The press over the last few days has been full of suggestions that taxes are due to rise, and naturally we have clients who are concerned about what they should do.
I see that somehow Covid support has to be paid for.
I recognise that up until now we need have been able to pay for that through printing money – “Quantitative Easing”, but that cannot go on indefinitely.
Published 27 July 2020
You may already know, but if not, you should be aware that the Treasury are considering a change to, indeed overhaul of, Capital Gains Tax (“CGT”). The rationale is that public expenditure has been increased dramatically to deal with Coronavirus and attention needs to be given to how that can now be paid for.
We outline the highlights of the government’s plan for jobs – as yet there is only limited guidance available on the schemes and the detail will be released by HMRC in due course.
EMPLOYMENT
I wrote on Monday about what I was hoping for from yesterday’s statement from the chancellor: in one word, Confidence.
I am not entirely sure we got it.
The Good the Bad and the Chubbily (VAT)
I have mixed views on the cut in VAT for the hospitality sector: mixed as I am not sure that it is targeted as well as it could be.
Published: 6 July 2020
On Wednesday Rishi Sunak will deliver a "Non-Budget". We are in a situation where if companies are confident that there will be buyers for their goods they will they retain staff.. and if people are confident in their job only then will they spend. This feedback loop will go one of two ways
Published: 10 June 2020
• Personal allowance remains at £12,500 (the standard tax code for PAYE will be 1250L) and the lower limit for an individual to preserve their NIC credits will be £732 per month or £8,788 per annum.
Lives are a little different currently so I though it time for a more irreverent blog as we head towards the Easter break.
BUFFS
Noun (plural noun)
a person who is enthusiastically interested in and very knowledgeable about a particular subject
Lots of us have become Buffs over the last few weeks.
Coronavirus Job Retention Scheme
The £2,500 is the maximum pay that will be covered so the 80% compensation will be £2,000 per month per employee maximum. Employers can pay as much as they want over this but will only get £2,000 back.
The compensation will be based on 80% of what employees received in their February payslips.
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