As speculation increases that Chancellor Rishi Sunak will look to a reduction in the VAT rate as part of the UK Government’s economic stimulus measures, it is worth considering the potential impact on the economy and on business of a rate change.
A video series from AAB featuring top tips on planning, operating and continuously adapting in the next normal and beyond.
The impacts of “lockdown” to deal with COVID-19 have shone a light on how we go about our lives. Much of the illumination is humbling and uplifting; such as the reminder of the immense contribution of key workers and examples of flourishing community action. These last few months have also exacerbated and highlighted equality gaps – for example for low earners, those in deprived areas and many living alone with care needs.
A new clause in tax legislation has been introduced to assist individuals who may not be able to meet the working time requirements of EMI because of being furloughed due to COVID-19.
With critical staff being furloughed, many taxpayers falling ill or businesses having lack of access to key documents due to lockdown; it is not a surprise that COVID-19 is accepted by HM Revenue and Customs (HMRC) as being a “reasonable excuse” for defaults by taxpayers.