Newsletter...
October 2020 - ENEWS
In this month's enews we consider announcements made as part of the government's Winter Economy Plan. In other news we consider the new trade arrangements with the EU following the end of the Transition Period, which apply from 1 January 2021; the rise in house sales following the introduction of the Stamp Duty holiday; and the new domestic reverse charge for VAT, so there is lots to update you on.
- Job Support Scheme
The existing job support scheme, the furlough scheme, comes to an end on 31 October. As part of the Winter Economy Plan the government announced it will be introducing a new Job Support Scheme from 1 November 2020.......read more
- Winter Economy Plan support for the self-employed
As part of the Winter Economy Plan the Self-Employment Income Support Scheme (SEISS) will be extended under the name SEISS Grant Extension. The grant........read more
- VAT deferral and enhanced Time to Pay for self assessment
Over half a million businesses deferred VAT payments, which were due in March to June 2020, with these payments becoming due at the end of March 2021. As part of the Winter Economy Plan the government has now announced the option for such businesses to spread their payments over the financial year 2021/22......read more
- Changes to the Bounce Back Loan and Coronavirus Business Interruption Loan Schemes
The Bounce Back Loan Scheme (BBLS) has provided support to many UK-based small businesses. Loans are between £2,000 and £50,000, capped at 25% of turnover, with a 100% government guarantee to the lender. The borrower does not have to make any repayments for the first 12 months, with the government covering the first 12 months' interest payments.......read more
- The VAT reverse charge
HMRC has issued detailed guidance on the domestic reverse charge changes scheduled for 1 March 2021. The reverse charge represents part of a government clampdown on VAT fraud. Large amounts of VAT are lost through 'missing trader' fraud. As part of this type of fraud, VAT is charged by a supplier, who then disappears, along with the output tax......read more
- Ministers announce new grants for businesses affected by local lockdowns
Businesses in England that are required to shut because of local interventions will now be able to claim up to £1,500 per property every three weeks. To be eligible for the grant, a business must have been required to close due to local COVID-19 restrictions. The largest businesses will receive £1,500 every three weeks they are required to close.......read more
- New trade arrangements with the EU from 1 January 2021
HMRC has sent letters to VAT-registered businesses in Great Britain trading with the EU, or the EU and the rest of the world. They explain what businesses need to do to prepare for new processes for moving goods between Great Britain and the EU from 1 January 2021.......read more
- House sales rise following the introduction of stamp duty holiday
The government has announced that residential property transactions rose 15.6% in August following the introduction of a stamp duty holiday. The government has announced......read more
