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The UK’s economy is ‘still stuck in first gear’, with many businesses operating at half their pre-coronavirus (COVID-19) capacity, according to the British Chambers of Commerce (BCC). The BCC’s Coronavirus Impact Tracker found that over half of businesses were suffering from reduced demand. In fact, customer demand and possible future local lockdowns were rated the […]

Data published by the Federation of Small Businesses (FSB) has suggested that a fifth of small businesses expect their performance to be ‘much worse’ over the next three months as a result of the coronavirus (COVID-19) lockdown. The FSB’s latest Small Business Index (SBI) showed that 23% of the 1,400 business owners polled expect their […]

The Treasury Select Committee has found that over a million people have ‘fallen through the gaps’ of the government’s coronavirus (COVID-19) support schemes. The Committee has made a series of recommendations to the government to help those in need of support. These include tackling the ‘cliff edge’ that exists in the design of the Self-employment […]

The National Institute of Economic and Social Research (NIESR) has called for the government to keep the Coronavirus Job Retention Scheme (CJRS) open for longer. The CJRS is being wound down after helping support 11 million people through the crisis, and will come to an end in October. The NIESR predicts that unemployment in the […]

Fraudsters are exploiting people’s financial concerns during the coronavirus (COVID-19) pandemic, UK Finance has warned. The trade body highlighted some of the most common scams as it launched a campaign called Take Five to Stop Fraud. According to UK Finance, some scams manipulate innocent victims, urging people to invest and ‘take advantage of the financial […]

Retail sales were broadly flat in the year to July despite three months of sharp declines, according to the monthly Distributive Trades Survey published by the Confederation of British Industry (CBI). However, the improvement was primarily driven by stronger grocery sales, with non-essential retailers continuing to struggle despite the easing of lockdown restrictions. Alongside higher […]

Changes to state aid rules mean that more small businesses can benefit from the government’s Coronavirus Business Interruption Loan Scheme (CBILS). As a result of EU rules, previously small firms in the ‘undertakings in difficulty’ category were unable to make use of the CBILS. From 30 July businesses in undertakings in difficulty with a turnover […]

The Federation of Small Businesses (FSB) has called for the government to provide further help to employers as the Coronavirus Job Retention Scheme (CJRS) begins to be wound down. From 1 August, employers have to pay national insurance contributions (NICs) and pension contributions for furloughed employees. Starting from this date the level of the grant […]

The Institute of Chartered Accountants in England and Wales (ICAEW) has urged businesses to ensure that they understand the interaction between VAT and the government’s Eat Out to Help Out scheme. The new Eat Out to Help Out discount is applicable to food and/or non-alcoholic drinks purchased for immediate consumption on premises, up to a […]

The Institute of Chartered Accountants in England and Wales (ICAEW) has warned taxpayers that they have 90 days to notify HMRC of overclaimed coronavirus (COVID-19) grants. The 90-day period to inform HMRC of any overclaimed amounts is now law: Finance Act 2020 recently received Royal Assent, which confirms the taxability of the Coronavirus Job Retention […]