COVID-19 GOVERNMENT SUPPORT NEWS
Below is our weekly roundup of changes to government support information for businesses.
Brexit New
The UK and the EU continue to discuss the recent problems surrounding the implementation of the new #trading #rules for #Northern #Ireland.
THE ECONOMY
This week we have seen some gloomy #economic #figures showing that the UK suffered a record annual slump in 2020. Last year the #economy shrank by nearly 10% as #coronavirus restrictions hit output, stated the Office for National Statistics (ONS).
THE NEW VAT RULES FOR CONSTRUCTION SECTOR START ON 1 MARCH 2021
New VAT rules are due to come into effect this March which will impact on accounting for VAT for transactions in the construction sector. The new rules are called “the domestic reverse charge for supplies of building and construction services”.
Brexit and Other New Year Update
The transition period for the UK leaving the EU has ended. The EU and UK have struck a trade deal, and this has been ratified by the UK Parliament so from 1 January we are trading with the EU quota and tariff “free”. There are new Customs regulations and VAT requirements to get to grips with, but we have every confidence once we get used to the new systems, imports and exports will continue to flow.
Further Support for “Non-Essential” Businesses Announced
This morning it’s been announced that retail, hospitality and leisure businesses will be entitled to extra coronavirus support. What details are available?