• Retirement plans altered by pandemic
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    Retirement plans altered by pandemic

    The COVID-19 pandemic has changed the retirement plans of one in eight older workers, according to research by the Institute for Fiscal Studies (IFS). The think tank’s study was based on a survey of data from the English Longitudinal Study of Ageing (ELSA) COVID-19 survey covering some 10,000 people aged 50 and over. The findings […]

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  • Furlough scheme set to move into final month

    Furlough scheme set to move into final month

    The government’s Coronavirus Job Retention Scheme (CJRS)/furlough scheme moves into its final phase this October before a new scheme comes into force. The furlough scheme has supported more than nine million people since it was launched by Chancellor Rishi Sunak in March in a bid to protect jobs and businesses during the coronavirus (COVID-19) pandemic. […]

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  • Business groups welcome extended coronavirus support

    Business groups welcome extended coronavirus support

    Business groups have broadly welcomed the extended business coronavirus support measures announced in the Chancellor of the Exchequer’s Winter Economy Plan. Commenting on the Job Support Scheme, Dame Carolyn Fairbairn, Director-General at the Confederation of British Industry, said: ‘These bold steps from the Treasury will save hundreds of thousands of viable jobs this winter. It […]

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  • UK businesses voluntarily return £215 million in furlough funds

    UK businesses voluntarily return £215 million in furlough funds

    HMRC data has revealed that UK businesses have voluntarily returned more than £215 million in overclaimed furlough funds. Around 80,433 firms have returned furlough funds they were given to help cover employees’ salaries. Commenting on the issue, HMRC stated: ‘HMRC welcomes those employers who have voluntarily returned Coronavirus Job Retention Scheme (CJRS) grants to HMRC […]

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  • Freelancers experience drop in income

    Freelancers experience drop in income

    Freelancers experienced a drop in income during the coronavirus (COVID-19) lockdown, according to research published by the Association of Independent Professionals and the Self-Employed (IPSE). The research showed an average drop of 25% during the second quarter of this year. The drop in income was driven by a record fall in the average number of […]

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  • HMRC sets up scheme for loan charge refunds

    HMRC sets up scheme for loan charge refunds

    HMRC has published details on its refund scheme for taxpayers who made voluntary payments of income tax or national insurance prior to a change in the rules regarding the loan charge. The loan charge, which came into effect on 6 April this year, applies to anyone who used ‘disguised remuneration’ schemes. The legislation added a […]

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  • UK economy ‘still stuck in first gear’
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    UK economy ‘still stuck in first gear’

    The UK economy is ‘still stuck in first gear’, with many businesses operating at half their pre-coronavirus (COVID-19) capacity, according to the British Chambers of Commerce (BCC). The BCC’s Coronavirus Impact Tracker found that over half of businesses were suffering from reduced demand. In fact, customer demand and possible future local lockdowns were rated the […]

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  • Small business confidence begins to bounce back

    Small business confidence begins to bounce back

    Confidence in the UK’s small business sector is starting to bounce back, according to a quarterly survey conducted by Hitachi Capital Business Finance (HCBF). The HCBF survey reported that the number of UK small businesses predicting growth has almost doubled in just three months, from 14% to 27%. Following last quarter’s report, which saw the […]

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  • Coronavirus borrowing now over £46 billion

    Coronavirus borrowing now over £46 billion

    UK businesses have now borrowed over £46 billion through the government-backed schemes that are helping firms during the coronavirus (COVID-19) crisis, according to the latest figures from the Treasury. In total, £46.3 billion has now been lent to over 1.1 million businesses through either the Bounce Back Loan Scheme (BBLS), the Coronavirus Business Interruption Loan […]

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  • UK economy shrank by almost a fifth under lockdown

    UK economy shrank by almost a fifth under lockdown

    The UK economy shrank by 19.1% in the three months to the end of May as the country struggled under the coronavirus (COVID-19) lockdown, according to the latest data from the Office for National Statistics (ONS). The UK economy began to bounce back in May, growing by 1.8% as lockdown restrictions began to ease. However, […]

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