July 2020 Newsletter

Download July 2020 Newsletter

As we continue to confront the Covid-19 pandemic, the number of temporary – and in some cases permanent – government incentives and schemes has grown.

Our latest newsletter, which you can download from within this post, covers as many of these legislative changes and initiatives as possible, to enable you to keep up to date with the shifting sands of the tax landscape.

Chancellor Rishi Sunak’s statement on 8 July, in particular, introduced an additional range of initiatives as part of a new stimulus package including a significant temporary raise in the nil-rate threshold stamp duty and land taxes across the country. This could greatly impact on your decision to buy or sell residential property. Also aimed at homeowners and landlords, a Green Homes Grant will now encourage investment in energy-efficiency home improvements to residential properties. A temporary VAT rate cut, to 5%, on hospitality, holiday attractions and accommodation is also hoped to contribute to a ‘summer of spending’.

For those of you who own businesses or employ staff, the government’s incentives for business include the Kickstart Scheme, the Traineeship Payment scheme (aimed at 16-24 year olds) and the Job Retention bonus (encouraging retention of furloughed staff), each of which we explain.

More immediately, we discuss the government’s Covid-19 employment support measures, such as the Coronavirus Job Retention Scheme (CJRS) which has been extended but with a varied timetable of changes for the months between July and October which it is important to note.

Our other stories in this edition include:

  • Defining reasonable excuse – HMRC considers being ‘affected by coronavirus’ as a ‘reasonable excuse’ for missing certain tax obligations and deadlines, however defining precisely how Covid-19 has led to the unmet obligation is another matter. We explain how setting out cases with supporting details is a necessity.
  • Insolvency law reforms – The Corporate Insolvency and Governance Bill, which gained Royal Assent on 25 June 2020, introduces new permanent and temporary solutions to assist failing businesses in these troubled times. We cover the bill’s key aspects.

As ever with the contents of these newsletters, should you find yourself in need of guidance and tax assistance, we would be happy to hear from you to help you with your concerns.

Download July 2020 Newsletter