As new measures are continually being announced on what help there is for employers, it is also important to understand what responsibilities and rights you have as an employer. Getting something wrong at this time could compound what are already becoming extremely difficult times for businesses.
For any contractual employment concerns, we would also suggest speaking to an employment lawyer, however, useful guidance on all key areas is always available free from ACAS and they are currently running a number of advisory webinars for employers. Details of which can be found Here.
In what is a fast moving situation, further to the business support measures announced by the Chancellor in last weeks Budget, yesterday he went much further in the support being offered and provided by the UK Government:
As the coronavirus outbreak continues to spread, it is clear one of the consequences is the significant impact on the economies of the World. This will undoubtably feed down to affect even the smallest of businesses here in Devon and Somerset, as we see pressure on both supply chains and a significant slowing of demand for many goods and services.
Over the last few days we have understandably been getting increased queries from our clients over specific COVID-19 related reliefs. We have summarised this on our linked article “What specific Business Reliefs are available for COVID-19?”.
In last week’s Budget, the Government announced a number of measures and expanded on some already announced, to help businesses impacted by COVID-19.
With announcements at the start of this week increasing the pressure on businesses, we have summarised below the reliefs available:
From an individual taxpayer’s point of view there was some good news for many employees with the increase in the starting point for the payment of employee’s Class 1 NIC to £9,500. This represents an annual saving for those earning at or above this level of just over £104.
Firstly on a positive note there has been no announced rise in the rates of VAT.
VAT scrapped on books
This announcement to abolish VAT on books, eBooks, newspapers, magazines or academic journals will be introduced on 1 December 2020 (just in time for Christmas) with the intended aim to increase literacy in the UK. This was previously considered to be an unfair “tax on knowledge” which affected those on lower incomes accessing educational material. The extension to eBooks comes for those who are less able to read printed material.
The Structures and Buildings Allowance (‘SBA’) was announced in Budget 2018 with effect from 29 October 2018 and introduced a flat rate 2% tax deduction on qualifying expenditure on non-residential buildings or structures by both occupiers and investors.
The Chancellor has announced significant changes to pension tax relief for high earners in yesterday’s Budget.
At present most taxpayers are entitled to make tax relieved pension savings of up to £40,000 per year (gross). It is also possible to carry forward unused relief for up to three years.
The Government had previously announced that the business rates relief discount was to continue for one year with effect from 1 April 2020. They have now confirmed that the rate of discount for businesses with properties in England with a rateable value of less than £51,000 will be increased from one third to 50% for one year.
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