Jul 14 2020 Temporary reduced rate of VAT for hospitality and tourism sector Categories: COVID-19Food & DrinkLeisure In the Chancellor’s Summer Statement, it was announced that a targeted reduced rate of VAT would be introduced, aimed at some of the sectors hardest hit by COVID-19 – hospitality and tourism. Such supplies, currently standard rated at 20%, will be subject to VAT at 5%. The new rate will apply from Wednesday 15 July more
Jul 13 2020 Registration is open for the Eat Out to Help Out Scheme Categories: COVID-19Food & DrinkLeisure Chancellor, Rishi Sunak, announced the Eat Out to Help Out scheme during his Summer Economic Statement on 8 July. The scheme is intended to help food businesses by incentivising customers to eat at their restaurant or other “eat in” establishments by providing a discount which can then be claimed back from the government. Eligible businesses more
Jul 10 2020 Are you interested in diversifying your farming business? Categories: Agriculture With the nature of farming being unpredictable and often challenging, more farmers have considered diversifying their business. This could be in the form of renewable energy, holiday lets or even using farm waste to manufacture products. It’s important to consider how this will complement traditional farming practices, how the investment will be funded and the more
Jul 8 2020 Overview of announcements in the Summer Economic Statement Categories: COVID-19LeisureTaxation Chancellor, Rishi Sunak, delivered his Summer Economic Statement earlier today which was focused on economic recovery following the impact of coronavirus. He began by explaining that this second phase will be a £30bn “plan for jobs”, covering three key areas – Support to find jobs, Create jobs and Protect jobs. Please note that whilst most more
Jul 7 2020 How we’ve been supporting our clients, Arbuckle Poultry Ltd Categories: AgricultureCOVID-19Taxation At EQ, along with helping our clients access relevant funding and support, we have continued to provide our usual in-depth tax and business advice, delivering a variety of complex work to ensure our clients flourish. One of those clients is Arbuckle Poultry Ltd, a family run farming business that sits on the boundary between Angus, more
Jun 30 2020 Change to Entrepreneurs’ Relief – things just got BADR Categories: AgricultureCOVID-19 With the country’s attention focused on COVID-19, the change to Entrepreneurs’ Relief (ER) announced in the budget on 11 March has gone largely unnoticed. ER provided a reduced rate of Capital Gains Tax (CGT) on the sale of a business or interest in a business, with the normal rate of CGT being reduced from 20% more
Jun 29 2020 Our guide to help leisure businesses out of lockdown Categories: COVID-19Leisure On 24 June, First Minister Nicola Sturgeon confirmed that pubs, beer gardens, restaurants and other leisure businesses can open in July, with detailed guidance being provided. As members of various leisure associations including ASSC, BH&HPA and Scotland Food & Drink, we have been supporting our leisure sector clients and other members of these associations to make sure they are more
Jun 23 2020 HMRC updates guidance on Gift Aid Small Donations Scheme during COVID-19 Categories: CharitiesCOVID-19 Many churches are currently facing severe financial pressures as a direct result of COVID-19 as traditional income streams from lettings and face-to-face fundraising dry up. Concerns have been raised by the Charity Tax Group (CTG), which makes representation to the government on charity taxation issues, about the operation of the Gift Aid Small Donations Scheme more