Advice

Strategies for Export After Brexit

Reaching the international markets in 2021 and beyond. The UK has left the EU, and for British exporters, that presents both opportunity and uncertainty.While the new trade agreement places no tariffs or quotas on goods traded between the UK and EU from 1 January 2021, itmay come with additional costs and bureaucracy as the UK …

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Construction Sector: Reverse Charge VAT

The effects on supply chains from 1 March 2021. Those working in the UK’s construction industry will have to handle and pay VAT differently from 1 March 2021, unless there’s another last-minute Government U-turn. This is when the VAT domestic reverse charge for building and construction services, to use its full name, will finally take …

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The economic damage of COVID-19

Chancellor declares “economic emergency”. Had everything gone to plan this year, the Chancellor would have been delivering his Autumn Budget speech. Instead, Rishi Sunak declared an “economic emergency” alongside a slimmed down spending plan to see him through until spring. Nobody in government would privately claim there is any way to avoid tax rises at …

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Third grant for the self-employed increases to 80% for November

The self-employed can claim Government support of up to 80% of profits during the initial month-long lockdown in England, Chancellor Rishi Sunak has confirmed. Like previous tranches, the third taxable grant available through the self-employed income support scheme (SEISS) covers three months – from 1 November 2020 to 31 January 2021. The latest tranche was …

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Govt. extends furlough scheme ahead of lockdown in England

The Government has extended the furlough scheme for employers until 30 November 2020, as a second lockdown in England looms to slow the resurgence of COVID-19. Hours before the initiative was due to close on 31 October 2020, plans for the job support scheme to start from 1 November 2020 were put on hold. Instead, …

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Business asset disposal relief

Entrepreneurs’ relief is no more (in name at least). Last March, one of the headline-grabbing measures announced in what will be the only Budget speech of 2020 surrounded what we knew as entrepreneurs’ relief. The relief was designed to be an incentive for entrepreneurs to start a new business by reducing the amount of capital …

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Video-witnessed wills become legal in England and Wales

The witnessing of wills over video-conferencing platforms in England and Wales has been temporarily legalised, the Government has confirmed. The law still requires a will to be made “in the presence of” at least two witnesses to be legally valid, while the use of video should be a last resort.  However, some people have understandably …

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Maintaining your NIC contributions record during Covid-19

The Covid-19 pandemic has meant that many people will suffer a reduction in income in 2020/21. Not all individuals are eligible for support under the Coronavirus Job Retention Scheme or the Self-Employment Income Support scheme, and those who are eligible for the grants will not generally receive their full pay. Where income drops this may …

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