Government U-turns on energy windfall tax To help fund this support, the government is introducing the Energy Profits Levy, a 25% surcharge on profits made by the UK oil and gas sector, which it is hoped will raise around £5bn over the next year. For the full story click here. This [...]
Sunak pledges to cut business tax in Autumn Budget Rishi Sunak vowed that business tax cuts will come in this year's Autumn Budget. The cost of running a business crisis is arguably as much of an issue as Covid-19, with the strain of many increased costs, the national insurance rise and [...]
Cryptocurrency: UK Treasury to regulate some stablecoins The Treasury has announced that it will regulate some cryptocurrencies as part of a wider plan to make the UK a hub for digital payment companies. It is said that “stablecoins” will be a recognised form of payment, as a way of giving people [...]
Brit's starting a new business, hits record high According to the Global Entrepreneurship Monitor. Nearly 13% of adults are in the first three months of starting a new business or are already running a young enterprise. This is a big jump compared to 8 per cent in 2020. A common reason for [...]
Businesses struggling to repay £20bn of Covid loans Reports suggest businesses are struggling to repay their Covid-19 debt, meaning the Treasury may have to write off as much as £20bn worth of Covid-19 financial support, on top of £4.3bn worth of Covid loans being lost to fraud. With the rise in [...]
Covid Update From 27 January: - Covid passes are no longer required, although venues can choose to use them if they wish - Face masks are no longer mandated anywhere but suggested in places where you mix with people you don't usually meet From 11 February - Eligible, fully vaccinated passengers [...]
Penalties waived for businesses missing tax deadline Late filing and late payment penalties to be waived for one month for self-assessment taxpayers. With COVID still impacting small businesses and the self-employed, having this month extension will give them more time to complete this. The penalty waivers mean that: Anyone who cannot [...]
Half of businesses struggling to recruit because of skills gap, survey finds Half of businesses are struggling to recruit new staff, a survey has found. Out of the employers surveyed a skills gap was a main concern. With revenue stalling, businesses are unable to increase every employee’s wage as an incentive [...]
New home working order: Another blow for small firms From Monday, the government says that people should once again work from home "if you can", as measures are stepped up to fight the Omicron variant of Covid. This has come at an already bad time for small businesses, who are still [...]
Omicron and small businesses – what are the rules? Wearing a face mask is now mandatory in shops and it is illegal not to do so. If a customer refuses to wear one in a retail environment, they will be fined £200 (unless exempt). Small businesses are, however, worried about the [...]
