Tag Archives: Economic Support

Budget 2021: Major highlights at a glance

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 […]

New state-backed SME loan scheme

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 […]

Payment deferrals: Lenders to support borrowers

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 […]

Third SEISS grant: Government tightens eligibility criteria

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 […]

HMRC Starts checks on Eat out scheme

HMRC is writing to businesses in the hospitality sector requesting them to verify their claims made under the Eat Out scheme. The COVID support scheme was available throughout August. It provided firms with up to £10 per diner to enable them to offer up to 50% discount on food on specific weekdays. HMRC stated that […]

Extension of CJRS: Furlough scheme changed for new lockdown

Treasury has announced the extension of the Coronavirus Job Retention Scheme (CJRS) until December, with furloughed employees set to receive 80% of their salary for hours not worked and businesses asked only to cover national insurance and employer pension contributions. Prime Minister Boris Johnson announced a new national lockdown for England on 31 October. The […]

New COVID Fraud Hotline

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 […]

Job Support Scheme (JSS) extension

The government will expand its Job Support Scheme (JSS) to protect jobs and support businesses closed due to local lockdowns. The business had to close their doors due to local lockdowns as the number of Coronavirus (COVID-19) cases continues to rise in some areas. So, under the JSS extension, the government will pay two-thirds of […]

The new digital lender secures banking licence

The new digital lender, Monument Bank, has secured an ‘authorisation with restriction’ (AWR) banking licence from the UK regulatory authorities, the Prudential Regulation Authority and the Financial Conduct Authority. It has achieved this milestone in just over 18 months, which is one of the fastest rates of progress for any new bank. The move comes […]

Furlough Job Retention Bonus Updates

HMRC has published guidance on how businesses can claim the government’s £1,000 job retention bonus. The bonus will be available to employers who keep furloughed workers on the payroll for the next three months. The bonus is a £1,000 one-off taxable payment to the employer, for each eligible employee that was furloughed and kept continuously […]