Capital Allowances – Super Deduction and Special Rate Allowance On March 3, 2021, the Government announced two temporary first-year allowances to aid in the economic recovery from the COVID-19 pandemic and stimulate business investment in new technology and equipment known as the “Super Deduction” and the “Special Rate (SR) Allowance”. UK Companies investing in new...
The government has published the details of the Finance Bill 2021 on 11 March 2021. The Bill highlights the important law measures(announced in the recent 2021 Budget) set to come into legislation. Chancellor Rishi Sunak announced the following measures in his budget speech: an extension of the stamp duty holiday in England a super-deduction capital...
The UK economy suffered its biggest slump in more than 3 centuries in 2020 as the coronavirus pandemic ravaged the economy. The pandemic closed shops and restaurants, devastated the travel industry and curtailed manufacturing. The economy shrank 9.9 per cent last year. Which is more than twice the figure for 2009 at the height of...
UK businesses have now borrowed over £71 billion through the government’s coronavirus business loan schemes, according to figures from HM Treasury. The affected business sectors and areas of the country have altogether accessed to the loans of over 1.5 million. The British Business Bank has also published the regional distribution of loans under the Coronavirus...
HMRC has rejected requests from professional bodies (ACCA, CIOT, AAT, ICAEW and ICAS) to relax the Self Assessment filing deadline. HMRC will issue penalty notices as usual to all who file late but will allow more time to appeal. Many members contacted ICAEW in relation to the 31 January self assessment filing deadline. ICAEW wrote...
The government must extend SEISS Self-employment Income Support Scheme to fulfil their commitment with employed workers, says IPSE. Chancellor Rishi recently announced the extension of the coronavirus (COVID-19) Job Retention and loan schemes from March until April 2021. IPSE welcomed this announcement. However, it claims that self-employed workers have received less comprehensive support from the...
UK Chancellor has extended the furlough Scheme (Coronavirus Job Retention Scheme) until the end of April 2021. The government will continue to contribute 80% towards wages of employees’ salaries for hours not worked until the end of April. Employers will only be required to pay wages, national insurance contributions (NICs) and pensions for hours worked,...
The UK government is planning to replace existing the £65bn Covid loans programme with a permanent state-backed SME loan scheme. The new scheme will support lending by banks to a broad range of small to medium-sized business. Under the plans, the government would guarantee 80 per cent of loans to small businesses. The business could...
The banking and finance industry continues to support thousands of borrowers with payment deferrals. According to the latest figures from UK Finance, mortgage lenders will continue to provide support to homeowners facing financial difficulties The number of customers seeking support from deferrals has dropped significantly since earlier this year. As of mid-November, there were still...
The experts have predicted a rise in the number of CBILS applications. The government’s Coronavirus Business Interruption Loan Scheme (CBILS) supports small businesses that have lost capital due to covid-19 outbreak. The finance lender MarketFinance recently surveyed 5,000 UK companies, employers with a minimum turnover of £250,000. The lender conducted the study in November 2020...
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