Category Archives: Business Update

KSK BUSINESS UPDATE JAN/FEB 2021


KSK BUSINESS UPDATE JAN/FEB 2021

We have now posted our latest edition of Business Update

Can we escape Groundhog Day…?

Severe flooding affects parts of the UK! President Trump has been impeached! Warnings of wildfires in Australia! The start of 2021 feels a lot like a bad dream about 2020, with the addition of a what is now a third lockdown.

As the prime minister and the health secretary are reluctant to put a timeline on lifting lockdown restrictions, we are left hoping that the vaccine programme will progress as planned to help us escape what often feels like our own Groundhog Day. The coronavirus job retention scheme (CJRS) is currently due to continue until 30 April 2021, but watch out, the job retention bonus that was due to be paid in February has now been withdrawn as the CJRS continues instead. Further measures to help have also been implemented: deferred VAT payments can be put off further into the future with another help to pay scheme, and the increase of the AIA limit up to £1,000,000 for businesses is now extended until the end of 2021.

But of course, 2021 will not only be about the country’s response to Covid-19. Britain and Europe are having to adjust to new legislation now Britain has left the EU Importers and exporters have been in the forefront of the news, with concern about delays at the ports for perishable goods and increased costs affecting business viability. New VAT rules for importers affect all countries trading with the UK, not just those in Europe, although those businesses operating outside of Europe will receive a cashflow boost from the new regulations. The government has introduced a customs grant scheme which offers payments to both importers and exporters who are required to make significant adjustments following Brexit to ease their transition.

HMRC’s long-running making tax digital (MTD) modernisation scheme also enters a new phase this year. Those already required to submit their tax returns via reporting software must now make sure their data follows a fully automated workflow, to minimise human error in the system.

For information on the new VAT postponed accounting system for importers, further reliefs for businesses and anticipated changes to capital gains tax see our January newsletter, which covers these topics and more. And as always do get in touch if any of the issues covered affect you and your finances.

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BUSINESS UPDATE JULY 2020


BUSINESS UPDATE JULY 2020

We are pleased to announce the publication of our latest Business Update Newsletter.

It has been an eventful few months since our last newsletter with the government introducing a host of new measures to help businesses cope with the coronavirus crisis and more recently, to help businesses recover.

We take this opportunity to summarise some of the new initiatives in our Business Update newsletter.

First, an overview the government’s Covid-19 employment support measures, such as the  Coronavirus Job Retention Scheme (CJRS), which has been extended until October but with changes to the parameters occurring every month between now and then. These apply to pensions and employer NICs, and the percentage of furloughed employees’ wages being funded by the government. Likewise, the coronavirus large business interruption loan scheme (CLBILS) has been extended from May, a Statutory Sick Pay recovery scheme has been introduced and tax liabilities have been relaxed for reimbursement of employees’ home-office equipment purchases.

In addition, on 8 July, Chancellor Rishi Sunak’s statement ushered in a new stimulus package that may affect individuals in their domestic and business capacities. For business owners, the government’s incentives include the Kickstart Scheme and the Traineeship Payment scheme – both aimed at assisting the 16-24 age bracket, and the Job Retention bonus, to encourage the retention of previously furloughed staff beyond October.

A new Corporate Insolvency and Governance Bill, introduced in June, brings in permanent and temporary solutions to assist failing businesses, protecting them and their supply chains. We also discuss the importance of assessing the viability of a business and whether your accounts should include disclosure about going concern.

 

For private individuals, a significant raise in the nil-rate band for SDLT, LBTT and LTT (devolved equivalents of Stamp Duty) will affect those who are thinking of buying residential property; a Green Homes Grant encourages homeowners and landlords to invest in energy efficiency measures; and a VAT reduction on food and non-alcoholic beverages in restaurants and pubs ties in with the government’s ‘Eat out to help out’ goals.

For detailed information on all of these new pieces of legislation and incentivising measures, see our July newsletter, which covers all the above and more in considerable detail. And as always do get in touch if any of the issues covered affect you and your finances.

Download Here:

Business-Update July 2020.pdf