• CBILS: More firms to benefit following changes

    CBILS: More firms to benefit following changes

    New changes to state aid rules mean that more small businesses can benefit from the government’s Coronavirus Business Interruption Loan Scheme (CBILS). As a result of EU rules, previously small firms in the ‘undertakings in difficulty’ category were unable to make use of the CBILS. From 30 July businesses in undertakings in difficulty with a […]

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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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  • Capital Gains Tax: Chancellor asks OTS to review

    Capital Gains Tax: Chancellor asks OTS to review

    Chancellor Rishi Sunak has asked the Office of Tax Simplification (OTS) to carry out a thorough review of capital gains tax (CGT). In a letter to the OTS, the Chancellor requested that the independent office review capital gains tax and aspects of the taxation of chargeable gains in regard to individuals and small businesses. Mr […]

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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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  • Job Retention Bonus: The Overview

    Job Retention Bonus: The Overview

    The government is introducing a new Job Retention Bonus to reward and incentivise employers who retain their furloughed employees rather than make them redundant. The Coronavirus Job Retention Scheme (CJRS) has so far supported over one million employers to protect over 9 million jobs. The scheme which started in March will wind down flexibly and […]

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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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  • Tax gap falls to lowest recorded rate
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    Tax gap falls to lowest recorded rate

    The tax gap fell to an estimated 4.7% for the 2018/19 fiscal year, its lowest recorded rate, according to the latest data from HMRC. The tax gap is the difference between tax that should be paid and what is actually paid. HMRC said there is a long-term downwards trend from the figure of 7.5% estimated […]

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  • Taxes will rise as result of lockdown IFS warns

    Taxes will rise as result of lockdown IFS warns

    The Institute for Fiscal Studies (IFS) has warned that the government will need to raise taxes in order to pay for the economic support measures announced by Chancellor Rishi Sunak in the Summer Economic Update. The cost of the Chancellor’s economic support measures has risen to £190 billion, according to recent data. The Summer Economic […]

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