The UKs economy has officially entered the “largest recession on record”, according to official figures charting the impact of the coronavirus crisis on the economy. The Office for National Statistics (ONS) reported that the enforced hibernation of activity through the COVID-19 lockdown meant gross domestic product (GDP) slumped by 20.4% in the second quarter of the year following a dip of 2.2% during the first...
July 2020 News Update – featuring additional news developments from our newsletter series The government is about to launch it’s Eat out to help out scheme. From 3rd until 31st August, you can get a 50% discount when you eat in at restaurants. New applications to the first round of SEISS have now closed. Applicants who received a grant in the first round and...
The Chancellor has set out more details on how the Coronavirus Job Retention Scheme will continue to support jobs and business as people return to work, following the announcement of an extension of the scheme on 12th of May. So far, the CJRS has helped one million employees across the UK furlough 8.4 million jobs, protecting people’s livelihoods. In addition the government’s self-employment income support...
Millions of UK employees are now working from home due to the coronavirus outbreak. If you are an employee working from home, you could be eligible to claim a working from home tax refund for the extra expenses that you incur as a result, such as gas and electricity. Typically as an employee working from home during Covid-19, you will be making great savings by...
The Coronavirus Business Interruption Loan Scheme (CBILS) is a temporary fiscal measure introduced by HM Government in response to the COVID-19 pandemic and the wider implications on the British economy. The purpose of CBILS is to help provide targeted support to small and medium-sized businesses in the UK. The scheme will be “demand-led” which means the Treasury will fund the scheme accordingly. The CBILS scheme...
The COVID-19 pandemic has changed the entire focus of British society and the wider economy. Government intervention has been unprecedented. However, for many self-employed tradespeople and freelancers, jobs will be drying up and money getting tight. For those unable to access the Government’s generous self-employed income support scheme, UC will be their only alternative means of support. Benefits have always been difficult to access for...
At Prestige Business Management, we understand that many businesses are unsure of what they should do in regard to the Coronavirus pandemic. This outbreak will have a major economic impact on the UK. It will also impact society in the short-term. This article is based on information from OECD, the NHS, and HM Government. What started in Wuhan in China with the outbreak of COVID-19...
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