Category: Business

The Bank of England (BoE) has increased interest rates to 1.75%, the first rise of half a per cent in over 20 years. The latest increase is the fifth rise since December 2021, with the BoE arguing that rate rises are needed to tackle soaring inflation. Inflation as measured by the consumer price index (CPI) … Continued

The Government’s flagship Covid business recovery scheme officially came to an end late last month (30 June). The recovery loan scheme opened to applications on 6 April 2021 to help businesses cope with trade lost to the Covid pandemic. The scheme offered £1.06 billion to small businesses through almost 6,200 facilities, with the latest figures … Continued

Small and medium-sized businesses are underprepared for Making Tax Digital (MTD), according to new research by the Association of Chartered Certified Accountants (ACCA). Working with the Corporate Finance Network (CFN), the ACCA’s SME tracker showed that 14% of accountants in the UK say their SME clients are “unprepared and will not be ready” for future … Continued

All VAT-registered businesses must comply with Making Tax Digital (MTD) rules, regardless of how much they make each year. Kicking in from 1 April 2022, the changes mean all VAT-registered businesses must compile and submit VAT returns using software that connects to HMRC’s systems. They can do that either through a bridging tool or by … Continued

The Government has set up an arbitration system to help resolve outstanding commercial rent debts as the general moratorium on commercial eviction ends. From 25 March, a legally binding arbitration process is available for eligible landlords and tenants who have not yet reached an agreement. The Government hopes this will resolve disputes about pandemic-related rent … Continued

The Government has opened a public consultation into a new online sales tax (OST) to “rebalance” the taxation of online and in-store retail businesses. The Treasury published its consultation on 25 February 2022, seeking answers from stakeholders on 40 questions about how an OTS should work. If implemented, the Government would use an OST to … Continued

The British Chambers of Commerce (BCC) has revised its forecast for GDP growth in 2022, which is now expected to grow at half the rate as it did in 2021. GDP is now expected to grow in 2022 by 3.6%, revised down from 4.2% and compared to 7.5% growth in 2021. The downgrade largely reflects … Continued

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

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

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