News

Weekly e-mail to clients - 4 July 2020

06/07/2020

Hello Rishi Sunak, the Chancellor, will be making a statement to the House of Commons on Wednesday 8 July where he will outline plans to support the economy. The Chancellor’s statement is being labelled as a ‘summer economic update’. Although not labelled as a budget it is going to have the feel of a budget....

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Weekly e-mail to clients - 27 June 2020

30/06/2020

Hello PM ANNOUNCES EASING OF LOCKDOWN RESTRICTIONS From next Saturday 4th July, the Prime Minister has announced that pubs, restaurants and hairdressers will be able to reopen, providing they adhere to COVID Secure guidelines. From the same date, he has set out that two households will be able to meet up in any setting with social...

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The new reality

05/07/2020

It may be some time before we could state with some certainty that it was back to business as usual; usual being the business environment before the arrival of Coronavirus. What has changed? The major change has been the dampening of demand due to lock-down and other government interventions aimed at job retention and support for...

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What is working capital?

05/07/2020

Accountants would say that working capital is the difference between current assets and current liabilities. It is the capital of a business used in day to day trading operations. Current assets are generally those that can be converted into cash reasonably quickly, money in your bank account. For example, stocks and work in progress,...

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Updated HM Treasury instructions re: CJRS

30/06/2020

On 26 June 2020, the Chancellor, Rishi Sunak made a further (third) Treasury Direction under sections 71 and 76 of the Coronavirus Act 2020 concerning the Coronavirus Job Retention Scheme (CJRS). There are a number of important changes to the way the revised scheme works that started to come into effect from 1 July 2020, the date that...

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Government support for pubs, cafes and restaurants

30/06/2020

The government has confirmed a further easing of lockdown as pubs, cafes, restaurants, hotels, hairdressers and cinemas have been given permission to reopen in England from 4 July. The launch date has been dubbed as Super Saturday. These changes will see a further move towards the reopening of certain businesses that can operate by...

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Financial help for debt advisers

30/06/2020

The government has announced that an extra £37.8 million will be made available to support debt advice providers during 2020-21. The distribution of the money will be overseen by the Money and Pensions Service (MaPS). MaPS will set out the process for allocating funds in the coming weeks to charities for debt advice and to other...

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Reporting Capital Gains on residential property

30/06/2020

The Capital Gains Tax (CGT) reporting and payment date for UK residents that sell a residential property changed from 6 April 2020. This change means that any CGT due on the sale of a residential property needs to be reported and a payment on account of any CGT due made within 30 days of the completion of the transaction. In practice,...

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Vehicle MOT dates

30/06/2020

The government has announced that mandatory MOT tests for car, motorcycle and van owners in England, Scotland and Wales are to be reintroduced from 1 August 2020. This means that all drivers whose vehicle is due for an MOT test from 1 August will be required to get a test certificate to continue driving their vehicle. The government is...

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Trusts and CGT

30/06/2020

A trust is an obligation that binds a trustee, an individual or a company to deal with the assets such as land, money and shares which form part of the trust. The person who places assets into a trust is known as a settlor and the trust benefits one or more beneficiaries. The trustees make decisions about how the assets in the trust are...

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