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The Corporate Insolvency and Governance Act 2020 (the Act) received Royal Assent, with most provisions coming into force on 26 June 2020. The Act addresses numerous issues arising for businesses from the COVID-19 pandemic to give distressed businesses the breathing space they need to get advice and seek a rescue Some of the key provisions of the Act are as follows: introduces temporary easements for Annual General Meetings (AGMs) and filing requirements for public limited companies (PLCs) introduces new corporate restructuring tools to the insolvency regime to give companies the time they need to maximise their chance of survival temporarily
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There are business sectors that have not yet been given permission to reopen in England. There has been no indication given as to when these businesses will be able to reopen. Government guidance lists the following businesses that currently need to remain closed, as government assessment suggest that they cannot yet be made sufficiently COVID-19 Secure: nightclubs casinos bowling alleys and indoor skating rinks indoor play areas including soft-play spas nail bars, beauty salons and tanning salons massage, tattoo and piercing parlours indoor fitness and dance studios, and indoor gyms and sports venues/facilities swimming pools and water parks exhibition or
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The government’s Finance Bill 2020 (formally known as Finance Bill 2019-21) has now completed its passage through the House of Commons and the 1st reading at the House of Lords took place on 2 July 2020. This stage is a formality that signals the start of the Bill's journey through the Lords. The date for the 2nd reading of the Bill, where a general debate on all aspects of the Bill will take place has not yet been announced. The Bill is known as a 'Money Bill' which means that the further stages of the Bill namely, the committee stage,
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Businesses can close a VAT registration for two main reasons. For example, the business has stopped making taxable supplies or a voluntary deregistration can be made by businesses that does not expect its taxable turnover to exceed the deregistration limit. The current deregistration limit is £83,000. A business that deregisters will be required to submit a final VAT Return for the period up to and including the VAT deregistration date. Regardless of the reason for deregistration, businesses remain eligible to reclaim input tax relating to the time when the business was VAT registered after the final VAT return has been submitted.
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Acas has published a process map for employers who are having to consider making redundancies due to coronavirus. The interactive tool has been designed to help employers better understand redundancy processes, required steps and good practice when engaging with employees. It also provides details of options and alternatives to making redundancies and prompts employers to consider further support they can provide to their staff. The tool simply provides an overview of the steps and processes involved, but it does link to more detailed Acas guidance and information on managing staff redundancies. As part of ensuring a redundancy process is both