March 2021 – The Budget
The Chancellor of the Exchequer presented his Budget to Parliament on Wednesday 3 March 2021.
In a Budget which ‘meets the moment’, the Chancellor has set out a £65 billion three-point plan to provide support for jobs and businesses as we emerge from the pandemic and forge a path to recovery.
The three-point plan to protect jobs and strengthen public finances includes:
- billions to support businesses and families through the pandemic
- investment-led recovery as UK emerges from lockdown
- future changes to strengthen public finances
Chancellor Rishi Sunak said his immediate priority continues to be supporting those hardest hit, with extensions to furlough, self-employed support, business grants, loans and VAT cuts – bringing total fiscal support to over £407 billion.
He also set out plans to drive jobs, growth and investment to help the economy rebound and spoke honestly about the tough choices required to put the public finances on a more sustainable path.
Click on the image below to find out more.
November 2020 Update
In light of the increased restrictions needed to curb the coronavirus pandemic, the UK government is introducing additional economic measures to support you and your employees.
Latest changes that may impact you
The Coronavirus Job Retention Scheme (CJRS), which was due to end on 31 October, will now be extended, with the UK government paying 80% of wages for the hours furloughed employees do not work, up to a cap of £2,500 for periods from 1 November.
You will need to pay all employer National Insurance Contributions (NICs) and pension contributions. You can choose to top up your furloughed employees’ wages beyond the 80% paid by the UK government for hours not worked, but you are not required to do so.
There will be no gap in support between the previously announced end date of CJRS and this extension.
For more information, go to GOV.UK and search ‘furlough scheme extended’.
October 2020: COVID-19 accounting implications
The coronavirus (COVID-19) pandemic has developed rapidly in 2020. Measures taken to contain the virus have affected economic activity, which in turn has implications for financial reporting. The implications include not only the measurement of assets and liabilities but also disclosure and possibly an entity’s ability to continue as a going concern.
Click here to listen to the PwC podcast series for accounting updates on COVID-19.
Moracle has been adapting to the new business environment brought upon by the ongoing coronavirus pandemic.
COVID-19 has had a significant impact on global financial markets and continues to cause unprecedented upheaval to all aspects of our lives.
Our team have been working remotely in recent months and have successfully adapted to this new working environment. We are committed to not only continuing our regular service, but also embracing the new opportunities and challenges that the coronavirus pandemic has provided.
We continue to strive towards the highest degree of professionalism and service towards all of our clients and will continue to serve their needs to the best of our ability.
This is a challenging time for us all, but our clients can be assured of our continuing support and we wish you and your family the very best throughout this testing period.