Category: Business

Comments Off on Retail sales slumped to a 25-year low in 2020

Retail sales slumped to a 25-year low in 2020

Retail sales slumped to a 25-year low in 2020

Retailers experienced their worst annual sales performance since records began, figures from the British Retail Consortium (BRC) show. While food sales grew by 5.4%, non-food sales declined by 5% over the same period resulting in an overall fall of 0.3% in 2020. In a year dominated by the effects of COVID-19, the figures marked the … Continued

Comments Off on Record number of small businesses ‘set to close for good in 2021’

Record number of small businesses ‘set to close for good in 2021’

Record number of small businesses ‘set to close for good in 2021’

At least 250,000 small businesses could permanently close this year, the Federation of Small Businesses (FSB) has warned. The FSB based its forecast on a survey of 1,401 small firms, 5% of which said they expect to go out of business this year. If that percentage was to be applied to the UK’s six million … Continued

Comments Off on Pre-Christmas furlough extension stems the tide of redundancies

Pre-Christmas furlough extension stems the tide of redundancies

Pre-Christmas furlough extension stems the tide of redundancies

Extending the furlough scheme until the end of April 2021 is showing evidence of minimising job losses, a report claims. The scheme offers employers 80% towards furloughed workers’ wages, up to a maximum of £2,500 a month, currently until 30 April 2021. Employers are still required to pay National Insurance contributions and workplace pension contributions … Continued

Comments Off on Hardest-hit businesses offered new government grants of up to £9,000

Hardest-hit businesses offered new government grants of up to £9,000

Hardest-hit businesses offered new government grants of up to £9,000

Businesses in the sectors hardest hit by COVID-19 can access new one-off grants to help them get through lockdown. The Treasury announced £4.6 million in additional support to help around 600,000 firms in England stay afloat until the spring. Firstly, businesses in retail, hospitality and leisure sectors need to be closed due to the third … Continued

Comments Off on One-year freeze for business rates multiplier in England

One-year freeze for business rates multiplier in England

One-year freeze for business rates multiplier in England

One of the key factors that determine the tax on a business’s right to occupy commercial property in England has been frozen for 2021/22, the Chancellor has confirmed. Buried in the supporting documents of Spending Review 2020 was a freeze on the business rates multiplier, which the Government expects to save retailers £575 million up … Continued

Comments Off on Annual investment allowance remains at £1m until 2022

Annual investment allowance remains at £1m until 2022

Annual investment allowance remains at £1m until 2022

A temporary increase to the annual investment allowance has been extended until 1 January 2022, the Treasury confirmed. The allowance enables firms to fully offset the cost of qualifying capital items of plant and machinery against taxable profits. Since 1 January 2019, businesses have received faster tax relief for plant and machinery investments up to … Continued

Comments Off on Brexit Guides

Brexit Guides

Brexit Guides

Guides for clients below: Brexit Planning Guide Brexit Checklist Brexit Update  

Comments Off on VAT-registered traders urged to prepare for life after Brexit

VAT-registered traders urged to prepare for life after Brexit

VAT-registered traders urged to prepare for life after Brexit

HMRC has issued a last call to around 250,000 traders, highlighting urgent actions to take if they wish to continue trading with the EU from 1 January 2021.  The UK will leave the EU single market and customs union when the Brexit transition period comes to an end on New Year’s Day.  From then, new … Continued

Comments Off on Third grant for the self-employed increases to 80%

Third grant for the self-employed increases to 80%

Third grant for the self-employed increases to 80%

The self-employed can claim Government support of up to 80% of profits during the initial month-long lockdown in England, Chancellor Rishi Sunak has confirmed. Like previous tranches, the third taxable grant available through the self-employed income support scheme (SEISS) covers three months – from 1 November 2020 to 31 January 2021. The latest tranche was … Continued

Comments Off on Three in five bounce-back loans may never be repaid, watchdog claims

Three in five bounce-back loans may never be repaid, watchdog claims

Three in five bounce-back loans may never be repaid, watchdog claims

Up to three in five bounce-back loans (BBL) handed out during the pandemic might never be repaid, according to the National Audit Office (NAO). The BBL scheme announced when the UK was in lockdown in April 2020 offers loans of up to £50,000 per business, or a maximum of 25% of annual turnover. Figures from … Continued