6thJan
News article

Business groups urge Chancellor to do more to support firms

Business groups have welcomed Chancellor Rishi Sunak's latest lockdown support package for businesses, but have urged him to do more.

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Business groups have welcomed Chancellor Rishi Sunak's latest lockdown support package for businesses, but have urged him to do more.

The Chancellor announced a £4.6 billion package of one-off grants to support businesses in the retail, hospitality and leisure sectors.

However, Rain Newton-Smith, Chief Economist at the Confederation of British Industry (CBI), said: 'For some, demand has once again evaporated overnight, and in northern England some firms have been labouring under stop-start orders for months already.

'Therefore extending the job retention scheme to end of the second quarter would provide firms with a clear line of sight, aiding planning and investment.'

Meanwhile, the Association of Independent Professionals and the Self-Employed (IPSE) said that the new business support package 'misses the mark'. IPSE has urged the government to work with business groups to plug the gaps in support for the self-employed.

Derek Cribb, CEO of IPSE, said: 'There's no doubt the new lockdown measures will have a severe impact on the already struggling self-employed sector. The school closure is also likely to hit self-employed parents particularly hard, cutting into their working week.

'The new support package, aimed at businesses with premises, misses the mark and will do little to mitigate the financial damage to the self-employed sector. After almost a year, there are still drastic gaps in the support available to the self-employed, with over 1.5 million sole directors, newly self-employed people and others still excluded.'

5thJan
News article

Chancellor unveils £4.6 billion lockdown grant package

Chancellor Rishi Sunak has announced a new £4.6 billion package of grants to support businesses through the latest national lockdown.

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Chancellor Rishi Sunak has announced a new £4.6 billion package of grants to support businesses through the latest national lockdown.

UK businesses in the retail, hospitality and leisure sectors are to be given one-off grants worth up to £9,000.

The payments are expected to support 600,000 business properties across the UK. A further £594 million will be made available to councils and devolved nations to support businesses not covered by the new grants.

The Chancellor said: 'The new strain of the virus presents us all with a huge challenge, and whilst the vaccine is being rolled out, we have needed to tighten restrictions further.

'Throughout the pandemic we've taken swift action to protect lives and livelihoods and . . . we're announcing a further cash injection to support businesses and jobs until the spring.

'This will help businesses to get through the months ahead – and crucially it will help sustain jobs so workers can be ready to return when they are able to reopen.'

Further information on the grants can be found here.

4thJan
News article

TUC urges employers to offer furlough to parents affected by school closures

The Trades Union Congress (TUC) has called on employers to offer furlough to working parents affected by coronavirus (COVID-19) school closures.

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The Trades Union Congress (TUC) has called on employers to offer furlough to working parents affected by coronavirus (COVID-19) school closures.

The TUC said that last minute decisions by ministers mean many working parents are now without childcare. The Coronavirus Job Retention Scheme (CJRS) allows employers to furlough parents who can't work due to a lack of childcare. The CJRS is available from a minimum of seven days – which would allow mums and dads to share childcare over the coming weeks – and can also be given on a part-time basis.

However, the TUC is concerned that 'not all employers are aware that caring responsibilities are acceptable reasons to furlough', so many mums and dads will have no choice but to take unpaid time off work to care for their children.

'The health and safety of school staff, children and parents and the wider community must come first,' said Frances O'Grady, General Secretary of the TUC.

'With many schools closed, many families will be frantically trying to find a way to balance their work and childcare commitments.

'Without further action, many will have no choice but to cut their hours or take unpaid leave from work.'

31stDec
News article

Your financial New Year's resolutions

Creating some financial New Year's resolutions is a good way to help ensure that you are on course for a successful and profitable year ahead.

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Creating some financial New Year's resolutions is a good way to help ensure that you are on course for a successful and profitable year ahead.

It is important to ensure that you are making the most of your business and personal wealth, as well as capitalising on any available allowances and reliefs.

Some of the areas that you may want to consider include making sure your business plan is up to date and still reflects your long-term goals; minimising your liability to all major taxes; updating your Will and estate plan; and implementing strategies to help boost your business's profits.

As your accountants, we are on hand to assist with all aspects of your business and personal finances.

To find out more about how we can be of assistance to you in 2021 and beyond, please

30thDec
News article

Don't forget to file your self assessment tax return

The deadline for submitting your 2019/20 self assessment tax return is midnight on 31 January 2021.

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The deadline for submitting your 2019/20 self assessment tax return is midnight on 31 January 2021.

The only exception to this rule is if you received a notice from HMRC to make an online tax return after 31 October 2020. In this case, you have three months from the date of issue to submit your return.

Those who are late in submitting their return face a penalty of £100, even if there is no tax to pay, or if the tax has been paid on time. Additional penalties are due for continued late payments and late filing.

More than 700,000 taxpayers filed their returns on 31 January 2020, and 958,296 taxpayers missed the deadline completely.

Meanwhile, 3,003 taxpayers filed their returns on Christmas Day in 2019, and another 9,254 submitted them on Boxing Day. HMRC said that the peak hour for filing on Christmas Day was between 12pm and 1pm, when 245 returns were submitted.

We can help with all aspects of self assessment, including filing returns on your behalf. Please contact us.

29thDec
News article

Preparing your business for winter weather

With the festive period underway businesses are advised to be prepared for adverse weather conditions during the winter months.

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With the festive period underway businesses are advised to be prepared for adverse weather conditions during the winter months.

Winter maintenance work on your business's heating system should be carried out as early as possible, and if the property is left vacant over the holiday period, ensure the heating is left on low to avoid burst water pipes.

Road accidents almost double during bad weather, so try and leave extra time for journeys. In order to avoid public liability claims, businesses are advised to keep their driveways, car parks and walkways clear. In addition, firms should mop and dry their floors if water or slush is brought indoors from outside.

Businesses are also advised to ensure that guttering is cleared of leaves and debris; make sure they have an adequate supply of grit and a shovel and brushes ready; and stay up to date with the weather forecast.

Finally, to help combat the coronavirus (COVID-19), businesses should utilise hand sanitiser stations, clean handles and rails frequently and make use of social distancing measures. This may help to reduce the spread of illnesses amongst employees. 

24thDec
News article

BIRA urges retailers to remain vigilant during festive period and beyond

With festive sales on the horizon, the British Independent Retailers Association (BIRA) has urged retailers to remain vigilant and safe in order to help halt the spread of the coronavirus (COVID-19).

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With festive sales on the horizon, the British Independent Retailers Association (BIRA) has urged retailers to remain vigilant and safe in order to help halt the spread of the coronavirus (COVID-19).

The trade association stated that it is important to focus on safety protocols to ensure retail is not contributing to the spread of the COVID-19. It is crucial that businesses ensure that employees and customers are wearing face coverings when inside shops; numbers in shops at any one time are managed; and queues are managed and shoppers are socially distant. Additionally, sanitiser must be available on the way in and on the way out.

Commenting on the matter, Andrew Goodacre, CEO of BIRA, said: 'At BIRA we have no crystal ball, but we can look at the facts and the trends. With that in mind we are urging all retailers to start thinking about the possibility of a further lockdown after Christmas.

'The cases are rising, and scientists are expressing concern; the warning signs are there. Despite the safety protocols in place in shops, hospitality and other venues, it would appear that the only way to truly reduce the spread of Covid-19 is by reducing social contact, and that involves closing shops.'

23rdDec
News article

HMRC rejects calls to relax 31 January self assessment deadline

HMRC has rejected calls from professional bodies to relax the self assessment tax return filing deadline.

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HMRC has rejected calls from professional bodies to relax the self assessment tax return filing deadline.

The deadline for submitting your 2019/20 self assessment tax return is midnight on 31 January 2021.

The Institute of Chartered Accountants in England and Wales (ICAEW) stated that many of its members have been in contact in regard to the 31 January filing deadline. According to the ICAEW, some firms feel that with so much additional work this year helping their clients make coronavirus (COVID-19)-related claims for loans and grants, as well as experiencing COVID-related challenges from new working arrangements, the deadline should be relaxed.

The ICAEW recently met with HMRC to discuss whether it might be possible to put back the date from which late filing penalties would apply.

HMRC stated: 'HMRC wants to encourage as many customers as possible to complete their returns by 31 January 2021, even if they can't pay in full, because filing their return is key to crystallising their self assessment liability and being able to get our support, if they need it, to pay their tax.

'But no-one will have to pay a penalty if they cannot file on time because of the impact of the COVID-19 pandemic.'

22ndDec
News article

IPSE calls for government to extend SEISS

The government must match its commitment to employed workers by extending the Self-employment Income Support Scheme (SEISS), says the Association of Independent Professionals and the Self-Employed (IPSE).

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The government must match its commitment to employed workers by extending the Self-employment Income Support Scheme (SEISS), says the Association of Independent Professionals and the Self-Employed (IPSE).

IPSE welcomed the extension of the coronavirus (COVID-19) Job Retention and loan schemes from March until April 2021 announced by Chancellor Rishi Sunak on 17 December.

However, it warned that too often throughout the pandemic the self-employed have been an afterthought. IPSE claims that self-employed workers have received less comprehensive support from the government throughout the pandemic.

Commenting on the support, Andy Chamberlain, Director of Policy at IPSE, said: 'It's right for the government to extend the furlough scheme, but it must not forget about the self-employed: it must extend SEISS too.

'Too often throughout the pandemic the self-employed have been an afterthought in government policymaking, receiving later and patchier support. At least 1.5 million self-employed have fallen through the gaps in government support – particularly directors of limited companies and the newly self-employed.

'We urge the government to extend SEISS and also finally fix the gaps in it to get support to these still desperately struggling groups. As the extension of the furlough scheme shows, we are far from the end of this, and the self-employed need just as much protection and support through the coming months as the rest of the workforce.'

21stDec
News article

Government must take another look at support for businesses in Tier 4, says CBI

The Confederation of British Industry (CBI) has urged the government to take a fresh look at the support it provides for businesses now under Tier 4 restrictions.

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The Confederation of British Industry (CBI) has urged the government to take a fresh look at the support it provides for businesses now under Tier 4 restrictions.

Prime Minister Boris Johnson announced new Tier 4 restrictions for London, the South East and East of England amid a surge in coronavirus (COVID-19) cases and alarm about a new strain of COVID-19 spreading rapidly.

Under Tier 4 restrictions, non-essential shops, hairdressers and leisure and entertainment venues must close, with a new 'stay at home' message introduced.

The Health Secretary, Matt Hancock, has said that these restrictions are likely to last for months until the vaccine has been rolled out across the UK. The measures will be reviewed on 30 December as part of a wider review of tier restrictions.

Commenting on the restrictions, Matthew Fell, Chief UK Policy Director at the CBI, said: 'Wherever infections rise, it's right that the government takes the necessary steps to protect public health. But news that large swathes of the South East will come under new Tier 4 restrictions will be a real kick in the teeth for many businesses already struggling badly.

'While much of the impact of Tier 4 will be on people's family lives, many retailers were counting on clawing back some lost ground after a really hard year. Support is there when business premises are forced to close and must reach firms swiftly, along with the recently extended loan and furlough support.'