The Treasury is being urged to consider a late U-turn on introducing the National Insurance contributions (NICs) increase next month to boost apprenticeships. All NICs rates will increase by 1.25% from April 2022 to help fund the development of the new health-and-social-care levy, which kicks in from April 2023. The Federation of Small Businesses (FSB) … Continued
£50m shot in the arm for the UK’s creative businesses
Film-makers and video-game developers will be among the creative firms that can benefit from a new £50 million pot. The Department for Culture, Media and Sport (DCMS) has announced a multi-year UK global screen fund will open soon. That will provide £21m towards promoting UK films globally over the next three years, following a successful … Continued
Deadline looms for new hospitality and leisure grants
Eligible businesses in England have until the end of this month to apply for the new Omicron hospitality and leisure grants. The Treasury announced more support for hospitality, leisure and accommodation businesses before Christmas last year. Chancellor Rishi Sunak said at that time the new grant scheme was part of a new support package worth … Continued
More red tape for importers as new EU checks kick in
Most UK importers were unprepared for the recent introduction of import controls on EU goods, according to a report from the Federation of Small Businesses (FSB). Full customs declarations and controls took effect from 1 January 2022, although safety and security declarations are not required until 1 July 2022. Before 1 January 2022, full customs … Continued
Budget confirms one-year delay for basis period reform
Reforms to the ways in which unincorporated businesses pay income tax – known as basis periods – will go ahead, one year later than planned. Proposals and draft legislation were published in July 2021, suggesting the new rules would commence from 6 April 2023. Instead, sole traders and most business partnerships will be subject to … Continued
Six-month extension for COVID-19 recovery loan scheme
Chancellor Rishi Sunak has extended a coronavirus loan guarantee scheme in a bid to protect UK businesses into next year. Sunak used his Autumn Budget speech to announce a six-month extension of the recovery loan scheme, which had been due to end on 31 December 2021 but is now due to close on 30 June … Continued
Business rates burden eases for retailers and hospitality firms
Thousands of retail, hospitality and leisure firms in England will receive a short-term business rates reprieve in 2022/23, following Autumn Budget 2021. Chancellor Rishi Sunak announced a temporary 50% cut in their business rates, up to a maximum of £110,000 per business. Up to 400,000 businesses in these sectors – including pubs, music venues, cinemas, … Continued
1 in 5 UK employers consider making redundancies
A minority of UK employers could be about to cut jobs, due to the withdrawal of the furlough scheme and rising costs. The scheme, which has protected around 11.6 million jobs since the start of the pandemic, will close on 30 September 2021. The Government currently pays 60% of a furloughed worker’s wages and employers … Continued
Deadline approaches for fifth and final self-employed grant
The self-employed have until the end of the month to apply for the final grant available via the self-employed income support scheme (SEISS). Everyone who is eligible for the last SEISS grant should have received a personal start date from HMRC in recent months. These gave self-employed taxpayers a date from which they can apply … Continued
Treasury seeks feedback on business rates revaluations
Business rates revaluations in England could take place every three years, following the launch of a recent consultation. The latest consultation forms part of a comprehensive review into business rates in England, with a report due to be published in the autumn. Business rates are similar to council tax for business properties in England. They … Continued