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It seems that HMRC's chief executive Jim Harra has beaten me to it in his criticism of some of the Chancellor's new Summer Economic Update giveaways. We are in a time of extremes. On one hand there are people who have suffered virtually no negative financial effects due to lockdown, while on the other, there are people whose livelihoods have suffered so badly that they may not recover for many years. The burning question is how to target government aid and stimulute our shrunken economy.
Chancellor of the Exchequer, Rishi Sunak, made his Summer economic update on Wednesday 8 July 2020. We outline his new measures designed to assist in reviving jobs and the economy following the outbreak of the Coronavirus. With predictions that the world will suffer its worst-ever economic recession, the Chancellor anticipates that the UK's economy has shrunk by 25%.
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There are definitely signs that some elements of life are returning to normal although I do keep thinking of the scene in the film 'Joker' where Arthur says to his social worker "Is it me or is it getting crazier out there?" Everyday brings some new unexpected news. We have picked out the SME highlights for this week and we have updated some of our guides for those businesses that are now allowed to reopen and we feature a series of guides for those who are keen to invest in a new future.
Companies House has announced that it will now automatically extend the deadlines for certain key statutory filing events, such as the filing of company accounts. This is a temporary measure on account of the Coronavirus outbreak.
Despite the COVID-19 lockdown continuing into July, it looks like being a busy month for businesses and their accountants with a long list of things to do before the end of the month.
HMRC have been contacting individuals with disguised remuneration loans to see if they wish to conclude settlement of their tax liabilities ahead of the loan charge deadline of 30 September 2020.
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