January 2021 News Update – featuring additional news developments from our newsletter series Welcome to Prestige Business Management’s monthly news roundup. We will help keep you informed of the latest financial news and developments. Budget day is 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...
The Confederation of British Industry (CBI) has called upon the Chancellor for an emergency £7.6bn injection from the Treasury, because the economy cannot wait until budget day, due to the latest lockdown in the UK. The CBI which is the UK’s leading employers’ organisation, has warned Rishi Sunak that businesses cannot afford to wait for several weeks until budget day on 3 March, to secure...
Self Assessment Deadline Extension Article Amended on 25 January On 25 January HMRC announced that self-assessment customers will not receive a penalty for their late online tax return if they file by 28 February. Taxpayers are still obliged to pay their bill by 31 January. Interest will be charged from 1 February on any outstanding liabilities. Taxpayers who cannot afford to pay their tax bill...
The Government has announced the National Living Wage (NLW) and National Minimum Wage (NMW) rates which will come into force from April 2021. It accepted in full recommendations made by the Low Pay Commission at the end of October. The Low Pay Commission (LPC) is an independent public body that advises the Government each year on the National Minimum Wage (NMW) and National Living Wage...
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...
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...
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