HMRC to go easy on small business strangled with Covid debt

Kwasi Kwarteng, the business secretary, says HMRC will not press businesses to pay overdue tax immediately if they are struggling with coronavirus-related debt.

With the UK at the final stages of lockdown, small businesses fear they cannot pay overdue debt and tax due to the Covid lockdown.

HMRC have confirmed that they will be taking it easy on small businesses who cannot pay their tax. This comes at a good time, with the furlough scheme reducing and Bounce Back Loans repayments starting.

Its one thing for the business secretary to say this but it will be interesting to see if the message filters down HMRC.

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Vauxhall owner: Government must back battery gigafactories to drive electric future

The government must back its commitment to electric vehicles with financial support for new battery gigafactories and manufacturers considering where to build the next generation of cars and vans, Vauxhall’s parent company has told Sky News.

New “rules-of-origin” regulations agreed as part of the Brexit deal mean that batteries will have to be produced in the UK or Europe by 2027 if British cars are to avoid damaging tariffs.

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Covid: UK’s furlough scheme starts to wind down

Employers will have to shoulder more of the costs of furlough as the government starts to wind down its flagship job support scheme.

From the 1st of July, staff will still receive 80% of their wages; however, employers will need to pay 10% of these wages for the first time since March 2020.

From the 1st of August, employer’s contribution will rise again to 20%, as a way of easing out of furlough.

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Property experts explain whether you should buy a house now or wait until next year

With house prices rising and the stamp duty holiday introduced last year, the average cost of homes is at a new record high of £336,073.

Experts, however, have stated that there are early signs of the market slowing down.

Should you buy now or wait until 2022?

Of course, no one can predict how the property market will fluctuate over the next few months or if prices will continue to increase or fall.

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