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As lockdown restrictions lift across the UK, businesses are preparing for a new working environment. The Chancellor may have begun winding down the schemes that have supported businesses through the pandemic, but government-backed loans and the furlough scheme will remain factors for some time yet.

Chancellor Rishi Sunak presented the Summer Economic Update against a backdrop of economic uncertainty caused by coronavirus (COVID-19) lockdown.

The coronavirus (COVID-19) pandemic has caused major disruption to businesses and economies worldwide. Drastic measures have seen millions of people locked down. Working from home has become the new normal for many, while others have been furloughed to keep jobs viable.

Notable for what didn’t change, as well as what did…

There are many ways in which your eventual liability to capital gains tax (CGT) can be minimised, particularly when share prices are depressed.

A round-up of key dates for May, June and July 2020.

HMRC extends MTD digital links deadline until 2021, and the rise in contactless card payment limit.

If coronavirus means you can’t pay a tax bill on time, the government is offering Time To Pay (TTP) as a way of easing cash flow problems.

Change to National Insurance contributions (NICs) limits and thresholds took effect from 6 April. The Treasury says the ‘typical’ employee will pay around £104 less in NICs in 2020/21. Before the coronavirus crisis, there were plans to raise the NICs threshold to £12,500. What will happen now is more uncertain.

Before the Budget, there were fears that it might be scrapped altogether. It wasn’t. Entrepreneurs’ Relief (ER) lives on, but with a new name – business asset disposal relief – and a new, lower lifetime limit.

At this time of unprecedented challenge, employers will have many concerns, from issues around health and safety in the workplace (where this remains open), to how best to facilitate homeworking. Please do not hesitate to contact us for advice on these or any of the areas outlined below.

The coronavirus crisis has the potential to be big business for criminals. Stressed business owners and employees make easy prey and HMRC warns that fraudsters are already looking to capitalise on the situation.