June 2020

Many local authorities close to bankruptcy

Some UK councils are considering declaring themselves ‘bankrupt’ because their finances cannot cope with the financial pressures of the pandemic. There is an estimated £10 billion black hole in local council finance, and many authorities are now openly discussing a ‘114 notice’, which signals their bankruptcy. A report in The Times newspaper said that councils in the Yorkshire and Humber

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Firms can now defer AML supervision fee

Companies can now get a payment deferral or de-register from money laundering supervision due to Covid-19, the government has announced. If you are a business with an annual money laundering supervision fee due between 1 May and 30 September 2020 you may be able to: take a payment deferral for six months from the date it is due. de-register if

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Covid-19: thousands of UK businesses on the brink

Thousands of small firms across the UK fear they will never reopen as the global pandemic devastates the UK economy. A Federation of Small Businesses (FSB) survey also found a third of small businesses are considering redundancies; some 40% of them have been forced to close their doors since the beginning of the coronavirus lockdown in March. More than a

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Loosening of tax rules on home office expenditure

People working from home because of the Covid-19 pandemic will be exempt from tax and NI payments on what they spend on office equipment. Financial secretary to the Treasury Jesse Norman told Parliament that the exemption is temporary and will last until the end of the tax year 2020/21. The expenditure must meet two conditions to be eligible for relief.

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Covid-19 grant warning for new limited companies

Owners of newly formed limited companies are unlikely to be eligible for the Self Employed Income Support Scheme (SEISS) grant – even if HMRC contact them and the eligibility checker says they may qualify. The Low Incomes Tax Reform Group (LITRG) warning comes as HMRC contact people inviting them to check their eligibility and claim for the SEISS grant. To

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