• Government unveils support package for innovative businesses affected by coronavirus

    Government unveils support package for innovative businesses affected by coronavirus

    The government has unveiled a billion pound support package for innovative businesses affected by the coronavirus (COVID-19). The ‘targeted and tailored help’ provided by the package will help ensure firms in dynamic sectors of the UK economy are protected during the COVID-19 crisis so they can ‘continue to develop innovative new products and help power […]

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  • Coronavirus Job Retention Scheme goes live as it is extended to end of June

    Coronavirus Job Retention Scheme goes live as it is extended to end of June

    The government’s Coronavirus Job Retention Scheme went live on 20 April after Chancellor Rishi Sunak extended it until the end of June. The scheme allows businesses to furlough their employees, with the government paying 80% of their wages up to a maximum of £2,500. HMRC has emailed two million employers providing a link to a […]

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  • March retail sales nosedive

    March retail sales nosedive

    UK retail sales plummeted by 27% during the first two weeks of the coronavirus (COVID-19) lockdown, according to the latest figures from the British Retail Consortium (BRC). Overall, total retail sales in March fell by 4.3% when compared with the same month in 2019. Demand rose sharply in the early part of the month, with […]

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  • Majority of UK firms have less than three months' cash reserves

    Majority of UK firms have less than three months’ cash reserves

    A significant number of UK firms face the prospect of running out of cash within three months, according to a survey carried out by the British Chambers of Commerce (BCC). The BCC’s first Coronavirus Business Impact Tracker polled over 600 firms between 25 and 27 March. It revealed that the majority of firms reported a […]

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  • Major UK banks will pay no dividends or bonuses this year

    Major UK banks will pay no dividends or bonuses this year

    The seven largest UK banks have agreed to the proposal put forward by the Prudential Regulation Authority (PRA) that they suspend dividends and bonuses until the end of 2020. In a statement, HSBC, Nationwide, Santander, Standard Chartered Bank, Barclays, RBS and Lloyds Banking Group said they will ‘suspend dividends and buybacks on ordinary shares until […]

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  • Assistance for the self employed

    Assistance for the self employed

    The Chancellor finally announced the much anticipated support for the self employed last night. This is relevant to people trading as sole traders and partnerships. If you trade through a limited company, it is sadly not relevant to you! The scheme will allow the self employed to claim 80% of their last 3 years’ average […]

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  • Statutory Sick Pay: Support For Businesses

    Statutory Sick Pay: Support For Businesses

    The Government will make legislation to allow small-and medium-sized businesses and employers to reclaim Statutory Sick Pay (SSP) paid for sickness absence due to COVID-19. The eligibility criteria for the scheme will be as follows: This refund will cover up to 2 weeks’ Statutory Sick Pay per eligible employee who has been off work because […]

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  • Cyber-Attacks: Increase in home working raises risk

    Cyber-Attacks: Increase in home working raises risk

    The significant increase in home working caused by the coronavirus pandemic has increased the risk of firms being hit by cyber-attacks, according to insurers Beazley. Ransomware cyber-attacks skyrocketed by 131% in 2019, compared to the previous year, according to the Beazley Breach Briefing report, an annual update on cyber trends. In addition to the growth […]

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  • Corporate Financial Reports: Regulators request delay
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    Corporate Financial Reports: Regulators request delay

    Financial regulators have requested a moratorium on corporate financial reports for at least two weeks. The Financial Conduct Authority (FCA) is in talks with the Financial Reporting Council (FRC) and the Prudential Regulation Authority (PRA) about a package of measures to reinforce trust in the reporting system. These will be aimed at ensuring companies and […]

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  • Chancellor unveils £330 billion support package for coronavirus pandemic

    Chancellor unveils £330 billion support package for coronavirus pandemic

    Chancellor Rishi Sunak has unveiled a £330 billion package of support for the UK economy as it combats the coronavirus pandemic. The measures dwarf the £12 billion made available in last week’s Budget. But the Chancellor promised to go further if necessary. The package includes an increase in government-backed loans, higher cash grants, widened business […]

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