Category: Business

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

Comments Off on Chancellor reveals new support measures amid second-wave fears

Chancellor reveals new support measures amid second-wave fears

Chancellor reveals new support measures amid second-wave fears

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

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