Category: Business

Comments Off on Budget confirms one-year delay for basis period reform

Budget confirms one-year delay for basis period reform

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

Comments Off on Six-month extension for COVID-19 recovery loan scheme

Six-month extension for COVID-19 recovery loan scheme

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

Comments Off on Business rates burden eases for retailers and hospitality firms

Business rates burden eases for retailers and hospitality firms

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

Comments Off on 1 in 5 UK employers consider making redundancies

1 in 5 UK employers consider making redundancies

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

Comments Off on Deadline approaches for fifth and final self-employed grant

Deadline approaches for fifth and final self-employed grant

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

Comments Off on Treasury seeks feedback on business rates revaluations

Treasury seeks feedback on business rates revaluations

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

Comments Off on Sweeping VAT reforms in the EU will affect the UK’s online retailers

Sweeping VAT reforms in the EU will affect the UK’s online retailers

Sweeping VAT reforms in the EU will affect the UK’s online retailers

Retailers that heavily rely on online sales to EU consumers need to comply with VAT reforms, which were introduced on 1 July 2021. The new rules were originally designed to stop an estimated €7 billion in annual VAT fraud by non-EU ecommerce sellers, mainly those in China. But after the UK left the EU at … Continued

Comments Off on Directors back mandatory climate credential disclosure plan

Directors back mandatory climate credential disclosure plan

Directors back mandatory climate credential disclosure plan

Most large companies and limited liability partnerships (LLPs) back plans to introduce mandatory climate-related financial disclosures, according to a report.  The Government launched a consultation on 24 March 2021, seeking views on a plan to require mandatory climate-related financial disclosures from publicly-quoted companies, large private companies and LLPs. It aims to allow investors to compare … Continued

Comments Off on Deadline approaches for SME Brexit support grant

Deadline approaches for SME Brexit support grant

Deadline approaches for SME Brexit support grant

Smaller businesses have until the end of the month to apply for grants to help them adapt to new customs and tax rules when trading with the EU. The £20 million SME Brexit Support Fund offers eligible UK traders grants of up to £2,000 to access practical support, including training for new customs processes, rules … Continued

Comments Off on New recovery loan scheme replaces previous COVID-19 loans

New recovery loan scheme replaces previous COVID-19 loans

New recovery loan scheme replaces previous COVID-19 loans

All UK businesses can access loans and other finance of up to £10 million each, following the end of COVID-19 loan schemes. Both business interruption loans – for large firms and SMEs – and bounce-back loans officially closed on 31 March 2021. Firms that received financial support from any of those schemes can apply for … Continued