Category: Business

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

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

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

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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

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

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

New support measures for businesses and workers have been announced in the face of a rising tide of coronavirus. A job support scheme will replace the furlough scheme from 1 November 2020, initially until 30 April 2021. Government and employers will subsidise the pay of employees working fewer hours than normal due to lower demand. … Continued

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

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