Coronavirus: Workers offered regular COVID-19 tests will not face increased tax bill, Treasury confirms | Politics News

Workers offered regular coronavirus tests by their employers will not face an increased tax bill, the Treasury has confirmed.

The move comes after former cabinet minister Mel Stride, now the chair of the House of Commons Treasury committee, wrote to Chancellor Rishi Sunak to urge him to look into the matter.

Mr Stride noted how HMRC guidance published earlier this week stated that COVID-19 testing kits – or tests carried out by a third party – which have been purchased by employers for their staff are treated as a taxable benefit in kind on the employee.

Image:
Chancellor Rishi Sunak has been urged to ‘look into this matter as soon as possible’

The Tory MP warned many key workers could be faced with the “perverse incentive of avoiding employer-sponsored tests in order to reduce their tax bill”.

The Treasury has now confirmed to Sky News that it will introduce an

Read More

Coronavirus: The seven things to watch out for in Sunak’s stimulus statement | Business News

Over the past few months millions of us have been directly affected by the unprecedented coronavirus support schemes unleashed by the Treasury.

Now, as the COVID-19 lockdown is eased and Britain attempts to return to some form of normality, Number 11 is preparing another round of measures to stimulate the economy. So what should we expect and look out for from the Chancellor? Here are seven key things to bear in mind.

:: It is not a ‘fiscal event’







What the IFS expects in Sunak statement

The Treasury is very keen to emphasise this point – perhaps because speculation has grown and grown about the scale of the thing.

In the past couple of weeks there have been all sorts of stories about possible measures in the papers – everything from VAT cuts to stamp duty holidays.

Now, it’s not out of the question we get some measures along those

Read More

Coronavirus: Workers offered regular COVID-19 tests ‘face mounting tax bill’, chancellor told | Politics News

Workers offered regular coronavirus tests by their employers could face a mounting tax bill, a senior MP has warned.

Former cabinet minister Mel Stride, now the chair of the House of Commons Treasury committee, has written to Chancellor Rishi Sunak to urge him to look into the matter.

Mr Stride noted how HMRC guidance published this week states that COVID-19 testing kits – or tests carried out by a third party – which have been purchased by employers for their staff are treated as a taxable benefit in kind on the employee.

Image:
Chancellor Rishi Sunak has been urged to ‘look into this matter as soon as possible’

The Tory MP warned many key workers could be faced with the “perverse incentive of avoiding employer-sponsored tests in order to reduce their tax bill”.

Benefits in kind are benefits that employees receive from their employers that are not included in their

Read More

Coronavirus: Shopping trips still 50% down as pub reopenings fail to deliver boost | Business News

UK shopping visits are still only at half the level of last year and the reopening of pubs and cafes failed to deliver a hoped-for boost, according to industry figures.

Footfall was down 49.6% for the week ending 4 July compared to the same week a year ago, the British Retail Consortium (BRC) said.

The BRC said the recovery from lockdown was behind that seen in Europe and called for the chancellor to announce measures to boost consumer demand or risk the country becoming an “economic laggard”.







Huge queues as England’s shops reopen

Separate data from Barclaycard showed the latest easing of restrictions helped the number of transactions on hospitality, leisure and entertainment over the weekend of the 4-5 July grow by 19% compared to the previous weekend – but they were still 45% lower than a year ago.

The latest BRC figures marked the third week since shops reopened

Read More