Category Archives: Business

CORONAVIRUS (COVID-19) SUPPORT FOR BUSINESS UPDATE (29.05.2020)


CORONAVIRUS (COVID-19) SUPPORT FOR BUSINESS UPDATE (29.05.2020)

On Friday 29th May 2020 the Chancellor, Rishi Sunak, announced more details about the extension of the Coronavirus Job Retention Scheme (CJRS) and the Self-Employment Income Support Scheme, and we’ve outlined these below for you.

Coronavirus Job Retention Scheme

The Chancellor has announced three changes to the job retention scheme:

  1. From 1st July 2020, the scheme will be made more flexible to enable employers to bring previously furloughed employees back part time and still receive a grant for the time when they are not working.
  2. From 1st August 2020, employers will have to start contributing to the wage costs of paying their furloughed staff and this employer contribution will gradually increase in September and October.
  3. The scheme will close to new entrants from 30th June.
  1. Part time furloughing

From 1st July 2020, businesses using the scheme will have the flexibility to bring previously furloughed employees back to work part time – with the government continuing to pay 80% of wages for any of their normal hours they do not work up until the end of August. This flexibility comes a month earlier than previously announced to help people get back to work.

Employers will decide the hours and shift patterns their employees will work on their return, and will be responsible for paying their wages in full while working. This means that employees can work as much or as little as the business needs, with no minimum time that they can furlough staff for.

Any working hours arrangement agreed between a business and their employee must cover at least one week and be confirmed to the employee in writing. When claiming the CJRS grant for furloughed hours, they will need to report and claim for a minimum period of a week. They can choose to make claims for longer periods such as on monthly or two weekly cycles if preferred. Employers will be required to submit data on the usual hours an employee would be expected to work in a claim period and actual hours worked.

If employees are unable to return to work, or employers do not have work for them to do, they can remain on furlough and the employer can continue to claim the grant for their full hours under the existing rules.

  1. Employer contributions

From August, the government grant provided through the job retention scheme will be slowly tapered.

  • in June and July, the government will pay 80% of wages up to a cap of £2,500 as well as employer National Insurance (ER NICs) and pension contributions for the hours the employee doesn’t work – employers will have to pay employees for the hours they work
  • in August, the government will continue to pay 80% of wages up to a cap of £2,500 but employers will pay ER NICs and pension contributions – for the average claim, this represents 5% of the gross employment costs that they would have incurred if the employee had not been furloughed
  • in September, the government will pay 70% of wages up to a cap of £2,187.50 for the hours the employee does not work – employers will pay ER NICs, pension contributions and 10% of wages to make up 80% of the total up to a cap of £2,500
  • in October, the government will pay 60% of wages up to a cap of £1,875 for the hours the employee does not work – employers will pay ER NICs, pension contributions and 20% of wages to make up 80% of the total up to a cap of £2,500
  • the cap on the furlough grant will be proportional to the hours not worked.

Many smaller employers have some or all of their employer NIC bills covered by the Employment Allowance so will not be significantly impacted by that part of the tapering of the government contribution.

Around a quarter of CJRS monthly claims relate to wages that are below the threshold where employer NICs and auto enrolment contributions are due, and so no employer contribution will be required for these furloughed employees in August.

  1. Important dates

It’s important to note that the scheme will close to new entrants from 30th June. From this point onwards, employers will only be able to furlough employees that they have furloughed for a full three-week period prior to 30th June.

This means that the final date by which an employer can furlough an employee for the first time will be 10th June for the current three-week furlough period to be completed by 30th June. Employers will have until 31st July to make any claims in respect of the period to 30th June.

Guidance and support

Further support for employers and agents on how to calculate claims with this extra flexibility will be available by 12th June, including webinars and detailed online guidance. For information about how to claim, go to GOV.UK and search ‘Coronavirus Job Retention Scheme’. Please do not call us for more information, everything you need to know about this scheme will be published online on GOV.UK.

Self-Employment Income Support Scheme

The Chancellor also announced plans to extend the Self-Employment Income Support Scheme (SEISS) for those people whose trade continues to be, or is newly, adversely affected by COVID-19 (coronavirus). Eligible self-employed people will be able to claim a second and final SEISS grant in August; this will be a taxable grant worth 70% of their average monthly trading profits for three months, paid out in a single instalment and capped at £6,570 in total.

The eligibility criteria for the second grant will be the same as for the first grant. People do not need to have claimed the first grant to claim the second grant: for example, their business may have been adversely affected by COVID-19 (coronavirus) more recently.

Claims for the first SEISS grant, which opened on 13th May, must be made no later than 13th July. Eligible self-employed people must make a claim before that date to receive the first SEISS grant (a taxable grant of 80% of their average monthly trading profits, paid out in a single instalment covering 3 months’ worth of profits, and capped at £7,500 in total). So far, we’ve seen over 2.3 million claims worth £6.8 billion.

It’s really important to note that as with the first SEISS grant, the eligible individual must make the claim themselves. If you attempt to make a claim on behalf of your client, this will trigger a fraud alert and will result in significant delays to payment. However, you can help to prepare your clients by ensuring they have the relevant information ready. The claims process is simple: we will calculate the amount of self-employment support individuals will receive, they don’t need to do this themselves.

More information about the second SEISS grant will be available on GOV.UK on 12th June.

In the meantime, please help us reach those self-employed people who could benefit from a SEISS grant now, by encouraging anyone you think might be eligible for the first grant but hasn’t yet made a claim to do so before 13th July.

Protect yourself from scams

Stay vigilant about scams, which may mimic government messages as a way of appearing authentic and unthreatening. Search ‘scams’ on GOV.‌‌UK for information on how to recognise genuine HMRC contact. You can also forward suspicious emails claiming to be from HMRC to phishing@hmrc.gov.uk and texts to 60599.

Return to the KSK recent news pages to keep up to date with the latest developments.


NEWS – THURSDAY 7TH MAY 2020


NEWS – THURSDAY 7TH MAY 2020

NEWS ROUNDUP

CORONAVIRUS (COVID-19) SUPPORT FOR BUSINESS UPDATE

Following the range of updates over the last several weeks, we have now rounded up the latest information from the government on specific schemes where additional detail was released. This update covers measures discussed on 4 May.  Download here: –

C-19 Business Support Update

BUSINESS UPDATE NEWS – THURSDAY 7TH MAY 2020

KSK Latest Business Update publication now available

Download:

Business Update

EMPLOYMENT NEWS – THURSDAY 7TH MAY 2020

Hiring activity plummets to 22-year low

Data from KPMG and the Recruitment and Employment Confederation (REC) found hiring activity fell at the sharpest rate in 22 years last month with the survey also finding a record drop in overall vacancies and a steep rise in the availability of candidates. The REC is calling for the lifting of government support to be tapered to prevent more redundancies. James Stewart, vice-chair at KPMG, said: “The pandemic continues to wreak havoc on the UK jobs market with a record drop in vacancies and recruitment plans frozen. We estimate as many as 13m jobs are highly affected by the lockdown, just over a third of all jobs. It’s an unprecedented situation for UK business, and resilience, then recovery, is key to navigating through the crisis. All eyes will be on the forthcoming announcement on easing restrictions so confidence can start to rebuild.”

The Daily Telegraph, Business, Page: 3 Daily Mail, Page: 70 The Times, Page: 46 Yorkshire Post, Page: 6

CORPORATE NEWS – THURSDAY 7TH MAY 2020

Clarks brings in Big Four firms for potential restructuring

Shoe retailer Clarks has brought in Deloitte to advise the company on a potential restructuring, raising concerns of more store closures amid the COVID-19 pandemic. Fellow Big Four firms KPMG and PwC will be advising the family shareholders and the syndicate of Clarks’ lenders, respectively. Last year, the retailer warned that it was under “significant stress” following a sharp decline in sales, and that it would make a “meaningful” number of store closures. These problems have been further compacted by the lockdown measures. A spokeswoman for Clarks said: “Our leadership team is currently reviewing all options to protect our business, our people and the Clarks brand for future long-term growth. It is our policy not to comment on specific commercial appointments.”

The Times, Page: 45

Debenhams to close five stores after lockdown ends

Debenhams has confirmed that another five stores will not be re-opening after lockdown restrictions are lifted. In a statement the retailer said: “We can confirm that despite our best efforts, we have been unable to agree terms with Hammerson on our five stores in its shopping centres, and so they will not be reopening.” Debenhams fell into administration for the second time in a year last month, with FRP Advisory brought in to help get the business in the best possible position for when restrictions are lifted.

The Daily Telegraph, Business, Page: 2 The Guardian, Page: 29

Uber to axe 3,700 staff

Uber has announced plans to cut 3,700 full-time staff with the company saying the reductions will come from its customer support and recruiting teams. The firm saw demand for its taxi services fall by more than 60% in coronavirus hotspots during March.

The Times, Page: 49

Nuffield Southampton Theatres enters administration

Nuffield Southampton Theatres (NST) has entered administration as a result of the financial impact caused by coronavirus. Buyers are being sought by joint administrators Greg Palfrey and Steve Adshead, from the south coast office of Smith & Williamson.

The Guardian

Top investor calls for dismissal of Wirecard chief Markus Braun

Shareholders are calling for the dismissal of Wirecard CEO Markus Braun following KPMG’s special audit into its accounting and business practices. The probe found no evidence of fraud but raised questions about accounting methods and the existence of certain sales and clients.

Financial Times Financial Times

Companies are dangerously drunk on debt

The FT features a column urging changes in debt taxation, bonus rules and pensions to address “the iniquities of the current system,” which remains vulnerable to future crises.

Financial Times

SMEs NEWS – THURSDAY 7TH MAY 2020

Small firms secure £2bn in bounce-back loans in first 24 hours

Small businesses have secured more than 69,000 government-backed loans worth in excess of £2bn in the first 24 hours of the scheme’s launch. The number represents 53% of the 130,000 applications lodged by businesses trying to access cheap funding through the Bounce-Back Loan Scheme (BBLS), which launched on Monday morning as part of the government’s response to the COVID-19 lockdown. The government-backed loans are worth up to £50,000, capped at 25% of a firm’s turnover, at an interest rate of 2.5%. Mike Cherry, the national chairman of the Federation of Small Businesses, said despite a “promising start” for the bounce-back scheme, some firms were still reporting difficulties. He said: “Many of the most vulnerable business owners – particularly sole traders – only have personal banks accounts and, as a result, are being told they cannot access a bounce-back loan. It’s vital that they are helped to secure the finance on which many will depend to make it through this incredibly challenging time”. It is also reported that if a business does not have an account with one of the accredited lenders they face a long wait. Mr Cherry added that alternative lenders should be signed up rapidly to improve the reach of the scheme.

The Guardian, Page: 27 Daily Mail, Page: 70 The Daily Telegraph, Business, Page: 3 Financial Times, Page: 2

We need less than a week to restart, small businesses say

A survey by the British Chambers of Commerce (BCC) reveals that Britain’s smallest businesses would need less than a week’s notice to restart operations. Only 3% of businesses said they would need more than three weeks’ notice to get back up and running once lockdown restrictions are eased, the BCC’s coronavirus business impact tracker found. Elsewhere, a poll of members by the Institute of Directors found just 49% of firms believed that they could “operate viably at pre-lockdown levels” while maintaining social distancing rules. “Social distancing presents an unprecedented challenge for firms and some may be simply unable to make it work,” said the IoD’s Jonathan Geldart.

The Independent, Page: 55 The Times, Page: 47 The Daily Telegraph, Business, Page: 3

PROPERTY NEWS – THURSDAY 7TH MAY 2020

Business rates revaluation postponed in light of pandemic

Communities secretary Robert Jenrick has confirmed that a business rates revaluation has been postponed, as the government seeks to provide more clarity to businesses affected by coronavirus lockdown restrictions. Kate Nicholls, chief executive of UKHospitality, remarked: “Delaying is a pragmatic move at such a demanding time for businesses. It is vital that the revaluation occurs afresh after the crisis to reflect the impact of COVID-19 on commercial property costs,” while Gerry Biddle, business rates lead at Deloitte, added: “Property values as at 1st April 2019 will no longer be used and businesses will likely benefit from a recalculation at a later date.”

Financial Times, Page: 3 The Daily Telegraph, Business, Page: 7 The I, Page: 43 Yorkshire Post, Business, Page: 3

PENSIONS NEWS – THURSDAY 7TH MAY 2020

House moves behind £19.4bn in lost pensions

Research by the Association of British insurers (ABI) suggests there are about 1.6m pension pots worth £19.4bn which are going unclaimed due to savers failing to contact their pension provider when they move house.

FT Adviser

ECONOMY NEWS – THURSDAY 7TH MAY 2020

Eurozone contraction threatens single market

The European Commission has predicted a 7.7% slump in GDP across the eurozone this year with recovery not expected until the end of 2021. Economy commissioner Paolo Gentiloni warned that the divergence in the depth of the recession across different countries would pose “a threat to the single market and the euro area.” The forecasts came as a purchasing managers’ index (PMI) survey of businesses revealed that activity in the eurozone collapsed to the lowest level on record in April. The composite PMI fell to an unprecedented 13.6, down from March’s previous record low of 29.7. Britain, which remains in the single market and customs union until the end of the year, is forecast to contract by 8.3%. France will be hit almost as hard, with a forecast contraction of 8.2%, while Germany is set to suffer a predicted fall of 6.5%. Southern states are expected to see contractions closer to 10%.

The Daily Telegraph The Times, Page: 47 The Guardian, Page: 27

Business demands clarity on easing lockdown

Business leaders are calling for comprehensive forward guidance from the government on what restrictions could be lifted and when as bosses grow increasingly impatient for a clear route out of the lockdown. Adam Marshall, director-general of the British Chambers of Commerce, said businesses “know government may have to pause or change the process based on new scientific advice, but need some guidance in order to plan effectively for restart.” Meanwhile, MakeUK, the manufacturers’ trade body, has published a plan for the sector’s recovery which includes extending support while demand is gradually lifted back to pre-crisis levels. Elsewhere, Jonathan Athow, Office for National Statistics deputy national statistician for economic statistics, has said the UK economy will face a “significant decline” in the first half of the year.

The Daily Telegraph The Daily Telegraph Financial Times

REGULATION NEWS – THURSDAY 7TH MAY 2020

Brussels plans new anti-money laundering authority

The EU is to consult on plans to create a new anti-money laundering enforcement body as Brussels seeks to ramp up Europe’s response to a wave of money-laundering scandals.

Financial Times

Contact Paul Southward

Paul Southward


GOVERNMENT SUPPORT LINKS


GOVERNMENT SUPPORT LINKS

CORONAVIRUS (COVID-19) GOVERNMENT SUPPORT

29th April 2020

Here are links to the government support links giving the latest guidance:

FUNDING AND SUPPORT FOR BUSINESSES

This links to the main finance support, covering:

  • Paying your employees
  • Paying sick pay
  • Paying tax
  • Business rates relief
  • Business support grants
  • Support for the self-employed
  • Support for small and medium-sized businesses
  • Support for large businesses

Here: financial-support-for-businesses-during-coronavirus-covid-19

GOVERNMENT SUPPORT LINKS

SELF-EMPLOYED PEOPLE AND SOLE TRADERS

  • Claim a grant:

claim-a-grant-through-the-coronavirus-covid-19-self-employment-income-support-scheme

  • Universal credit:

self-employment-and-universal-credit

  • If you cannot pay your tax bill on time:

difficulties-paying-hmrc

  • Continuing working -safe social distancing:

social-distancing-in-the-workplace-during-coronavirus-covid-19-sector-guidance

  • Relaxation for Drivers’ hours:

covid-19-guidance-on-drivers-hours-relaxations

  • Negotiating a mortgage payment holiday:

mortgages-coronavirus-consumers

GOVERNMENT SUPPORT LINKS

EMPLOYER RESPONSIBILITIES

  • General guidance and safeguarding employees:

guidance-for-employers-and-businesses-on-coronavirus-covid-19

  • Claiming wages through the Job Retention Scheme

claim-for-wages-through-the-coronavirus-job-retention-scheme

  • Social distancing in the workplace:

social-distancing-in-the-workplace-during-coronavirus-covid-19-sector-guidance

  • Statutory Sick Pay (SSP) Guidance:

employers-sick-pay

  • Claim back SSP:

claim-back-statutory-sick-pay-paid-to-employees-due-to-coronavirus-covid-19

  • Guidance if employee needs time off:

what-to-do-if-an-employee-needs-time-off-work-to-look-after-someone

  • Working from home – employee expenses:

check-which-expenses-are-taxable-if-your-employee-works-from-home-due-to-coronavirus-covid-19

  • Apprenticeships during the coronavirus outbreak:

coronavirus-covid-19-apprenticeship-programme-response

  • Advice for Tier 2, 4 and 5 sponsors:

coronavirus-covid-19-advice-for-tier-2-4-and-5-sponsors

GOVERNMENT SUPPORT LINKS

MANAGING YOUR BUSINESS DURING CORONAVIRUS

  • Cleaning your workplace safely:

covid-19-decontamination-in-non-healthcare-settings

  • Hand hygiene posters:

hand-hygiene/resources/

  • Temporary relaxation of rules to help businesses:

rules-that-have-been-relaxed-to-help-businesses-during-the-coronavirus-pandemic

  • Construction sites and safe working:

remediation-and-covid-19-building-safety-update-27-march-2020

  • Farmers, landowners and rural businesses:

information-for-farmers-landowners-and-rural-businesses

  • Food businesses:

guidance-for-food-businesses

  • Freight transport industry:

covid-19-guidance-on-freight-transport

  • Medical and Healthcare industry:

mhra-guidance-on-coronavirus-covid-19

  • Shipping and seaports businesses:

shipping-and-sea-ports-guidance

  • Supported accommodation, residential care and home care:

residential-care-supported-living-and-home-care-guidance

  • Transport businesses:

guidance-for-staff-in-the-transport-sector

  • Avoiding and supporting scammers:

report-suspicious-emails-websites-phishing

BUSINESS CLOSURES

  • Businesses that must close:

further-businesses-and-premises-to-close-guidance

  • Staying safe and continuing in business:

guidance-for-employers-and-businesses-on-coronavirus-covid-19

  • Holiday accommodation:

covid-19-advice-for-accommodation-providers

  • Closed businesses and the Coronavirus Job Retention Scheme:

claim-for-wage-costs-through-the-coronavirus-job-retention-scheme

CAN YOUR BUSINESS PROVIDE HELP?

  • Offer the help of your business:

coronavirus-support-from-business

All the links are correct at the time of publication, please reporting missing / broken links to Paul Southward.

If you need any further help or guidance on any of the matters above contact Paul Southward or your usual KSK contact.

Paul Southward's News Roundup

Download PDF Copy:

Here


Government launches new coronavirus business support finder tool


Government launches new coronavirus business support finder tool

22nd April 2020

A new ‘support finder’ tool will help businesses and self-employed people across the UK to quickly and easily determine what financial support is available to them during the coronavirus pandemic.

The finder tool on GOV.UK will ask business owners to fill out a simple online questionnaire, which can take minutes to complete, and they will then be directed to a list of all the financial support they may be eligible for.

To support business, workers and the self-employed during the coronavirus outbreak, government has:

  • made up to £330 billion of loans and guarantees for businesses
  • offered to pay 80 per cent of the wages of furloughed workers, up to £2,500
  • deferred the next quarter of VAT payments for firms, until the end of June – representing a £30 billion injection into the economy
  • introduced £20 billion in tax relief and cash grants to help businesses with cash flow
  • introduced the Coronavirus Business Interruption Loan Schemes for both SMEs and larger businesses to make it easier to access vital financial support
  • offered to cover the cost of statutory sick pay
  • entirely removed all eligible properties in the retail, hospitality and leisure sector from business rates temporarily;
  • introduced the Self-employment Income Support Scheme, offering a taxable grant worth 80% of trading profits up to a maximum of £2,500 a month
  • deferred Self-Assessment payments due in July 2020 until 31 January 2021
  • allowed companies required to hold AGMs to do so flexibly, which may include postponing them or holding them online;
  • suspended wrongful trading provisions for company directors to remove the threat of personal liability during the pandemic; and
  • offered a 3-month extension for filing accounts to businesses hit by coronavirus.

 

The new business support finder tool can be found at

https://www.gov.uk/business-coronavirus-support-finder.

 

More details on support for businesses can be found on the

coronavirus business support hub.

 


HM Treasury confirms changes to business rates reliefs


HM Treasury confirms changes to business rates reliefs

Small music venues, pubs and cinemas are set to benefit from a cut to business rates.

On 27th January the Financial Secretary to the Treasury Jesse Norman has confirmed that the government will increase the retail discount from one-third to 50 per cent, extend that discount to cinemas and music venues, extend the duration of the local newspapers office space discount, and introduce an additional discount for pubs.

The announcement came in the form of a parliamentary written statement and further details are expected to be confirmed in next month’s Budget.

The full statement was made as follows: –

The Government will increase the retail discount from one-third to 50 per cent, extend that discount to cinemas and music venues, extend the duration of the local newspapers office space discount, and introduce an additional discount for pubs.

The increase in the level of the retail discount from one-third to 50 per cent will apply in 2020/21 for eligible retail businesses occupying a property with a rateable value less than £51,000.

The extension of the retail discount is to those eligible music venues and cinemas with a rateable value of less than £51,000.

The extension of the £1,500 business rates discount for office space occupied by local newspapers will apply for an additional 5 years until 31 March 2025.

The pubs discount will provide a £1,000 discount to eligible pubs with a rateable value of less than £100,000 in 2020/21. This is in addition to the retail discount and will apply after the retail discount.

All reliefs are subject to state aid rules and apply in England only.

The Government confirms that it will fully fund local authorities for awarding these reliefs and provide new burdens funding to local authorities for administrative and IT costs.

Local authorities should start preparations to include these changes now, and act promptly to ensure eligible business receive the increased support in their rates bills at the start of the financial year.

The Government expects local authorities to ensure these changes are applied for the start of the 2020/21 billing period. The Government will publish amended guidance for the retail discount reflecting these changes as well as refreshed pubs relief guidance for local authorities.

The Barnett formula will be applied in the usual way. Consequentials for the devolved administrations will be confirmed at the Budget.

Contact Paul Southward.

Paul Southward


UPDATED KEY GUIDES – JANUARY 2020


UPDATED KEY GUIDES – JANUARY 2020

KEY GUIDES

UPDATED KEY GUIDES – JANUARY 2020

Here are the latest Updated Key Guides; we have reviewed all of the Key Guides for relevant developments, some have not needed amending but here are the Nine Updated Key Guides for your information and guidance.  Contact us if you need any further guidance and/or assistance.

You can access the whole series of KEY GUIDES through the downloads in the Recent News section of our website here: –

https://ksk.co.uk/news/

The amended Key Guides are: –

Accessing your company profits

  • An updated introduction advises that the possibility of new, environment-related taxation may be on the horizon for businesses.
  • An example regarding national insurance contribution calculations has been revised for greater clarity.
  • Information is given about the forthcoming changes to personal service company (PSC) IR35 rules for private sector businesses.
  • Updated information about the taxation of company cars, in line with the government’s environmental policies, is given.
  • A warning is also given about the need to keep abreast of Brexit developments over the coming year and its potential impacts on business planning.

KG ACCESSCOMPANYPROFITS

Making tax digital

  • Information about the types of roll-out for different areas of tax has been made clearer.
  • MTD for VAT became compulsory in April 2019, with an agreed delay to October 2019 and early 2020 for certain types of business; the key guide has been updated to reflect this deferral, explaining its implications for public sector bodies who use the GIANT system of tax reporting.
  • Fuller details about the MTD VAT situation in general have been given.

KG MTD

Making the most of fringe benefits

  • An update to the introduction makes the point that the Conservative party re-election in December 2019 makes changes to the taxation of benefits in 2020/21 very unlikely.
  • The introduction also reiterates how the company car, traditionally a popular benefit, has become less tax efficient, with the introduction of the UK’s first zero-emissions street a good indicator of the future of motoring.
  • The guide explains one way to improve efficiency is for employees to contribute up to £5,000 for a new company car which may allow them to afford a car with much lower emissions.

KG FRINGEBENEFITS

Starting and selling a business

  • Updated introduction touches on implications of the UK general election and the consequences of an orderly or disorderly exit from the EU on the UK’s economic growth
  • Updated advice regarding tailoring business plans to take EU exit into account for 2020
  • The latest information on the expansion of the IR35 rules to the private sector set for April 2020.
  • A new mention of the proposed further discounts (to 50%) to retail business rates.
  • Update to regarding the annual 2% write-off for the construction costs of commercial property which is now set to increase to 3%.
  • New mention of an increase to employment allowance.
  • Inclusion of the government’s announcement to conduct a “review and reform” of entrepreneur’s relief.

KG STARTANDSELLBUSINESSf

Strategies for a high tax environment

  • Updated information from the Office for Budgetary Responsibility has been given
  • The latest situation based on the Conservative party manifesto regarding increasing the NICs threshold has been added.
  • An additional comment regarding Entrepreneurs’ relief and the potential ‘review and reform’ it may undergo has been inserted.
  • An update regarding the abandonment of the plan to cut Corporation tax to 17% has also been added.

KG STRATEGIESHIGHTAX

Tax allowances for business investment

  • An update regarding the upcoming increase in structures and business allowance (SBA) from 2% to 3%
  • Up-to-date example figures used to explain how to calculate the annual investment allowance (AIA)

KG BUSINESSINVESTMENT

Taxation of property

  • An updated introduction touches on the performance of the housing market in 2019, the projected rise in house prices and the implications of Brexit following the general election result.
  • A change to the information on corporation tax which is now remaining at 19%.

KG TAXONPROPERTY

Working through personal service companies

  • An updated introduction touches on the forthcoming expansion to the private sector of the IR35 rules for personal service companies (PSCs), including the government’s review of the implementation.
  • Further advice on the CEST tool which has been updated by HMRC with 30 new or updated questions, in addition to a contract review process.
  • An additional section on retaining your personal service company.

KG PSC

You and yours – estate planning

  • An update on the shelving of probate fee changes and delays in processing applications.
  • A comment on whether the Office of Tax Simplification proposals on inheritance tax will be integrated into the March 2020 Budget is added.

KG ESTATEPLANNING

Contact Paul Southward.

Paul Southward's News Roundup