Just four months after his first Budget, Chancellor Rishi Sunak has unveiled a summer economic update designed to mitigate the impact of the Covid-19 pandemic, with a commitment to encouraging job creation through a government ‘plan for jobs’ and stimulus for consumer spending
Announcing a package of measures, Sunak said the aim was to ‘give everyone the opportunity of good and secure work, so no one is left without hope.
‘Our plan for jobs has a clear goal – to protect, support and create jobs. We want to give business confidence to retain and hire.’
Coronavirus job retention bonus
Confirming that the coronavirus job retention scheme will be flexibly and gradually wound down through October, Sunak said the second phase of the economic recovery would focus on getting as many people as possible back from furlough and into jobs.
‘The economy contracted by 25% in two months, the same amount as it had grown over […]
We are pleased to announce that we have today acquired the business of G Moon & Co. Duke Street, Barrow. Some of their staff have joined us and will strengthen our team. We look forward to continuing to provide a professional service to new and existing clients.
Following the UK’s departure from the EU, Chancellor Rishi Sunak presented the 2020 Budget against a backdrop of economic uncertainty caused by the spread of the coronavirus.
Our Budget Summary provides an overview of the key announcements arising from the Chancellor’s speech. Measures for businesses include a capital gains tax reduction in the Entrepreneurs’ Relief lifetime limit from £10 million to £1 million, together with changes to Statutory Sick Pay for employees advised to self-isolate because of the coronavirus.
Individuals will benefit from a rise in the national insurance contribution (NIC) threshold from £8,632 to £9,500, alongside the abolishment of the 5% VAT rate charged on sanitary products.
Additionally, throughout the Summary you will find informative comments to help you assess the effect that the proposed changes may have on you personally.
If you would […]
We are delighted to announce that we have been selected to join the Handpicked Accountants network following recognition of our outstanding service standards and longstanding support to small business owners across the North. Based in South Cumbria and with over 20 years’ experience, we are accredited by ICAEW and aim to make running your business easier.
The Handpicked Accountants team have years of experience working with several accountants across the country and have handpicked Melville & Co to feature as a recommended accountant. We are located in Barrow-in-Furness and also have a base in Ulverston and can service clients in Lancaster and Morecambe. We provide an all-rounded service including accounts management, taxation, bookkeeping, payroll, VAT and we are also Registered Auditors.
As part of our service, we offer access to Sage and Quickbooks which are industry-standard accounting software designed to make record-keeping easier. From […]
In these difficult economic times it is important to ensure that you are not paying more tax than you need to.
Our useful tax planning guide for 2019/20 is your personal reminder of key tax planning points. This guide suggests many ways in which you can save money on your tax bill by taking full advantage of the tax system. It highlights tax planning opportunities as well as some of the pitfalls you should avoid.
Our summary of this year’s Autumn Budget is now available (below).
The Government reserves the right to make changes to fiscal policy at the Spring Statement if the economic circumstances require it. With the Brexit uncertainty, further changes may be announced in the Spring Statement including amendments to tax rates and allowances. The Spring Statement will take place in March 2019 and we will update you on pertinent announcements.
If you have a question concerning any of the issues covered in the summary, or would like advice on the best possible course of action in a particular area, please contact us.
Over the coming years, the government will phase in its landmark Making Tax Digital (MTD) initiative, which will see taxpayers move to a fully digital tax system.
From 1 April 2019, businesses will be mandated to use the MTDfB system to meet their VAT obligations – termed Making Tax Digital for VAT (MTDfV).
No matter if your business is big or small, MTD will undoubtedly affect you. As your accountants, we can help you to prepare for the changes ahead of the implementation of MTDfV in April 2019.
For more information, please contact us.