VAT Holiday – Still a need for caution to ensure the procedure is followed

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

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Spotlight falls on employee engagement to improve recruitment & retention

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

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The winners & losers of the Government’s self-employed support package

There are winners and losers in the Government’s self-employment income support proposals.

Heather Self, a partner at tax advisory firm Blick Rothenberg said: “The Government and HMRC have worked incredibly hard to get something out which will help the majority but there will be some losers.”

“Support of up to £2500 a month for an initial 3 months, with the possibility of an extension, issimilar to the support for employees through the Job Retention Scheme – but with more flexibility as the self-employed don’t have to stop work completely.”

She added: “The cut off at £50k is understandable – some of the most highly-paid will not need this support – but some will be hit hard.”

  • A family with one earner on £51000 will get nothing, whereas one with two earners on £49000 each will get two lots of full support
  • Someone with a mix of self-employed and earned income
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Esports media rights could surge due to coronavirus

The coronavirus outbreak has had a significant impact on esports, one of the fastest-growing areas of the gaming sector.

Dozens of esports tournaments have been cancelled, with many more postponed indefinitely, and events scheduled to be held in stadiums are being moved online to mitigate the spread of the disease, says GlobalData, a leading data and analytics company.

Rupantar Guha, Senior Analyst of Thematic Research at GlobalData, comments: “With the industry’s shift to online formats, brands are expected to allocate spending on both online and out-of-home ads, with the former being the primary channel because of its greater security in times of uncertainty. Out-of-home ad spend will decrease in 2020. Streaming platforms stand to benefit from this, while organizers will see their ad revenues fall significantly.

“As a result, the value of media rights that streaming platforms buy from organizers could potentially surge in the coming years, pushing streaming platforms

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I’m ready to expand my business

One of the most important things a business can do is create a business plan.

This acts as a guideline throughout the business’s navigation of the market and can be a benchmark to measure success against.

It is also something worth doing regularly, to constantly reassess where you are. Often, business plans will talk about expanding the business. But, while custom may be good and your business may be operating at full capacity, the ability to expand doesn’t necessarily match the feasibility of being able to do so. So, how can businesses expand when the time is right?

Seek Investment

Some businesses manage to gain outside investment. Smaller businesses are often able to bring on more people as partners – it could be ex-colleagues or even friends who have waited to see how successful your business is before committing. Sometimes, businesses will approach angel investors, who invest their own money

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