The Chancellor Rishi Sunak today set out a ‘Plan for Jobs’ that will spur the UK’s recovery from the Coronavirus outbreak.
Full details: https://www.gov.uk/government/news/rishis-plan-for-jobs-will-help-britai...
The Public Accounts Committee (PAC) has opened an inquiry into the UK's management of £155 billion of tax relief.
The inquiry follows the February publication of a National Audit Office (NAO) report that identified over 300 such tax interventions, totalling £155 billion per year.
The NAO raised concerns about the effectiveness of management of tax expenditures by the Treasury and HMRC.
The UK government published its plans for a new import tariff regime following the end of the Brexit transition period.
Following its departure from the EU, the UK has the ability to set its own rules and charges.
The scheme includes the abolition of tariffs on imports worth over £30 billion, although economists say the impact on the cost of living will be small.
The government is making changes to insolvency and company law as a result of the COVID-19 pandemic.
The Corporate Insolvency and Governance Bill outlines that struggling companies will be given extra time to consider rescue plans presented to them. As part of the changes, companies will have 20 business days to consider a rescue plan, which can be extended to 40 days at the discretion of creditors or the Court.
On 20 May 2020, the government launched its Future Fund package, which aims to support start-up businesses not eligible for other COVID-19 rescue measures.
The Future Fund offers government loans of between £125,000 and £5 million to UK-incorporated companies, provided private investors at least match the funding supplied by the state.
From 1 July, employers can bring back to work employees that have previously been furloughed for any amount of time and any shift pattern, while still being able to claim the Coronavirus Job Retention Scheme grant for their normal hours not worked. When claiming the grant for furloughed hours employers will need to report and claim for a minimum period of a week.
The introduction of the domestic reverse charge for construction services will be delayed from 1 October 2020 until 1 March 2021 due to the impact of the coronavirus on the construction sector.
Employers will be able to make claims through the Coronavirus Statutory Sick Pay Rebate Scheme from 26 May.
The Future Fund will provide government loans to UK-based companies ranging from £125,000 to £5 million, subject to at least equal match funding from private investors.
The government’s Coronavirus Job Retention Scheme will remain open until the end of October, the Chancellor announced today (Tuesday 12 May 2020).
Internet link: https://www.gov.uk/government/news/chancellor-extends-furlough-scheme-un...