Featured announcements

The key announcements and notices that you need to be aware of amidst the coronavirus health crisis.

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EC proposes to delay e-commerce VAT changes
The changes were originally planned for introduction in January 2021 and designed to simplify the VAT system

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Clamping down on tax crime can help pay for coronavirus recovery
Now is the time to ensure that HMRC has the resources to tackle tax lost through illegal criminal attacks, evasion and the hidden economy

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Tax treatment of abortive costs of ventilator production
The abortive costs for these businesses will be a hard pill to swallow, but a silver lining could be found in R&D tax credits

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The Pensions Regulator’s Annual Funding Statement 2020
Particularly relevant for schemes with valuation dates between 22 September 2019 and 21 September 2020

Food and drink

Coping with changing demand in the food and drink industry
Guidance on accessing funding options along tips on working capital management

Emergency services

New VAT relief to cover fire authorities and NHS
Following a request from RSM, HMRC has agreed to a new relief for fire authorities collaborating with the NHS

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£128 billion hit for this year’s tax receipts
A recent report predicts that the UK tax yield will slump by £128 billion this year. We unpack the detail

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New Government loan scheme for innovative firms
Plans for a new Future Fund designed to support high-growth companies has been announced

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R&D repayment claims will not be offset against tax liabilities under deferral agreements
We contacted HMRC to ask how R&D repayment claims will be treated during the coronavirus outbreak

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Deferment extension to duty and import VAT payments
The payment of duty and import VAT due via duty deferment accounts on 15 April 2020 can be delayed

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Boost to digital services tax could help pay for PPE
We estimate that for every week of lockdown the yield of the new UK digital services tax will increase by £2.7 million

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Charities and Government support
There has been lack of clarity on tax and VAT payments on current Government measures that can support charities