The Federation of Small Businesses (FSB) has found that the UK’s late payment crisis has worsened during the coronavirus (COVID-19) lockdown. 62% of small businesses have been subject to late or frozen payments during the COVID-19 pandemic, according to research carried out by the FSB. Just 10% of small firms have agreed changes to payment… Read more…

The introduction of off-payroll rules to the private sector will go ahead as planned next April after an attempt to delay them failed in the House of Commons. The reforms of the off-payroll rules to the private sector, which are known as IR35 and have applied to the public sector since 2017, was reviewed earlier… Read more…

The Financial Conduct Authority (FCA) has confirmed further support for users of certain consumer credit products if they are experiencing temporary payment difficulties due to the coronavirus pandemic. The measures outline the options firms will provide for credit card, revolving credit and personal loan customers who are coming to the end of a payment freeze.… Read more…

On 18 June, the Bank of England increased the stock of purchases of UK government bonds by an additional £100 billion to help boost the UK economy following the coronavirus (COVID-19) pandemic.The £100 billion in additional quantitative easing funds takes the total to £745 billion. The MPC also voted to cut the cost of borrowing… Read more…

The government has expanded its COVID-19 support for start-ups and innovative companies with the launch of a new fund. On 27 June the government announced the Sustainable Innovation Fund (SIF), which is aimed at helping businesses to keep ‘cutting edge’ projects and ideas alive during the pandemic. The SIF will make almost £200 million available… Read more…

On 1 July, changes to the Coronavirus Job Retention Scheme (CJRS) saw flexible furloughing introduced, so employees will no longer have to be furloughed for a minimum period of three weeks. Following the change the CJRS has more flexibility to allow claims on a pro rata basis. Employers will be able to permit employees to… Read more…

Chancellor Rishi Sunak announced a temporary cut in the rate of Stamp Duty Land Tax (SDLT) in order to boost confidence in the flagging housing market in his Summer Economic Update. Property transactions fell by 50% in May this year and house prices have fallen for the first time in eight years. In response, the… Read more…

On 8 July, Chancellor Rishi Sunak announced a three-point plan to support jobs in the wake of the COVID-19 pandemic when he delivered a Summer Economic Update to Parliament. Mr Sunak confirmed the Coronavirus Job Retention Scheme (CJRS) will end as planned this October. The Chancellor said furloughing had been the right measure to protect… Read more…

Self-employment can offer many life-changing benefits but it also has its fair share of challenges. Whether you’re investing in your own business or just trying to make ends meet as a freelancer- financial issues are often at the forefront. Therefore, anyway in which you can reduce costs and save money is paramount. Whether you’re a… Read more…

The Public Accounts Committee (PAC) has opened an inquiry into the UK’s management of £155 billion of tax relief. The inquiry follows the February publication of a National Audit Office (NAO) report that identified over 300 such tax interventions, totalling £155 billion per year. The NAO raised concerns about the effectiveness of management of tax… Read more…