KEY GUIDES UPDATED
27th July 2020
As lockdown has gradually eased over the last month, including foreign travel and the opening of restaurants and pubs, albeit with ongoing restrictions, perhaps there is cause for cautious optimism. While disparities between some service industries remain, many can now book a haircut, visit a theme park, or cautiously go out to the cinema or swimming.
With the focus firmly on sustaining jobs and businesses, the Chancellor’s Summer Statement outlined additional measures designed to boost employment on the heels of a government boost of over £1.5 billion for the hard-hit arts sector. As October approaches and the end of the furlough scheme, many will be fearful that the new measures will not be enough to prevent increased redundancies.
Our latest set of Key Guides includes the impact on businesses and individuals of the changes to government Covid-19 restrictions from July and the latest on the rules surrounding the Coronavirus Job Retention Scheme. In addition, our title ‘Working with Personal Service Companies’ has become ‘Off-payroll working’ to reflect the terminology in the rules affecting both self-employed workers and the businesses that hire them, which will extend to private companies next year.
One area where there could be increased opportunities is the housing rental market. While we consider the positives from the recovery of the housing market in our Guide ‘Taxation of property’ we remain cautious about any effects a second spike of Covid-19 could bring. Our Guides ‘Pensions tax planning for high earners’ and ‘Retirement and tax’ weigh up the implications of topping up your income with pension withdrawals, as reducing your fund now could have serious consequences for future income.
If any questions arise from any of our Key Guides, please get in touch.
Follow the links to the new guides here:
Tax allowances for business investment
Making the most of Fringe Benefits
Pension tax planning for high earners
Taxation of property
Retirement and tax
Starting and selling a business
Strategies for a high tax environment