Call us on 01792 466 428
Book a FREE Consulation

Archive:October 2020

Please find below all the articles from October 2020.

VAT: changes to accounting methods used by opticians and sellers of hearing aids

HMRC have published Brief 14 (2020), which covers changes to the methods used by opticians and sellers of hearing aids to account for VAT on their supplies. The changes take effect from 1 October 2020.

Broadly, opticians that dispense spectacles or contact lenses to their customers are treated as making two supplies for VAT purposes – the spectacles or lenses themselves, which are taxable at the standard rate, and a supply of dispensing services, which is exempt from VAT. Similarly, dispensers of hearing aids make a taxable supply of…

Read More

Can I get a Customs grant?

Businesses need to prepare ahead of new Customs procedures coming into play in 2021 when the Brexit transition period ends. The Government has made funding available in the form of a grant to help businesses get ready.

Who can apply?

To qualify for a grant a business must:

– have been established in the UK for at least 12 months before the submission of the application and when the grant is paid; and
– not have previously failed to meet its tax obligations.

In addition, the businesses must meet one of the following…

Read More

Kickstart for employers

Under the new Kickstart programme, the Government hopes to create roles for as many as 250,000 young people who are currently receiving Universal Credit (UC).

Initially announced in the July Economic statement, the details of the scheme have now been published and the first placements should be available from November.

Kickstart allows employers to receive funding for six-month work placements for 16 to 24-year-olds currently receiving UC, who are seen to be among the most vulnerable to unemployment.

Applications for funding must be for new jobs – with the funding conditional…

Read More

Covid-19: Government unveils winter economy plan

Chancellor Rishi Sunak has unveiled the Government’s winter economy plan, providing an update on current coronavirus support measures for individuals and businesses, and announcing the launch of a new Job Support Scheme.

Key points of the statement include:

– the Coronavirus Job Retention Scheme (CJRS) will end as planned on 31 October 2020;
– a new Job Support Scheme will provide funding for employers who are able to retain employees but on shorter hours. The scheme will initially run for six months from November;
– the temporary reduced (5%) rate of VAT…

Read More