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Treasury announces it will regulate some forms of cryptocurrency
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The Treasury has announced that it plans to recognise stablecoins as a valid form of payment as part of a wider government initiative to 'make Britain a global hub for cryptoasset technology and investment'. The Treasury defines 'stablecoin' as 'a form of cryptoasset that is typically pegged to a fiat currency such as the dollar and is intended to maintain a stable value'. | | | |
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Export growth is 'stagnant', BCC finds
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Data published by the British Chambers of Commerce (BCC) shows that UK export growth has been effectively stagnant for the past year. The BCC's quarterly Trade Confidence Outlook revealed that the proportion of exporters reporting increased overseas sales was 29%, whilst 25% reported a decrease. | |
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| Government inaction on long COVID could cost billion | |
There are now more than a million workers missing from the workforce compared to pre-pandemic figures, according to a report published by the IPPR think tank. About 400,000 of these are no longer working because of health factors relating to the pandemic, including long Covid, according to the IPPR. . | | | |
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UK government unveils energy strategy | |
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Up to eight more nuclear reactors could be delivered to existing sites as part of the UK's new energy strategy.The plan, which aims to boost UK energy independence and tackle rising prices, also includes plans to increase wind, hydrogen and solar production.Under the government's new plans, up to 95% of the UK's electricity could come from low-carbon sources by 2030. | |
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New HMRC one-stop online shop provides taxpayers with tax relief information | |
HMRC has launched a new one-stop online shop designed to provide taxpayers with information on the tax reliefs and financial help available from HMRC. In a new section of the GOV.UK website, HMRC has listed financial support available to ensure individuals are not missing out. | | | |
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Latest guidance for employers | |
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HMRC has published the latest issue of the Employer Bulletin. The April issue has information on various topics which can be found in the 'read more' link below. Small businesses are being invited to share their views of the tax system through the Tell ABAB 2022 survey. | |
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| HMRC names avoidance scheme promoters for first time | |
HMRC has named two tax avoidance schemes and their promoters for the first time, advising anyone involved to withdraw from them as soon as possible to prevent the build up of large tax bills. Both schemes involve individuals working as contractors agreeing to an employment contract under which they are paid the National Minimum Wage (NMW). The balance of their wage is paid as a loan to try to avoid national insurance and income tax. | | | |
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Webinar: VAT for Equestrian Businesses - Livery & Riding Schools | |
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There are a couple of common questions we are asked and there is often confusion about the correct VAT treatment of these two activities. Is livery VAT exempt? or Are horse riding lessons VAT exempt?
This webinar will answer these questions and provide clarity as to the correct VAT treatment.
Key topics: - Basic livery
- Specialist yards
- Riding schools
Date: Wednesday 9th June 2022 Time: 10.00am Venue: Your desk (Zoom) | |
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James Cowper Kreston is a leading firm of accountants and business advisers, with offices across the South of England. We deliver focused, innovative advice to a diverse range of businesses and individuals helping our clients to maximise their potential. If you would like to discuss any of the topics raised within this newsletter please email us on info@jamescowperkreston.co.uk or call us on 01635 35255. James Cowper Kreston | |
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The information in this newsletter must not be relied on as giving sufficient advice in any specific case.
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