scheme closing to new entrants

HMRC is reminding businesses that Coronavirus Job Retention Scheme (CJRS) will close to new entrants on 30 June. In addition, From 1 July, employees will no longer have to be furloughed for a minimum period of three weeks. From this date the CJRS will have more flexibility to allow claims on a pro rata basis. Employers will be able to permit employees to work some of the week and be furloughed for the rest. An employee needs to have been…

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Overseas VAT claims subject to COVID delays

VAT claims submitted under the Overseas Refund Scheme will be subject to delays due to changes in HMRC’s working practices during the COVID-19 pandemic, the tax authority has stated. The delays relate to payments due to overseas businesses that are not established in the EU. The affected claims are those within the prescribed year 1 July 2018 to 30 June 2019, submitted on or before 31 December 2019. HMRC says the move to working from home, in line with government…

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IoD urges government to support jobs and investment after coronavirus lockdown

The Institute of Directors (IoD) has called on the government to act to support jobs and investment once the coronavirus lockdown ends. In a submission to the Treasury, the IoD has urged the government to act now in order to reduce the cost of employing people as the Coronavirus Job Retention Scheme (CJRS) comes to a close. The IoD recommends increasing the Employment Allowance and raising the threshold for employers’ national insurance contributions (NICs). Within the submission, the Institute also…

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Government-backed coronavirus lending now over £40 billion

Over £40 billion has now been borrowed through government-backed schemes designed to help businesses get through the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. More than 304,000 businesses have now accessed support through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan Scheme (CBILS) or the Coronavirus Large Business Interruption Loan Scheme (CLBILS). Almost threequarters of the lending has been through the BBLS, which has now reached £28 billion. The BBLS allows small…

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Government urged to consider emergency VAT reduction

The government has again been urged to consider an emergency VAT reduction in order to help businesses once the coronavirus (COVID-19) lockdown ends. A new report published by think tank Policy Exchange has suggested that reducing the rate of VAT to 15% could help boost consumer spending in the short-term. The current standard rate of VAT is 20%. The publication of Policy Exchange’s report comes following rumours that Chancellor Rishi Sunak is reportedly considering reducing the standard rate of VAT…

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UK public calls for greater transparency on tax avoidance and evasion

According to an annual survey carried out by Fair Tax Mark, the UK public is using the coronavirus (COVID-19) lockdown to take ‘decisive action’ against tax avoidance practices. 79% of people polled would rather shop with a business that can prove it’s paying its fair share of tax, according to the survey. 78% of individuals believe that all businesses should have to publicly disclose the amount of tax they pay in the UK. Additionally, 77% of people think the UK…

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Businesses urged to reinstate VAT direct debits

Business have been reminded to reinstate their direct debit mandates before the deferral of VAT payments due to the coronavirus (COVID-19) comes to an end on 30 June. The VAT payment deferral means that all UK VAT-registered businesses have the option to defer VAT payments due between 20 March and 30 June 2020 until 31 March 2021. However, businesses need to take steps to reinstate their direct debit mandates so that they are in place in time for payments due…

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HMRC updates CJRS guidance for employers

On 12 June, HMRC updated its guidance for employers who have furloughed employees under the Coronavirus Job Retention Scheme (CJRS). From 1 July, employees will no longer have to be furloughed for a minimum period of three weeks. From this date the CJRS will have more flexibility to allow claims on a pro rata basis. Employers will be able to permit employees to work some of the week and be furloughed for the rest. An employee needs to have been…

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HMRC updates guidance for self-employed coronavirus scheme.

HMRC has updated its guidance regarding the eligibility of businesses for the two Self-employment Income Support Scheme (SEISS) grants. The tax authority has published a number of examples that show when a business has been ‘adversely affected’ and meets the criteria for the first and second grants. Those self-employed individuals (including those trading as a partnership) adversely affected in the period up to 13 July 2020 can claim the first grant. If they are adversely affected in the period from…

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MPs call for VAT reduction to help firms affected by coronavirus

MPs have urged the government to reduce VAT for firms in the tourism sector in order to help them recover from the coronavirus (COVID-19) lockdown. A report published by the All-Party Parliament Group (APPG) for Hospitality and Tourism has called for a reduction in VAT for businesses in the hospitality sector, alongside an overhaul of the business rates system in England and Wales and the creation of a new autumn Bank Holiday. Just 11% of businesses in the UK hospitality…

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Asmat & Co are one of Berkshires’ leading independent firms of Accountants servicing a growing and satisfied clientele. At Asmat & Co expert advice is available from senior qualified Chartered Management Accountants (ACMA) and Chartered Certified Accountants (ACCA), at very attractive packages tailored to suit varied individual and business requirements. The professional team at Asmat & Co. possesses extensive experience in providing accounting, tax, finance transformation and business advisory services to a diverse customer base.

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