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UK economy could contract by 8% in 2020, data suggests

Data published by economic forecasting group EY Item Club has suggested that the UK economy could contract by 8% in 2020.

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Significant number of SME owners using personal savings to keep business trading

One in seven small and medium-sized enterprise (SME) owners have used personal savings to keep their business trading.

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Covid-19: social distance rules relaxed from 4 July

Prime Minister Boris Johnson has announced significant relaxations to the rules on social distancing

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HMRC advisory fuel rates from 1 June 2020

HMRC have published company car advisory fuel rates for use from 1 June 2020.

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COVID-19: HMRC updates guidance on reasonable excuse

HMRC have updated their guidance on ‘reasonable excuse’, and confirmed that they ‘will consider coronavirus as a reasonable excuse for missing some tax obligations’.

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Covid-19: self assessment payment deferrals

Taxpayers can choose how and when they can delay making a second payment on account for the 2019-20 tax year following updated guidance from HMRC

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Government changes ISA rules to help individuals affected by coronavirus

The government has altered the Lifetime ISA rules to help those adversely affected by the coronavirus (COVID-19) pandemic.

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Mortgage lenders grant over 1.6 million payment holidays

Mortgage lenders have offered over 1.6 million mortgage payment holidays to homeowners impacted by the coronavirus (COVID-19) pandemic

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Covid-19:New 100% Government backed loan scheme for small businesses.

Small businesses will benefit from a new fast-track finance scheme providing loans with a 100% government-backed guarantee for lenders, the Chancellor announced yesterday.

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HMRC extends CGT reporting deadline

HMRC has confirmed it will not charge penalties for the late reporting of capital gains tax (CGT) on disposals of UK residential property by UK residents made by 31 July 2020.

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Coronavirus Job Retention Scheme set to launch on 20 April

The government's Coronavirus Job Retention Scheme will launch on 20 April, according to HMRC.

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Start of new tax year brings in raft of fiscal changes

The 6 April start of the new tax year saw important fiscal changes come into effect, including the changes to the deadline for sellers of residential property who are liable for capital gains tax (CGT)

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Claim Child Benefit by phone or post, HMRC tells new parents

Parents of new-borns will still be able to claim Child Benefit despite the outbreak of coronavirus, HMRC has announced.

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Covid-19: HMRC clarifies self assessment tax payment deferral

HMRC has now updated its advice for businesses and individuals affected by coronavirus to make clear that the six-month income tax self assessment deferral for payments due in July applies to all taxpayers

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Check if you could be covered by the Coronavirus Job Retention Scheme

If you and your employer both agree, your employer might be able to keep you on the payroll if they’re unable to operate or have no work for you to do because of coronavirus (COVID-19)

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Covid-19: 80% rule salary payments liable for income tax and NICs

Individuals will be deducted income tax and national insurance contributions (NICs) on the 80% salary subsidies paid under covid-19 emergency employment measures for furloughed workers

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Covid-19 – Support for businesses through the Coronavirus Job Retention Scheme

Under the Coronavirus Job Retention Scheme, all UK employers will be able to access support to continue paying part of their employees’ salary for those employees that would otherwise have been laid off during this crisis.

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COVID-19 Financial Support for Business

In response to the Covid-19 outbreak the government has released various measures to support business.Brearley & Co will be releasing a series of articles over the coming days

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How to access Government Financial support if you or your business has been affected by Covid-19

On 17 March, the Chancellor announced an unprecedented package of government-backed and guaranteed loans to support businesses

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HMRC to stop sending automatic paper returns for self assessment

HMRC is stepping up its efforts to encourage digital returns by no longer sending automatic paper returns to self assessment taxpayers.

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