One unexpected bonus for staff forced to work from home because of the pandemic has been a £6 per week tax break. People will have seen their household bills naturally go up over the last year, from increased working at home and the Government has recognised this. These working life changes are driven by the pandemic, which has seen many firms having to close workplaces,
Category: Business News
COVID forces businesses to change direction
The devastating effects of the pandemic have meant small businesses in the UK have changed the direction of their organisations to survive the impact of the Coronavirus pandemic and lockdown restrictions. More than a year on from the start of the first official national lockdown and with the country currently slowly exiting the latest one, the impact of the pandemic has been laid bare by
HMRC unveils penalty regime for VAT deferral scheme
Companies that signed up to the VAT deferral scheme have been warned they face a five per cent penalty if they do not make payment arrangements by 30 June this year. Over half a million businesses deferred VAT payments last year. HM Revenue & Customs (HMRC) has confirmed that companies will be liable for the penalty or interest if they do not pay in full
Inheritance tax reporting to be simplified
Rules coming into effect from 1 January 2022 will mean that nine in 10 estates that are not subject to Inheritance Tax (IHT) will no longer need to complete IHT forms as part of the probate process. Meanwhile, a temporary measure that is currently in place so that IHT returns can be submitted without a physical signature will become a permanent change. John Bunker, Chair
Coronavirus insolvency measures extended until the end of June
To help businesses with the ongoing impact of the pandemic the Government has decided to extend measures in the Corporate Insolvency and Governance Act (the Act) to protect struggling companies. The extension to the measures introduced in the Act, includes an extension of the suspension of liability for wrongful trading from 30 April 2021 to 30 June 2021, as well as respite for those facing
Majority of SME owners have loaned personal money to their business during the pandemic
A new study has found that nearly six in 10 (59 per cent) small business owners loaned personal money to their business during the pandemic to help it survive. Research undertaken by one of Europe’s largest small business lenders, iwoca, showed that many owners had taken drastic steps during the pandemic to support their business. Despite this, many owners are still worried about the viability
Thousands of cases of COVID-related fraud and cyber-crime are being investigated
A special police task force, tackling fraud in England, Wales and Northern Ireland, says it is investigating 6,000 cases of cybercrime, worth a staggering total of £34.5 million since March last year. The Action Fraud team is investigating many cases, but said that of those reporting a cyber-attack to volunteer-run Cyber Helpline, only a quarter also reported the incident to the police. However, the pandemic
Applications for SME Brexit Support Fund underway
A new scheme that supports small and medium-sized businesses with a grant of up to £2,000 has opened. The scheme provides grants to help tackle the new admin requirements for imports and exports to and from EU countries, as well as elsewhere in the world, or the movement of goods between GB and Northern Ireland. The grant can be used for training on how to
Parents missing out on tax-free childcare bonus of up to £500
Parents are being encouraged to check whether they are missing out on a tax-free childcare bonus of £500. Families using tax-free childcare accounts to pay for their childcare costs could receive a Government top-up worth up to £500 every three months, but thousands are missing out on the payout, HM Revenue & Customs (HMRC) has warned. Tax-free childcare allows parents or carers who have children
Vaccine rollout prompts SME optimism about prospects for 2021
New research has found that SMEs across the UK are feeling increasingly optimistic about their prospects for the rest of 2021, after the success of the vaccine rollout. The Barclaycard Payments Barometer research found that SMEs expect to grow their revenues by an average of eight per cent. London SMEs, meanwhile, expect to see revenues grow by an average of 11 per cent in 2021.