HMRC
This coverage examines HMRC’s impact on the UK retail sector, focusing on tax policies, regulatory changes, compliance requirements, and enforcement actions. Reporting highlights how HMRC decisions affect retail operations, financial planning, and workforce management, providing insights for executives, finance managers, and professionals navigating fiscal and legal obligations in the retail industry.
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Apr- 2020 -6 AprilCoronavirus Featured Content
VAT Deferral – What if I can’t get to the office?
The VAT deferral scheme is automatic but this fact has lulled some businesses into thinking they don’t need to complete a VAT return. It’s easy to think this is no longer necessary, especially as the national shutdown means many businesses can’t physically get to their offices, or have furloughed the…
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Mar- 2020 -27 MarchCoronavirus
What we know about furlough leave and the CJRS
HMRC published details of the Coronavirus Job Retention Scheme (CJRS) on 26.3.20 which are available here: https://www.gov.uk/guidance/claim-for-wage-costs-through-the-coronavirus-job-retention-scheme Key points include: Employees that employers can claim CJRS for For the purposes of CJRS, the definition of employee would include workers and agency workers provided they are subject to PAYE i.e. this…
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24 MarchCoronavirus
Covid-19: Debenhams, Ted Baker and The Works latest to close stores
Debenhams, Ted Baker and The Works are some of the latest retailers to close stores amid the coronavirus pandemic sweeping the UK. Debenhams said it took the “tough decision” to close stores yesterday evening as a result of the current circumstances, but hopes to reopen as soon as it is…
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24 MarchBusiness Bites
The furloughs and loans are useless to small businesses
The small business community has been watching with great hope to see if the government will introduce measures that are useful for them to survive this period. Alas, those announced are absolutely useless for small companies, which make up an extremely significant portion of the UK economy. Coronavirus Business Interruption…
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24 MarchCoronavirus
Coronavirus Job Retention Scheme – Advice for employers
Nigel Morris, tax director at MHA MacIntyre Hudson explains how employers can access the Job Retention Scheme (JRS) to continue paying 80% of the salary for employees that would otherwise have been laid off or made redundant, the practical next steps and potential complications of the scheme. Key points include:…
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23 MarchClothing & Shoes
N Brown reveals measures to mitigate ‘sudden reduction’ in demand
N Brown Group has revealed a series of measures it has undertaken to help mitigate the “significant and sudden reduction” in demand it has experienced amid the coronavirus outbreak. In a trading update this morning (23 March), the group said that trading for the first two weeks of the financial…
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13 MarchEconomy
Government to introduce 2% digital services tax
The UK Government has confirmed plans to introduce a new 2% tax on the revenues of online marketplaces which “derive value from UK users”, starting 1 April 2020. The new tax also applies to search engines and social media services, and these businesses will be liable to the tax when…
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Feb- 2020 -10 FebruaryGovernment
HMRC yields £16 from small businesses for every £1 spent on staff
HMRC’s investigations into individuals and small businesses produced a yield of approximately £16 for every £1 spent on staff last year, according to research by international law firm Pinsent Masons. The firm said the “huge” return on investment in staff outweighs returns seen by other private sector businesses. Whilst HMRC’s…
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Dec- 2019 -3 DecemberEconomy
Outstanding business rates challenges increase by 35%
The number of businesses waiting for challenges over soaring business rates to be resolved has jumped by more than a third in just three months, according to new figures issued by HM Revenue & Customs (HMRC). The figures revealed the number of outstanding challenges has increased by 35% fuelling concerns…
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Oct- 2019 -7 OctoberHigh Street
Ex-BHS owner Dominic Chappell denies tax fraud
The former owner of BHS Dominic Chappell has denied he avoided paying £500,000 in tax. Chapell pleaded not guilty to three charges of tax evasion at Southwark Crown Court. The charges allege that he failed to register his former finance company Swiss Rock for taxes from the correct date, gave…
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