Preparation of financial statements & legislation compliance.
- No tax announcements, although the Chancellor noted that “we have a responsibility … to return to a sustainable fiscal position”.
- Government borrowing projected to be £394 billion in 2020/21 before stabilising at around £100 billion from 2023/24 onwards. Total debt to remain over 100% of GDP.
- The Office for Budget Responsibility (OBR) says that “a fiscal adjustment of £27 billion” will be needed as a minimum in the medium term.
- New UK Infrastructure Bank to be established in the north of England to start work in spring 2021.
- Public sector pay to be frozen for a year, other than for NHS employees and those earning less than £24,000 a year.
- National Living Wage to increase by 2.2% to £8.91 an hour from April 2021 and the minimum age at which it applies is reduced to 23.
- Overseas aid to be cut from 0.7% of GDP to 0.5% in 2021.
Full details are available by downloading the attached file Spending_Review_2020.pdf
What does this involve?
The Scottish Government has announced £40 million in funding for businesses and employees in Scotland affected by the temporary coronavirus (COVID-19) brake restrictions that came into effect from 9 October 2020.
The support funds will be administered by local authorities, providing one-off grants to hospitality and other businesses required to close by the brake restrictions regulations. Applications open on 20 October 2020
Click here to see full details and application procedures
Winter Economy Plan – 24 September 2020 HIGHLIGHTS
• A new Job Support Scheme, primarily targeted at small and medium employers, will be introduced covering employees who work at least one third of their normal hours
• The Chancellor confirmed that the furlough scheme will end on 31 October.
• The Self-Employment Income Support Scheme (SEISS) will be extended to April 2021, with a revised basis.
• The closure date for the four existing business loan schemes will be extended to the end of November.
• Repayment terms for the Coronavirus Business Interruption Loan Scheme (CBILS) and Bounce Back Loans (BBLS) will be relaxed, with the maximum term extended to 10 years.
• The reduction in VAT to 5% for the hospitality and tourism industries will be extended to 31 March 2021.
• The deferred VAT and self-assessment payments due early next year can be repayable in instalments rather than as a lump sum.
Our full brief can be downloaded by clicking winter economy plan.pdf
The office is pleased to announce that as of 1 September 2020 Barry has become a partner in the business.
To reflect this our name is changing to Cunningham Grant Chartered Accountants
We will be changing our website, email, note paper and signage over the next few weeks.
There is no change to our addresses or phone numbers.
In ‘normal’ times we would have a get together at both offices to celebrate this good news but this is not possible in the current circumstances. Instead we are going to do an office calendar this year and will be sending you a copy later in the year.
We are sure you will agree this appointment is well earned and a good move to ensure the long term future of the business