You may have come across mentions of Cloud Accounting before and maybe even looked into the different providers such as Xero or Quickbooks Online. However, it may have been something put to the back of your mind as a non-essential need that can be considered at a later date.
The Scottish Government’s announcement on 12 June of a £62million support package to help deliver a net zero future was warmly welcomed across the Energy sector. Not only does this respond to and show real commitment and support to meeting Scotland’s ambitious climate change targets, it also demonstrates its recognition of the importance of investing in the Energy sector at a time where the Oil & Gas industry faces the reality of longer term challenges.
The Energy sector today is an incredibly complex landscape for executives and their leadership teams to navigate. It is increasingly challenging for them to know which way to go or where to turn.
2020 has presented unprecedented challenges to the Scotland food and drink sector, however the agility, innovation and resilience demonstrated by many Scottish businesses has been one of a few positives. The effects of the pandemic and national lockdown have impacted each business differently; with some businesses being forced into a stand-still whilst others have experienced a surge in demand.
At the end of May, the Government’s confirmed that the Coronavirus Job Retention Support Scheme (“CJRS” “the scheme”) would be extended to the end of October 2020, with a phase 2 of the scheme, allowing for more flexibility in workers furloughed but with employers beginning to contribute to the wage bill of those on furlough, beginning on 1st July.
HM Revenue & Customs (HMRC) specialist task forces are believed to have collected over £540 million in extra tax revenue in the last financial year. Since their inception in 2011 there have been well over 100 different task forces focusing on a variety of sectors where HMRC believe tax evasion is rife, such as the restaurant trade, the haulage industry, the fishing industry, and the property & construction sectors!
The impact of COVID-19 on the economy is likely to be long lasting. The UK economy contracted by 2% in the first quarter of the year and analysts expect the figure to be worse for the second quarter as lockdown continues.
The portal for making claims through the furlough scheme opened on Monday 20 April and over 185,000 businesses applied on day 1, covering 1.3million workers which shows the volume of businesses utilising this scheme. Having already completed over 100 claims on behalf of clients, currently totalling over £2.5 million, the summary below includes some of the key points to be aware of in making a claim and navigating the portal:
At the start of 2020, none of us could have imagined the position we would be in today; the full team working from home, our clients making difficult decisions on a daily and weekly basis to protect their businesses and the only contact with each other being via a camera and microphone. Where we currently stand at the start of June 2020, it may look like it is possible that we will be able to return to our o
HMRC have confirmed this morning in Revenue and Customs Brief 7 that the implementation of the Domestic Reverse charge has been delayed for a further 5 months. The new implementation date is 1st of March 2021. Please click to read our previous blog on domestic reverse charge and the HMRC brief published this morning.