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 cost for everything, businesses must raise their products’ prices to stay afloat.

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Plastic Packaging Tax: steps to take

If you manufacture or import ten or more tonnes of plastic packaging within 12 months, you may need to register for the tax. This tax will come into place on 1st April 2022 at a rate of £200 per tonne.

Below is the link needed to check if you should pay this tax.

For all information, click here.

Wage and energy bills push firms to raise prices

Rising energy bills and staff wages are pushing most businesses to increase prices for customers, a survey by the British Chambers of Commerce has found.

Prices are rising for everything these days, from food to electricity, and businesses must take measures to keep their business going.

The government warned of a “cost-of-doing-business crisis” and called on the Chancellor to help companies.

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More calls for Chancellor to delay tax hike amid ‘worst pay squeeze in 200 years’

Once inflation is considered, the average worker’s pay will fall by around £50 a month this year, with the National Insurance Tax hike set to cost a typical employee around £200 more in taxes.

With rising costs, and struggling to pay back their Covid loans, small businesses may be left with no option but to increase their prices to consumers, further fuelling the increased living costs for households. There are calls on the Government to reconsider the tax hike due in April 2022.

For the full story, click here.

The need to track your costs is more important than ever. If you aren’t familiar with a cash flow forecast, this might be something you need to investigate. We are here to help you to become confident in tracking all your business costs, to know exactly how much money you have in the business.

Here is our cash flow guide to help you with your business cash.