Tag Archives: Business Updates

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 […]

UK Tax rises: Pay the cost of COVID-19

uk tax rises pay the cost of covid 19 upward arrows

The leading economists have warned that the UK will likely face “substantial” tax rises in the coming years, as the government seeks to pay for the cost of its COVID-19 response and public services. Some top economists told parliament’s Treasury Select Committee on Tuesday that tax rises were likely, although they said increases would likely […]

Small Businesses UK: Government approves £20 million funds

Small Businesses UK Government approves £20 million funds tag in hand

Uk government approves an additional £20 million for Small Businesses of UK are to help them recover from (COVID-19) pandemic. The government recently announced that small and medium-sized businesses will have access to grants of between £1,000 and £5,000. So, the grants will help them recover from the effects of the pandemic. Further, the funding […]

Small business grants update

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The Federation of Small Businesses (FSB) has urged local councils in England to ensure the speedy issuance of vital small business grants to firms that require them. The business group found that councils across England have distributed on average 92 per cent of the funds. However, only 23% of councils across England have issued 100% […]

UK Tax System: OTS recommended measures to simplify VAT

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The Office of Tax Simplification (OTS) has outlined a range of measures intended to help simplify the UK tax system. The OTS stated that the UK tax has become ‘highly complex’, and has ‘not kept pace with changes in society’. As such, in its report, the OTS has recommended 23 measures intended to simplify VAT. […]

Coronavirus Loan Schemes:UK businesses have borrowed over £46 billion

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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 […]

Future Fund Scheme expanded for start-ups

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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 […]

Overseas VAT claims delayed: Covid-19

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The tax authority has stated that VAT claims submitted under the Overseas Refund Scheme will be subject to delays. HMRC has admitted that changes to its working practices, as a result of the pandemic, have resulted in delays in processing and refunding VAT claims. The delays relate to payments due to overseas businesses that are not […]

Online Marketplaces should collect VAT

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  The government should compel online marketplaces to collect and remit VAT, according to the Association of Accounting Technicians (AAT). The AAT was responding to ‘Claims and Elections Review’ call for evidence published by the Office of Tax Simplification (OTS). It said the move would help combat online VAT fraud and create a level playing […]

Business Impact of COVID-19 – ONS’s Survey

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  ONS held a survey on Business Impact of COVID-19 Survey for the period 23 March to 5 April 2020. Respondents were asked to respond to the questions between 6 April and 12 April 2020. The questions were based on their experiences from 23 March to 5 April 2020. Office for National Statistics (ONS) has […]