Category: Business

Comments Off on Firms ‘unable to prepare’ for end of Brexit transition period

Firms ‘unable to prepare’ for end of Brexit transition period

Firms ‘unable to prepare’ for end of Brexit transition period

Less than a quarter of company directors are fully prepared for the end of the Brexit transition period on 31 December 2020, a survey by the Institute of Directors (IoD) shows. When polled in late June, 31% of directors said they were waiting until the final changes of the UK’s deal with the EU are … Continued

Comments Off on Businesses claim late payments crisis deepens during lockdown

Businesses claim late payments crisis deepens during lockdown

Businesses claim late payments crisis deepens during lockdown

Almost two-thirds of small businesses in the UK experienced late or frozen payments as a result of the COVID-19 outbreak, a report has claimed. The Federation of Small Businesses (FSB) polled 4,228 small business owners during lockdown in April 2020 and found the issue affected 62% of firms. Businesses in the wholesale sector (72%) were … Continued

Comments Off on Making Tax Digital to ‘apply to all VAT-registered traders by 2022/23’

Making Tax Digital to ‘apply to all VAT-registered traders by 2022/23’

Making Tax Digital to ‘apply to all VAT-registered traders by 2022/23’

Making Tax Digital (MTD) is set to expand to all VAT-registered businesses from April 2022, the Treasury has announced. Since April 2019, VAT-registered traders with annual taxable turnover above £85,000 have been submitting VAT returns through MTD, while other firms have been able to submit VAT returns voluntarily. From April 2023, the Treasury expects MTD … Continued

Comments Off on Chancellor’s Economic Update 8 July 2020

Chancellor’s Economic Update 8 July 2020

Chancellor’s Economic Update 8 July 2020

Please find attached our summary of Rishi Sunak’s speech yesterday. We hope you find the summary interesting and if you want to talk through any of the detail please get in touch.

Comments Off on UK economy slumps into recession after record contraction in April

UK economy slumps into recession after record contraction in April

UK economy slumps into recession after record contraction in April

The UK’s economy experienced the largest monthly contraction on record in April 2020, shrinking by 20.4%.  The sharp fall in GDP came as the UK spent its first full month in lockdown to try and halt the spread of COVID-19. The Office for National Statistics (ONS) said April’s decline was three times deeper than at … Continued

Comments Off on Coronavirus impact places the UK economy into ‘significant recession’

Coronavirus impact places the UK economy into ‘significant recession’

Coronavirus impact places the UK economy into ‘significant recession’

The UK is likely to be in the deepest economic recession since records began, after gross domestic product (GDP) contracted by 5.8% in March 2020. Figures from the Office for National Statistics showed the economy shrank by 2% in the first three months of 2020, with bigger quarterly slumps set to follow. Lockdown measures were … Continued

Comments Off on Businesses claim billions in state support to ease cashflow fears

Businesses claim billions in state support to ease cashflow fears

Businesses claim billions in state support to ease cashflow fears

UK businesses have claimed more than £22 billion in Government loans and guarantees to support their cashflow during the coronavirus crisis. That includes more than £14.18bn in 464,393 bounce-back loans for small businesses, just two weeks after the scheme launched. Bounce-back loans worth 25% of a business’s turnover, up to a maximum of £50,000, have … Continued

Comments Off on Coronavirus pandemic prompts one-year business rates holiday

Coronavirus pandemic prompts one-year business rates holiday

Coronavirus pandemic prompts one-year business rates holiday

Most small businesses in England will pay no business rates in 2020/21 in the wake of the coronavirus outbreak in the UK. Chancellor Rishi Sunak announced in last month’s Spring Budget that almost half of small firms will have a one-year business rates holiday. As part of financial measures announced to limit the economic impacts … Continued

Comments Off on Entrepreneurs’ relief lifetime limit slashed from £10m to £1m

Entrepreneurs’ relief lifetime limit slashed from £10m to £1m

Entrepreneurs’ relief lifetime limit slashed from £10m to £1m

The amount of capital gains tax small business owners can potentially save when they sell their business has been cut by 90% for 2020/21. Entrepreneurs’ relief allows people to pay a reduced 10% flat rate of capital gains tax on any gain made from selling a business, instead of the typical 20% or 28% rate. … Continued

Comments Off on Quarter of Small Businesses in the UK Expect to go Bust by 2024

Quarter of Small Businesses in the UK Expect to go Bust by 2024

Quarter of Small Businesses in the UK Expect to go Bust by 2024

A quarter of small business owners in the UK believe their company will fold in the next four years, research has claimed. Late payments (54%), tax rates (44%) and cyber-attacks (27%) were the biggest concerns among the 500 owner-managers polled by cloud accounting software provider Xero. Other challenges included Brexit (44%), maintaining or boosting levels … Continued