Written by yasiradnan94
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.

Crypto investors urged to declare gains

HMRC has reminded investors in cryptoassets that they should declare any income or gains above the tax-free allowance on a tax return.

VAT Fraud & The Risks to Your Business

In the world of VAT, a business can be unaware of a fraud in the supply chain and still be regarded as a fraudster.

Holiday Pay Changes

If you engage part time workers, or staff who work irregular hours, on permanent contracts you need to be aware of new rules.

Related Posts

VAT on energy saving materials

VAT on energy saving materials

The zero rate of VAT has been extended to include the installation of additional energy-saving materials (ESMs) from 1 February 2024.

Making Tax Digital: quarterly update returns

Making Tax Digital: quarterly update returns

HMRC has confirmed the mandation dates for making tax digital for income tax self assessment (MTD SA) as announced in the Autumn Statement 2023. From April 2026, taxpayers subject to income tax on their trade, profession, property income or business and who have...

We use contact information you provide to us to contact you about our relevant content, products, and services. You may unsubscribe from these communications at any time. For information, check out our Privacy Policy.