A new Recovery Loan Scheme was launched 6 April 2021, to provide much needed liquidity to businesses affected by COVID lockdown measures. Under the scheme, loans of up to £10m are available. The minimum facility sizes vary, starting at £1,000 for asset and invoice finance,…
The Prime Minister, Boris Johnson speaking at a press conference on Saturday night, 31 October 2020, confirmed widespread expectations of a second national lockdown in England to help stem the growing resurgence of the coronavirus. The Government was faced with significant concerns that if they…
Consumers and small businesses will benefit from better deals and savings through innovative services, thanks to new Smart Data laws proposed by government. Smart Data enables businesses to provide consumers with more intuitive, easy-to-use services such as better account and bill management, switching services for savings,…
Last month, the Treasury announced further support for businesses adversely affected by lockdown in local areas to control local outbreaks. Local Authorities will be funded to pay the grants now offered. Businesses in England required to close Businesses in England required to close due to local…
Recent economic forecasts for 2020 published by HM Treasury will do little to inspire business confidence. In their comparison of independent forecasts published last month the unemployment rate is estimated to rise to 8% and in the same period, GDP falls by 9%. The only…
The following announcement was recently made by Companies House: Businesses will be given additional support to help them meet their legal responsibilities under changes announced today (16 April 2020). Companies House will temporarily pause the strike-off process to prevent companies from being dissolved. This will…
In England The government will increase the Business Rates retail discount to 100% for one year, expand it to the leisure and hospitality sectors and increase the rates discount for qualifying pubs to £5,000. Taken together with existing small business rate relief (which provides full…
If a company makes loans to its employees (including directors) there may be tax consequences. The same may also apply to loans extended to their family members. For example, the employer will have an obligation to report a beneficial loan to HMRC (and pay Class…
The end of the calendar year is a popular accounting date for many businesses, but for those of us with a year-end accounting date of 31 March 2020, reviewing your management accounts for the nine months to the end of December 2019 is a must-do.…
Sole traders If you are self-employed, and obliged to submit a self-assessment tax return, you must keep your tax records for at least five years after the 31 January submission deadline of the relevant tax year. For example, if you submit your 2018-19 tax…