Tag Archives: Business Updates

VAT Deferral New Payment Scheme: New online service

VAT Deferral New Payment Scheme New online service pen clock paper clip

HMRC has announced a new online VAT Deferral New Payment Scheme for the businesses that deferred VAT payments last year. Businesses can now pay in smaller monthly instalments. HMRC said that If businesses deferred VAT payments due between 20 March 2020 and 30 June 2020 and still have payments to make, they can: pay the […]

UK economy suffered the biggest slump in 2020

UK economy suffered the biggest slump in 2020 flag and London

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 […]

Coronavirus business loan exceeds £71 billion

Coronavirus business loan exceeds £71 billion loans bag beside the exceeding

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 […]

Tariff free trade deal: Brexit

tariff free trade deal Britain Brexit

Just before Christmas, the U.K. and the EU have announced a historic agreement indicating tariff free trade deal. The agreement (termed a “Trade and Co-operation Agreement” (TCA)) meant how they’ll trade with one another after Brexit. TCA agreed between the UK and EU came into force at 11 pm on 31 December 2020. Why did […]

New lockdown grants: Chancellor announces £4.6 billion

new lock down grants hm treasury update

Chancellor Rishi Sunak has announced £4.6 billion in new lockdown grants to support businesses and protect jobs. UK businesses in the retail, hospitality and leisure sectors will get one-off grants worth up to £9,000 per property. The payments will support 600,000 business properties across the UK. A further £594 million will be available to councils […]

Furlough scheme extended until end of April 2021

Furlough scheme extended until end of April 2021

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, […]

Annual Investment Allowance (AIA) £1m cap extended

Annual Investment Allowance (AIA) £1m cap extension manufacturing

The Treasury has confirmed the extension of £1 million Annual Investment Allowance (AIA) cap for an additional year. Earlier it was designed to stimulate investment in UK manufacturing. The government extended AIA for an additional year in an effort to counter the current slump in economic activity. Now businesses, including manufacturing firms, can continue to […]

Winter Economy Plan: Chancellor announced a new Job Support Scheme

winter economy plan new job support scheme rishi

Rishi Sunak unveils the government’s Winter Economy Plan to protect jobs and support businesses during the coronavirus (COVID-19) downturn this winter. Chancellor announced new measures today to provide support to businesses and workers impacted by coronavirus across the UK. A new emergency jobs scheme will be introduced to protect jobs during the coronavirus (COVID-19) downturn […]

UK FCA Business Interruption Insurance Test Case Judgment

UK FCA Business Interruption Insurance test case judgement FILE GLASSES

The English High Court handed down a judgment in the UK Financial Conduct Authority’s test case on business interruption insurance coverage. The Court found in favour of the arguments advanced for policyholders by the FCA on the majority of the key issues. The FCA noted in its original announcement its view that most policies in […]

VAT refund rules reforms and Public Sector

vat refund rules reforms vat and public sector banner

The Treasury has published a consultation document on reforms to the VAT refund rules. The government departments, devolved administrations, the NHS and Highways England are eligible for VAT refunds under Section 41 of the VAT Act 1994 Under the current VAT refund rules. However, unlike commercial organisations, public sector organisations do not carry out business […]