Investment values have taken a severe downward knock in recent weeks following the Coronavirus outbreak and a slump in oil prices.
Even before the forthcoming Construction Reverse charge changes impact on the Property and Construction industry, businesses in these sectors have to navigate on of the most complex areas of VAT.
HMRC have recently provided further information on how businesses can join the VAT deferral new payment scheme.
Businesses which still have outstanding deferred VAT payments can either pay the deferred VAT in full, on or before 31 March 2021, join the VAT deferral new payment scheme or contact HMRC if extra help to pay is required. Find out more in our updated blog.
As a generation, we think we are very technologically advanced and able to cope with anything. However, in light of recent events, many companies are optimising flexible working and working from other locations such as from home. This sudden shift in working environments has caught some companies off guard and has resulted in companies facing new challenges in a situation which they have never faced before.
The Budget made it clear that the UK’s success in the global economy will be rooted in innovation and cutting-edge technology. Plans to significantly increase public R&D investment to £22 billion per year by 2024-25 were confirmed, increasing direct support for R&D to 0.8% of GDP which places the UK among the top quarter of OECD nations.