Chancellor Rishi Sunak gave his "Summer Statement" yesterday setting out his ‘Plan for Jobs’ in an attempt to spur the UK’s recovery from the Coronavirus outbreak. The Chancellor’s plan is designed to support jobs by focussing on skills and young people, create jobs with investment in shovel-ready projects and greening our infrastructure, and protect jobs through a VAT cut for the hospitality sector and a landmark "Eat Out to Help Out" discount scheme for diners.
Throughout the pandemic Pierce have been working hard to assist our clients through these uncertain times, offering a broader support to help them deal with the impact of COVID-19. We spoke with Cecilia Phillips of Phillips Business Solutions to find out they have dealt with the effects of the pandemic and altered their strategy to make the most of a bad situation.
Although lockdown restrictions are beginning to lift many businesses will continue to be impacted by COVID-19. Moving online can have benefits for both the short and long term, particularly for businesses who depend on a physical location to operate from or their main customer base does.
HM Revenue & Customs have announced that after a brief hiatus, owing to the Coronavirus, they will be resuming investigations into business and personal taxes. Pressure will undoubtedly be applied on HMRC to deal with fraud and underpayments of tax as a matter of urgency.
Outside of the dreadful human cost, COVID-19 has brought immediate, dramatic and unprecedented challenges to the activity and outlook of the region’s businesses. Initial focus has rightly been crisis management, people and cost management, as well accessing central government support however there has been a discernible change in tone in recent weeks as to when and where the recovery will come.
HM Revenue & Customs have now updated their guidance on the Coronavirus Job Retention Scheme changes coming into effect from July 2020. The changes include the introduction of flexible furlough working and details of how employers will be required to contribute more towards furloughed employee costs.
The challenges caused by COVID-19 are far and wide and the impact on IT operations cannot be overstated, more so in businesses where the IT systems underpin customers’ services. We expect in the coming weeks organisations will begin to move focus from remote worker productivity to adapting to longer-term change in customer behaviour resulting in a surge in new digital initiatives.
On 5 June HMRC issued a notice stating that the introduction of the Domestic Reverse Charge VAT for Construction Services, which was due to be introduced on 1 October 2020, will now be delayed for the second time until 1 March 2021.
We are pleased to announce the appointment of Kevin Steven as a new director of corporate finance. Kevin has come on board to help our clients gain access to the right type of finance for them, he has fantastic experience both in traditional banking and alternative finance and has extensive experience in understanding what funders are looking for.