Written by AJN Accountants
18 May 2020

How has Covid-19 really affected the economy and are we in a recession?

The global loss of lives from this pandemic has meant a very tragic 2020. Our economy in the UK is now in a significant recession – a time of great economic uncertainty.

GDP is set to shrink again in the second quarter and the UK government has had to step in to provide support to businesses and employees through various measures. The Treasury estimates the deficit could be as high as £516bn!

This means the Government will have to find ways to recuperate the deficit over the next few years and it is likely that this will be through a host of measures, such as tax increases, VAT increases and freezing public sector pay.

MTD simplification

A dramatic simplification of the MTD processes to be introduced – no EOPS; cumulative submissions each quarter; and restrictions.

Cash basis to replace accruals

Cash basis to replace accruals for the self-employed as standard tax reporting method for 2024-25 (first year of tax year accounting). From April 2024, as part of a move to simplify calculation of taxable profits for Making Tax Digital, all self-employed taxpayers and...

Company car charging at home

HMRC has updated its Employment Income Manual to bring the guidance on charging electric company cars at home in line with the legislation.

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