At the start of the new tax year in April the thresholds for student loans will increase, which may affect employees that are repaying their academic fees. The threshold for student loan Plan 1 will increase from £19,390 to £19,895 from this date, and employees on Plan 2 will see Read more…
HM Revenue & Customs (HMRC) has released new guidance that brings changes to the company car benefit calculations, as the Government looks to encourage greater use of ultra-low emission vehicles (ULEV). Under the new rules, if a ULEV has a CO2 emission figure of 1-50g/km, businesses will now need to Read more…
Despite the impact that Brexit has had on trade in the UK, a new survey conducted by YouGov has found that 38 per cent of small businesses are likely to trade overseas this year. The study, commissioned by Lawbite, found that of the 791 small businesses questioned two-fifths were planning Read more…
The Government is pressing ahead with plans to increase the rates of the National Living Wage (NLW) and the National Minimum Wage (NMW) from 1 April 2021, while people aged 23 and 24 will be entitled to the National Living Wage for the first time. The NLW will rise from Read more…
The Government has announced that the final report of its fundamental review of business rates will be delayed and will be published in the autumn. It says that by then there should be greater clarity about the economic situation and the future of the public finances. The review was announced Read more…
New research has found that SMEs across the UK are feeling increasingly optimistic about their prospects for the rest of 2021, after the success of the vaccine rollout. The Barclaycard Payments Barometer research found that SMEs expect to grow their revenues by an average of eight per cent. London SMEs, Read more…
The Coronavirus Business Interruption Loan Scheme (CBILS) is due to end on 31 March 2021, after which no further applications for the scheme can be made. CBILS allows businesses to apply for a loan of between £50,001 and £5 million up to 25 per cent of their annual turnover from Read more…
Businesses that have used the Coronavirus Business Interruption and Bounce Back Loan schemes may soon see their 12-month payment-free period end soon. Businesses that took out a loan when they were first launched last year will have to begin repaying the money lent to them from May, unless they are Read more…
Newly self-employed taxpayers may be required to undergo pre-verification checks before they can access the fourth self-employment income support (SEISS) grant, it has been revealed. HM Revenue & Customs (HMRC) wrote to over 100,000 businesses recently informing them about the changes. The move comes after the Chancellor, Rishi Sunak, extended Read more…
The Coronavirus Job Retention Scheme (CJRS), more commonly referred to as furlough, will now be extended until the end of September this year following confirmation in the recent Chancellor’s Budget. First introduced a year ago, the scheme has provided an essential lifeline to employers, helping them shoulder the employment costs Read more…
