HM Treasury is in overdrive trying to solve the soaring national deficit whilst navigating the treacherous economic climate, resulting from the pandemic. So far the economy appears to be recovering faster than expected, albeit with scars. Yet figures seem to consistently beat the predictions made by official forecasts, which is a pattern we can see repeated throughout the Bounce Back in the UK Economy. Bounce...
Millions of businesses throughout the UK have been closed for months at a time Since March 2020, due to restrictions imposed to help slow down the spread of the virus. Now the future is looking more hopeful, with the government’s roadmap setting out various points when you can safely reopen your business and larger groups of consumers may be accessing a wider range of products...
Budget day expectations are usually highly anticipated with much speculation in the weeks leading up to it. This year however we are witnessing an absolute clamour for information from a Treasury under pressure for a sustained, rapid response, to continually unfolding events. So here is what to expect on budget day. Support packages will remain a hot topic. Last year’s budget on 11 March 2020,...
November 2020 News Update – featuring additional news developments from our newsletter series The Coronavirus Job Retention Scheme has been extended until March 2020, which sees employees receiving 80% of their current salary for hours not worked, plus further economic support announced. The Chancellor announced that businesses across the UK will be provided with additional financial support due to the government‘s latest plan for the...
Government Review Urges Major Overhaul of Capital Gains Tax Throughout the pandemic outbreak of Covid 19 during 2020 there has been much speculation around how HM government will manage the soaring deficit. Unprecedented government spending to combat the coronavirus has sent the accumulated borrowing for the first five months of the fiscal year to almost £174bn. The highest level for the period since the Office...
Last month the Chancellor announced that HM Revenue and Customs (HMRC) will allow self employed workers more flexibility to pay their personal self-assessment tax bills with an enhanced self employed payment plan known as Time to Pay. Time to Pay A Time to Pay Arrangement with HMRC is a debt repayment plan for self employed workers outstanding taxes. Recently HMRC announced an increase in the...
Furlough Scheme Extended and Further Economic Support Announced The Coronavirus Job Retention Scheme has been extended for a month with employees receiving 80% of their current salary for hours not worked and further economic support announced. The Chancellor announced that businesses across the UK will be provided with additional financial support due to the government‘s latest plan for the next phase of its response to...
September 2020 News Update – featuring additional news developments from our newsletter series This month the Chancellor announced that the Job Support Scheme (JSS) will be expanded to protect jobs and support businesses required to close their doors as a result of new coronavirus restrictions. Under the expansion, firms whose premises are legally required to shut for some period over winter as part of local...
September 2020 News Update – featuring additional news developments from our newsletter series Rishi Sunak has revealed his winter economy plan which replaces the autumn budget due to unprecedented economic uncertainty, resulting from the COVID-19 outbreak. These are provided by Credit Safe. Thousands of small to medium businesses in England could benefit from £20 million of government funding to help access new technology and other...
Rishi Sunak has revealed his winter economy plan which replaces the autumn budget due to unprecedented economic uncertainty, resulting from the COVID-19 outbreak, first detected in the UK in Spring 2020. Central to this winter economy plan is a new Job Support Scheme, an extension of Self Employment Income Support Scheme and over one million businesses to be afforded flexibilities, to help pay back government...
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