Chancellor Rishi Sunak unveiled the contents of his Budget 2021 in the House of Commons on 3rd March. He announced the UK government’s tax and spending plans for the year ahead. However, the focus on helping business and jobs through the pandemic and supporting the UK’s long-term economic recovery will remain unchanged. Here is a...
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...
The government has tightened the eligibility criteria for the third SEISS grant – Self-employment Income Support Scheme. Applicants for the grant will face a new test, warns the Institute of Chartered Accountants in England and Wales (ICAEW). Applications for the third SEISS grant will open from 30 November 2020. Make your claim from the date...
The government has launched a new COVID fraud hotline to stop fraudsters who make illegal claims for support. The public can now call a dedicated phoneline anonymously and free of charge to report suspected fraudulent activity. The launch of the new Fraud Hotline is an initiative of government and independent charity Crimestoppers. Although fraud is...
Office for National Statistics (ONS) has revealed that Coronavirus lockdown measures have pushed the UK economy into recession. These measures were introduced as a result of the coronavirus (COVID-19) pandemic. The economy shrank by 20.4% in the second quarter of 2020. Construction and factory output slowed as the lockdown took effect and household spending...
The government has released guidance on how to claim money back through the Eat Out to Help Out Scheme. Who can claim If you have registered your establishment for the Eat Out to Help Out Scheme and offered scheme discounts to diners on Mondays to Wednesdays between 3 and 31 August, you can: claim back...
UK businesses have now borrowed over £46 billion through the government-backed coronavirus loan schemes. These schemes 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 the following schemes: Bounce Back Loan Scheme (BBLS) Coronavirus...
The government has expanded its Future Fund scheme for start-ups businesses. The reforms in scheme aim to support start-up businesses not eligible for other Coronavirus (Covid-19) rescue measures. The start-ups that have previously taken part in accelerator programmes can now easily access the Future Fund Scheme. However early-stage firms might continue to struggle. This means...
LITRG has alerted self-employed individuals that the government’s coronavirus (COVID-19) Self-employment Income Support Scheme (SEISS) is taxable. The Low Incomes Tax Reform Group (LITRG) is concerned that many may wrongly assume that the SEISS funds are exempt from tax, particularly as they are termed ‘grants’ by the government. It is warning that many people may...
The UK economy fell by 20.4% in April due to coronavirus (COVID-19) lockdown. The lockdown has paralysed business activity, according to the Office for National Statistics (ONS). The record decline in Gross Domestic Product (GDP) completely eclipsed the previous record contraction of 5.8%, which ONS recorded in March. The services sector fell by 19.0% in...
Copyright by CareAccountancy. All rights reserved.
Copyright by CareAccountancy. All rights reserved.
