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August 2020

Employment Allowance and the Coronavirus Job Retention Scheme (CJRS)

There has been considerable discussion about the Employment Allowance and how it interacts with CJRS.  

COVID-19: SEISS When and how to claim the next payment under HMRC support scheme

The Self-Employment Income Support Scheme (SEISS) was part of the package of measures from the Government to support businesses through the Covid-19 pandemic.  The second and final tranche of grants available to eligible businesses can be claimed online from 17 August 2020.  The closing date for claims for the second and final grant is 19 October 2020.  

Companies House to restart voluntary strike off process

Companies House has announced that it will be restarting the voluntary strike off process from 10 September 2020 to dissolve companies that have applied for dissolution.

VAT Changes for the Hospitality sector

In an attempt to address the financial difficulties of businesses in the hospitality and tourism industries, Rishi Sunak also announced a range of VAT reductions on selected supplies for these sectors. Summary of the changes are set out below:

Keep an eye on the numbers!

Recent economic forecasts for 2020 published by H M Treasury will do little to inspire business confidence. In their comparison of independent forecasts published last month, the unemployment rate is estimated to rise to 8% and in the same period, GDP falls by 9%.

Are changes to capital gains tax underway?

The Chancellor has written to the OTS (Office of Tax Simplification), to ask the OTS to undertake a review of Capital Gains Tax and aspects of the taxation of chargeable gains, in relation to individuals and smaller businesses.