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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 National living wage to increase alongside age threshold fall

National living wage to increase alongside age threshold fall

National living wage to increase alongside age threshold fall

Employers of low-paid workers in the UK will have to absorb another rise to the national living wage and pay it to over-23s from April 2021, the Chancellor has confirmed. Rishi Sunak confirmed the increase in his Spending Review 2020, in which it was announced the national living wage will increase from £8.72 to £8.91 … Continued

Comments Off on HMRC issues last reminder for 2019/20 personal tax returns

HMRC issues last reminder for 2019/20 personal tax returns

HMRC issues last reminder for 2019/20 personal tax returns

HMRC is reminding taxpayers that the deadline to submit 2019/20 personal tax returns through self-assessment is on or before midnight on 31 January 2021. Last year, a record-breaking 11.1m taxpayers complied with filing their personal tax return for 2018/19 on time, while around 8% missed the deadline altogether. More than 700,000 people left it to … 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