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. It has also led to a diminution in employees’ distinction between work and personal emails and an increase in the use of devices with insecure…

Following the reduction in the rate of residential Stamp Duty Land Tax (SDLT), the Welsh government has announced that it will reduce the rate of Land Transaction Tax (LTT). LTT is payable by the purchaser of residential or non-residential property in a land transaction occurring in Wales. SDLT is payable on land transactions in England and Northern Ireland, and Land and Buildings Transaction Tax (LBTT) is payable on land transactions occurring in Scotland. From 27 July 2020, the starting threshold…

The Scottish government will reduce the rate of Land and Buildings Transaction Tax (LBTT) following a similar reduction to the rate of residential Stamp Duty Land Tax (SDLT) announced by Chancellor Rishi Sunak in the recent Summer Economic Update. LBTT is payable by the purchaser in a land transaction occurring in Scotland. SDLT applies to land transactions in England and Northern Ireland, and Land Transaction Tax (LTT) applies in Wales. The threshold at which residential LBTT is paid will be…

A government-backed scheme to offer free online advice to help small businesses bounce back from the coronavirus (COVID-19) has been launched. The Recovery Advice for Business Scheme gives small firms access to free, one-to-one advice with an expert adviser to help them through the COVID-19 pandemic and prepare for long-term recovery. Advice offered includes bespoke, specialist assistance from accountancy, legal and advertising experts, as well as marketing, recruitment and tech advice to help businesses adapt to difficult circumstances and bounce…

The government has scrapped plans to get workers to pay income tax on coronavirus (COVID-19) testing kits purchased by their employer. HMRC issued guidance on 6 July which outlined that COVID-19 testing kits were to be classified as a taxable benefit-in-kind. However, the Treasury Select Committee criticised this decision and highlighted that tax bills could build up as employers purchase large numbers of tests. Mel Stride, Chair of the Treasury Select Committee, said: ‘Many employees, especially healthcare and hospitality workers,…

Business groups, including the Confederation of British Industry (CBI), the Federation of Small Businesses (FSB) and the British Chambers of Commerce (BCC) have reacted to Chancellor Rishi Sunak’s Summer Economic Update. In the Update, the Chancellor announced a range of measures designed to protect and create jobs and boost the UK economy following the coronavirus (COVID-19) lockdown. A new Job Retention Bonus was announced, alongside a six-month VAT reduction for businesses in the hospitality and tourism sector and a temporary…

On 8 July Chancellor Rishi Sunak delivered a Summer Economic Update, which outlined measures designed to boost the UK economy following the coronavirus (COVID-19) lockdown. A new Job Retention Bonus was announced, which will provide employers with a one-off £1,000 bonus for each furloughed employee who is still employed as of 31 January 2021. The government hopes the Job Retention Bonus will incentivise firms to retain furloughed workers rather than making redundancies. VAT will be reduced from 20% to 5%…

Chancellor Rishi Sunak will deliver the Summer Economic Update today, in which he will announce measures to help boost the UK economy following the coronavirus (COVID-19) lockdown. The Chancellor is expected to cut taxes in order to help the UK economy recover following the COVID-19 lockdown. Experts predict that the Chancellor will reduce VAT for businesses in the hospitality sector and outline further plans to increase investment in training and apprenticeship schemes. Many also anticipate a six-month stamp duty holiday…

The Treasury has extended the temporary scrapping of VAT on personal protective equipment (PPE) until the end of October. The decision comes after a temporary zero-rate of VAT was applied to PPE sales for an initial three months from 1 May to 31 July. The government previously removed import duties from PPE and medical supplies intended to assist the NHS with the response to the coronavirus (COVID-19) pandemic. EU law governing VAT – which the UK is bound to until…

The introduction of off-payroll rules to the private sector will go ahead as planned next April after an attempt to delay them again failed in the House of Commons. The reforms of the off-payroll rules to the private sector, which are known as IR35 and have applied to the public sector since 2017, were reviewed earlier this year. They will shift the responsibility for assessing employment status to the organisations employing individuals. The rules would have applied to contractors working…