Accounting News

HMRC have issued further guidance on what will happen to VAT on services after Brexit.

Despite the crazy and uncertain times that we find ourselves living in, directors and employees can still celebrate Christmas in tax-free style – even it does have to be in the form of a ‘virtual’ office Christmas party.

The furlough scheme has been extended to 31st March and the self-employed income support grant has been raised to 80% covering November - January capped at £7,500.

At the start of the pandemic, VAT registered businesses were given the option of deferring payment of ant VAT that fell due in the period from 20 March 2020 to 30 June 2020.     

The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked and further economic support announced.

The Self Employment Income Support Scheme (SEISS) provided help the self-employed whose businesses were adversely affected by Coronavirus. 

At the start of lockdown, the Government announced a number of measures to help businesses weather the pandemic.     

The Covid-19 pandemic has meant that more employees worked from home than ever before. This trend looks set to continue following the Government’s latest advice to continue to work from home where you can do so.    

Before the Government U-turn, many employees had started to return to office-based jobs. 

The hospitality and leisure industries have been severely affected by the Coronavirus pandemic.