Stamp duty temporarily reduced

Jul 08, 2020

Chancellor Rishi Sunak announced a temporary cut in the rate of Stamp Duty Land Tax (SDLT) in order to boost confidence in the flagging housing market in his Summer Economic Update.

Property transactions fell by 50% in May this year and house prices have fallen for the first time in eight years. In response, the government will temporarily increase the nil-rate band of residential SDLT in…

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Flexible furloughing starts on job retention scheme

Jul 08, 2020

On 1 July, changes to the Coronavirus Job Retention Scheme (CJRS) saw flexible furloughing introduced, so employees will no longer have to be furloughed for a minimum period of three weeks.

Following the change the CJRS has more flexibility to allow claims on a pro rata basis. Employers will be able to permit employees to work some of the week and be furloughed for the rest.

An employee…

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Government expands aid for start-ups and innovators

Jul 08, 2020

The government has expanded its COVID-19 support for start-ups and innovative companies with the launch of a new fund.

On 27 June the government announced the Sustainable Innovation Fund (SIF), which is aimed at helping businesses to keep 'cutting edge' projects and ideas alive during the pandemic.

The SIF will make almost £200 million available to UK companies that are developing…

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Bank of England increases stimulus package for UK economy

Jul 08, 2020

On 18 June, the Bank of England increased the stock of purchases of UK government bonds by an additional £100 billion to help boost the UK economy following the coronavirus (COVID-19) pandemic.The £100 billion in additional quantitative easing funds takes the total to £745 billion.

The MPC also voted to cut the cost of borrowing to a record low of 0.1%. The Committee admitted it is 'hard…

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FCA confirms further support for consumer credit customers

Jul 08, 2020

The Financial Conduct Authority (FCA) has confirmed further support for users of certain consumer credit products if they are experiencing temporary payment difficulties due to the coronavirus pandemic.

The measures outline the options firms will provide for credit card, revolving credit and personal loan customers who are coming to the end of a payment freeze. They also outline options…

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Private sector off-payroll reforms given go ahead for April 2021

Jul 08, 2020

The introduction of off-payroll rules to the private sector will go ahead as planned next April after an attempt to delay them failed in the House of Commons.

The reforms of the off-payroll rules to the private sector, which are known as IR35 and have applied to the public sector since 2017, was reviewed earlier this year.

They will shift the responsibility for assessing employment…

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Late payment crisis has worsened during coronavirus lockdown

Jul 08, 2020

The Federation of Small Businesses (FSB) has found that the UK's late payment crisis has worsened during the coronavirus (COVID-19) lockdown.

62% of small businesses have been subject to late or frozen payments during the COVID-19 pandemic, according to research carried out by the FSB. Just 10% of small firms have agreed changes to payment terms with their clients. In addition, 65% of small…

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Phased re-opening of our offices

Jun 16, 2020

With lockdown measures beginning to ease, the team at Armstrongs have been busy preparing for the phased re-opening of our offices.

While ‘normal’ working arrangements are still a long way off; we are delighted to have moved into Phase 1 of our office reopening plan.

Our Coventry office is now operating with a skeleton staff. The office remains closed to the public, but clients and…

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Armstrongs expands into Hinckley

Jun 08, 2020

New Hinckley Office for Armstrongs

We are pleased to announce that following a merger with Hinckley-based accountancy firm Lester & Co, Armstrongs has expanded into Leicestershire. 

The new practice, Armstrongs Lester & Co, is located on Station Road in the town centre and will service clients across Hinckley and the surrounding area.

Mark and Michael Lester, who have run…

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