Sirius News Bulletin - 20th November 2020
This bulletin provides a summary of topical news, announcements and policy developments affecting business across the UK.
Tax and reliefs
Cap on R&D tax relief
HM Treasury has confirmed that a cap will be introduced on research and development (R&D) tax relief from April 2021. Claims for a payable credit below £20,000 will not be affected by the cap.
Read more about the relief at: www.gov.uk/government/consultations/preventing-abuse-of-the-rd-tax-relief-for-smes-second-consultation
Government extends £1m Annual Investment Allowance
Businesses can continue to claim up to £1 million in same-year tax relief through the Annual Investment Allowance until 1 January 2022. The extension of the temporary £1 million cap was originally due to revert to £200,000 on 1 January 2021.
Read more about the extension at: www.gov.uk/government/news/government-extends-1-million-tax-break-to-stimulate-investment-in-uk manufacturing
Capital gains tax under review
A report by the Office ofTax Simplification has identified a number of ways to simplify capital gains tax.
Read more about the report at: www.gov.uk/government/publications/ots-capital-gains-tax-review-simplifying-by-design
Making Tax Digital for corporation tax
HMRC has launched a consultation looking into how the principles in place for Making Tax Digital could be implemented for corporation tax.
Read more about the consultation at: www.gov.uk/government/consultations/making-tax-digital-for-corporation-tax
Changes to CIS announced
HMRC has announced changes to the Construction Industry Scheme (CIS), which will come into force from 6 April 2021.
Government issues guidance on post-Brexit procurement
From 1 January 2021, procurement notices from public sector buyers will be published on the Find a Tender e-notification service. The Government has published guidance for public sector organisations about how to use the service.
Read more about the Find a Tender service at: www.computerweekly.com/news/252492120/Government-issues-guidance-on-post-Brexit-procurement
Brexit preparation could cost automotive industry over £735m
A survey from the Society of Motor Manufacturers and Traders has revealed that the UK automotive sector spent over £735 million preparing for Brexit, with more than £235 million spent in 2020 alone.
Read more about the survey at: www.alphabet.com/en-gb/auto-digest/uk-auto-counts-ps735-million-cost-brexit-preparation-final-plea-zero tariff-trade-deal?
Agriculture Bill passed into law
The Agriculture Bill has received royal assent and been passed into UK law. The Bill sets out how farmers and land managers in England will be rewarded in the future with public money for ‘public goods’.
Read more about the Bill at: www.fwi.eo.uk/news/eu-referendum/landmark-moment-as-agriculture-bill-passed-into-law
Updated rules for farm workers arriving in England
Defra has announced temporary measures to allow seasonal poultry workers arriving in England to work during the 14-day quarantine period. Workers will still have to self-isolate from the general public.
Read more about the measures at: www.gov.uk/government/news/updated-rules-for-farm-workers-arriving-in-england
Farmers advised to sign up to Brexit Trader Support Service
Farmers who move goods into andout of Northern Ireland from Great Britain, or bring goods into Northern Ireland from outside the UK, have been advised to register for the Brexit Trader Support
Read more about the service at: www.fwi.co.uk/news/farm-policy/farmers-advised-to-sign-up-to-brexit-trader-support-service
Just one in six councils have on-street EV charge points
Research carried out by the AA has revealed that just one in six local authorities in England have installed on-street charge points in residential areas.
Read more about the research at: www.alphabet.com/en-gb/auto-digest/electric-avenues-just-one-six-councils-have-street-ev-charge-points-aa?
Green jobs taskforce announced
The Department for Business has launched a new Green Jobs Taskforce to support the creation of 2 million skilled jobs. The taskforce will set out plans to create new long-term green jobs by 2030.
Read more about the taskforce at: www.gov.uk/government/news/uk-government-launches-taskforce-to-support-drive-for-2-million-green-jobs by-2030
Funding to support green jobs
Defra has announced £40 million of additional investment for the Green Recovery Challenge Fund. The funding will be awarded to environmental charities to help create and retain thousands of jobs and restore the natural environment in England.
Read more about the fund at: http://www.gov.uk/government/news/new-national-parks-and-thousands-of-green-jobs-under-plans-to-build back-greener
Guidance for Scottish retailers published
The Scottish Government has published guidance explaining retail closures under its five-tier Covid alert system. The guidance outlines how retailers can operate under each tier.
Read more about the guidance at: https://bira.co.uk/ guidance-retailers-scotland/
Government failed to ensure gig workers’ health and safety
The High Court has ruled that gig economy workers, such as delivery drivers and taxi drivers, should have the same rights to personal protective equipment as employees.
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