Coronavirus

Tax / Covid-19: delay to VAT reverse charge on construction services

HMRC has announced a five-month delay to the introduction of the domestic reverse charge for construction services, due to the impact of the coronavirus pandemic on the construction sector, and the VAT change will not now apply until 1 March 2021

Insight / Furlough scheme costs 30% less than estimates

The government’s furlough scheme for jobs is likely to cost the government £30% less over the lockdown period than originally predicted, partly because many of the workers involved are part-time or lower-paid, the Office for Budget Responsibility (OBR) has found

Tax / Coronavirus: essential updates for accountants, tax advisers and auditors

To assist accountants, tax advisers and auditors in dealing with the coronavirus crisis, all our related covid-19 coverage will be available here as soon as new announcements are made, plus expert analysis

Tax / 75% of workers support Covid tax hike

Over threequarters of UK workers are willing to pay additional income tax to fund the government’s £300bn of borrowing to fund the Covid-19 response, with many labelling the move ‘a necessary evil’, a survey by AJ Bell has found

Insight / Covid-19: £10bn trade credit insurance confirmed

The government has confirmed it is to guarantee up to £10bn of trade credit insurance (TCI) coverage, to support thousands of businesses by protecting against customer defaults or payment delays during the current pandemic

Tax / CIOT calls for property sales tax change

The Chartered Institute of Taxation (CIOT) is asking the government to consider delaying changes to capital gains tax rules in relation to home sales, to take account of the impact of Covid-19 on the property market

Insight / IoD wants ‘student loans’ to help SMEs post-Covid

SMEs facing a ‘debt mountain’ as a result of the Covid-19 pandemic should be offered ‘student loans’ so they can recover quickly when the crisis ends, the Institute of Directors (IoD) has suggested

Insight / Covid-19: pension scheme guidance

A group of professional bodies has issued guidance on the implications of Covid-19 for pension scheme financial reports and audit, to help pension scheme auditors to navigate the additional challenges raised by the current pandemic

Insight / Covid-19: ICAEW predict a strong economic rebound

A strong economic recovery following the coronavirus pandemic is likely, with conditions ripe for a quick turnaround from this ‘short, if very sharp, shock’, according to Oxford Economics report

Insight / Call to end ‘thuggish’ letters for problem debt

A mental health charity is calling on the government to stop requiring lenders to issue ‘debt threat’ letters to consumers when payments are overdue, as part of its financial support measures during the coronavirus crisis

Insight / EIS clampdown sees £200m drop in funding

Tougher rules on venture capital investing have seen a £200m fall in the amount companies have raised via the enterprise investment scheme (EIS), and may affect companies looking to recapitalise following coronavirus, according to analysis by Price Bailey

Insight / FCA identifies insurers for business interruption court case

The Financial Conduct Authority (FCA) has identified eight insurance companies who will be asked to participate in a High Court test case over the failure of certain business interruption (BI) policies to pay out for losses incurred as a result of coronavirus restrictions

Tax / UK’s richest in line for £23bn coronavirus savings

The richest 20% of UK households are set to save £23bn by mid-June as a result of reduced spending during lockdown, more than six times as much as the savings made by the poorest 20% of households, according to calculations from the New Policy Institute (NPI)

Tax / Covid-19: consultation on taxation of coronavirus support grants

HMRC is holding a two-week consultation on the technical effectiveness of legislation to introduce rules on the taxation of coronavirus business support grants, which will be included in Finance Bill 2020

Insight / Covid-19: furlough and self employment support schemes amended

Chancellor Rishi Sunak has announced changes to the government’s coronavirus support schemes, including part time working and a tapered employers’ contribution, and a second grant payment for the self employed
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