Category: Business

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

Comments Off on Coronavirus pandemic prompts one-year business rates holiday

Coronavirus pandemic prompts one-year business rates holiday

Coronavirus pandemic prompts one-year business rates holiday

Most small businesses in England will pay no business rates in 2020/21 in the wake of the coronavirus outbreak in the UK. Chancellor Rishi Sunak announced in last month’s Spring Budget that almost half of small firms will have a one-year business rates holiday. As part of financial measures announced to limit the economic impacts … Continued

Comments Off on Entrepreneurs’ relief lifetime limit slashed from £10m to £1m

Entrepreneurs’ relief lifetime limit slashed from £10m to £1m

Entrepreneurs’ relief lifetime limit slashed from £10m to £1m

The amount of capital gains tax small business owners can potentially save when they sell their business has been cut by 90% for 2020/21. Entrepreneurs’ relief allows people to pay a reduced 10% flat rate of capital gains tax on any gain made from selling a business, instead of the typical 20% or 28% rate. … Continued

Comments Off on Quarter of Small Businesses in the UK Expect to go Bust by 2024

Quarter of Small Businesses in the UK Expect to go Bust by 2024

Quarter of Small Businesses in the UK Expect to go Bust by 2024

A quarter of small business owners in the UK believe their company will fold in the next four years, research has claimed. Late payments (54%), tax rates (44%) and cyber-attacks (27%) were the biggest concerns among the 500 owner-managers polled by cloud accounting software provider Xero. Other challenges included Brexit (44%), maintaining or boosting levels … Continued

Comments Off on Budget will not take place on 6 November 2019

Budget will not take place on 6 November 2019

Budget will not take place on 6 November 2019

On 25 October 2019 the Chancellor of the Exchequer Sajid Javid wrote to the Treasury Select Committee to confirm that the Budget will not take place on 6 November 2019 as originally planned. You can access the oficial letter here. We will ensure that we keep you informed of any further developments.

Comments Off on Apprenticeship ‘Starts’ Fall by a Quarter

Apprenticeship ‘Starts’ Fall by a Quarter

Apprenticeship ‘Starts’ Fall by a Quarter

The number of people starting apprenticeships has fallen by 26% since the Government’s reforms to the apprenticeship system, according to a report from the National Audit Office (NAO). In April 2017, the Department for Education (DfE) introduced several changes to the apprenticeships scheme, including a levy on large employers and a co-funding requirement from smaller … Continued

Comments Off on EU VAT Refunds Before Brexit No-Deal

EU VAT Refunds Before Brexit No-Deal

EU VAT Refunds Before Brexit No-Deal

If the UK leaves the EU without a deal many UK businesses will need to apply the same processes to EU trade that apply when trading with the rest of the world. The VAT paid in other EU countries is often recoverable by VAT- registered businesses in the UK, who bought goods or services for … Continued

Comments Off on Government Launches Service To Prepare Firms For EU exit

Government Launches Service To Prepare Firms For EU exit

Government Launches Service To Prepare Firms For EU exit

The Government has launched a new website service to help businesses prepare for the UK’s exit from the EU later this month. ‘Prepare your business for leaving the EU’ is an online tool that provides information on specific rules and regulations, and aims to inform business owners of what is changing in their sector. The … Continued

Comments Off on UK “No Deal” Brexit Planning Checklist

UK “No Deal” Brexit Planning Checklist

UK “No Deal” Brexit Planning Checklist

There is still uncertainty around what Brexit will mean and planning for a “No Deal” scenario seems sensible right now. The Government has published guidance: “UK government’s preparations for a no deal scenario” and it continues to provide updates on how to prepare for the event. See: https://www.gov.uk/government/publications/uk-governments-preparations-for-a-no-deal-scenario Businesses that buy and sell from the … Continued