Following the Chancellor’s announcement of the VAT holiday Alison Horner, indirect tax partner at MHA MacIntyre Hudson, says companies still need to be wary of procedural pitfalls
“All businesses with a UK VAT registration are automatically eligible for the VAT deferral for return periods ending in February, March and April, and there is no need to apply to qualify. While this provides very welcome respite for many companies, with a revised payment deadline of March 2021, they must ensure they manage their cashflow appropriately over the next year to account for payment, and that of the upcoming tax year too. It is a deferral and the money owed will still need to be paid next year. Businesses that pay by direct debit should cancel this now – as HMRC will not automatically defer any payments made.
“Large businesses within the payments on account scheme appear to be able to defer
The Welsh government has announced a £500m Economic Resilience Fund, partly to help small businesses blighted by coronavirus.
The Economic Resilience Fund aims to plug gaps in the support schemes already announced by the UK government, including the Job Retention Scheme and the Self-Employed Income Support Scheme, which will guarantee 80 per cent of people’s wages and income.
The new £500m Economic Resilience Fund will support firms of all sizes, including social enterprises, with a focus on those which have not already benefited from the coronavirus business grants already announced by Welsh government.
The £500m Economic Resilience Fund is made up of two main elements:
A new £100m Development Bank of Wales fund will be available for companies experiencing cash flow problems as a result of the pandemic and will provide loans of between £5,000 and £250,000 at favourable interest rates
Concerns have been raised that eligibility criteria for the federal government’s $130 billion bailout plan for business is too restrictive and many businesses with spiralling revenue projections could miss out; and with parliament in recess, first payments are unlikely to be available until May at the earliest.
Prime Minister Scott Morrison yesterday announced an unprecedented stimulus package for businesses and not-for-profit operators affected by COVID-19, with wage subsidies of up to $1,500 a fortnight a centrepiece of the plan.
However, criteria that requires businesses to demonstrate that they have already experienced a 30 per cent drop in revenue to be eligible has been criticised for being too restrictive.
RSM director Tracey Dunn described the stimulus as fantastic and unprecedented, but told Business News the Treasury had not yet defined the test parameters around determining reductions in revenue, and how revenue would be defined.
Insider executive editor Pamela Engel has left the company to become lead breaking news editor for NBC News.
Engel joined Business Insider seven years ago. As Insider executive editor, she oversaw its global news teams.
She previously was politics editor and also the deputy editor overseeing politics and military/defense coverage. Engel was also a senior reporter covering politics, foreign policy, and national security. Before Business Insider, she worked for the Associated Press in Indianapolis.
She has also written for The Columbus Dispatch, the Scripps Howard news wire, and the New York Observer.
Almost half of HR professionals say enhanced employee engagement is the top strategic HR priority within their organisation today, with one in five saying that insights gleaned from employee engagement have a significant part to play in the future strategic direction of recruitment,
according to a recent independent study commissioned by live polling app technology company Vevox.
However, challenges remain in this area, with 50% of HR leaders citing perceived lack of development opportunities as one of the top two biggest organisational challenges when it comes to attracting and retaining staff.
In addition, the study also found that two-fifths of the survey sample use staff turnover rate as a key performance indicator of their internal communications strategy; and with a further 30% citing lack of employee recognition and reward as an engagement obstacle.
And with almost a third of polled HR professionals flagging increased employee retention (32%) and the