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Is your business eligible to claim support under Government Covid and business recovery support schemes?
Is your business eligible to claim support under Government Covid and business recovery support schemes?
Government’s around the world have acted to help support individuals and businesses to get through to Covid pandemic. Mazars Covid-19 global tax and law tracker provides an overview of the measures different jurisdictions have put in place and there is a range of information and webinars at the above link. In this article we focus on support available in the US, Ireland and the UK.
United States
The US has recently signed into law its ‘American Rescue Plan’. Amongst other things for businesses that have experienced full or partial suspension of operations as a result of Government orders, the ability to claim a refundable credit of $7,000 per employee per quarter has been extended from 30 June 2021 to the whole of 2021. Further details on this and other measures in the $1.9 trillion US package can be found here, along with our US contacts.
Ireland
Ireland has a range of support available (see here). One of its schemes aimed at assisting SMEs, the Covid Restrictions Support Scheme, was originally set to expire on 31 March 2021, but is now expected to be available until 30 June 2021. The scheme enables qualifying businesses to claim up to €5,000 per week depending on turnover. Further background on the scheme and a link to contacts in our Irish office can be found here.
UK
The UK Budget on 3 March announced a number of further Covid support measures for business, including: an extension to the end of September 2021 to its furlough scheme which offers Government support for up to 80% of qualifying employee costs; restart grants of up to £6,000 for non-essential businesses and £18,000 for those in the hospitality and leisure sector; reduction in business rates to March 2022; reduced VAT rates in the hospitality, accommodation and leisure sector extended to 31 March 2022. For further detail on the measures and a note of contacts in our UK office, please see here.
UK Spring Budget 2024
The UK Spring Budget on 6 March 2024 was relatively measured in its tax policy decisions, despite a background of falling inflation and rising tax receipts. Below are some areas of interest for globally mobile individuals, those with UK staff, and those with business and investment interests. Main measures affecting individuals Main measures affecting those […]
Polish Deal’s tax complexity and worsening economic conditions force revisions
A package of significant tax legislation changes came into force in Poland with effect from 1 January 2022. Dubbed the Polish Deal, these changes were intended to ‘tighten up the tax system’ and deliver a more progressive tax framework. However, they primarily involved a greater burden on a large number of taxpayers, which has subsequently […]
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Estate, gift and trust tax considerations for US domiciliaries and non-residents
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A new tax treaty between France and Belgium: Transfer of tax residence and sale of shares
The currently applicable double tax treaty between France and Belgium was concluded in 1964 and then amended many times until 2009. After several years of negotiations, Belgium and France finally signed a new double tax treaty (hereafter, the “new Treaty”). The 1964 Treaty remains applicable until the new Treaty has been ratified by the French […]
New double tax treaty between France and Belgium: nothing is set in stone for French real estate
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New tax rules in Luxembourg impacting cross-border workers and PEPPs
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Criminalisation of tax litigation in France
Many jurisdictions have refined and improved their legislative defenses against tax avoidance in recent years, making the penalties for tax fraud even tougher.
Switzerland is an attractive business hub. What is their secret?
Choosing a business location involves many considerations, with tax being only one of them. Nevertheless, tax is a consideration. Below is a note commenting on the attractions of Switzerland as a business location. There may of course be other locations that should be considered. Switzerland attracts global business, research, and innovation, and maintains the high ground […]
Home office: new tax and social security implications in France
With the Covid-19 crisis, working from home is expected to become the “new normal”. 2020 marks the end of many tax holidays with respect to home working arrangements within and between certain countries. We have already featured some general comments on the implication of remote working in previous blog posts; and we will regularly feature […]
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Near-term objective of the South African Revenue Service confirmed: “Remaining focused on international taxes, particularly aggressive tax planning using transfer pricing.” The South African (“SA”) economy, like many others, has been severely impacted by the Covid-19 pandemic. A recent speech by the country’s Finance Minister painted a dire picture of a country that is, in […]
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Generally speaking, year-end is that time of year when we clean up all open items in the current year and head into the new year with a fresh outlook and perspective. This also applies to tax. You cannot be blind to the overwhelming number of tax checklists published to help individuals, in particular, get their tax affairs […]