Small businesses handed £7.8 billion through local authority grant schemes, figures reveal

More than £7.8 billion in grant funding has been delivered to small businesses through local authority grant schemes, it has been revealed.

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VAT Deferral New Payment Scheme goes live

HM Revenue & Customs (HMRC) has announced that its online VAT Deferral New Payment Scheme is now open for applications to help businesses arrange smaller monthly repayments of deferred VAT.  Under the New Payment Scheme, you can repay VAT deferred

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Budget 2021: Hospitality businesses call for extended VAT cut

Due to the prolonged impact of coronavirus on the hospitality industry, firms within this sector urge Chancellor Rishi Sunak to extend the VAT reductions for a year in the Budget.

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Self-Assessment late payment penalties relaxed but interest still accrues

Following HM Revenue & Customs’ (HMRC) announcement that it is waiving late filing penalties for Self-Assessment taxpayers who file by 28 February, it has now announced that it is waiving the five per cent late payment penalty that usually applies

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HMRC announces light touch approach to IR35 errors in first 12 months

Businesses will not be penalised for errors relating to IR35 in the first 12 months, it has been announced.

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Pub industry calls for reopening of the sector as sales halve

Prominent figures within the beer and pub industry are calling upon the Government to reopen pubs with non-essential shops when lockdown ends, as they are an indispensable contributor to the economy.

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One in five small businesses not entitled to financial support, FSB reveals

As many as one in five small businesses and sole traders are not entitled to financial support under the Government’s coronavirus support package, it has been revealed.

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The VAT Deferral New Payment Scheme

Any business that deferred VAT payments due between 20 March and 30 June 2020 as a result of the Coronavirus pandemic, must now consider how they will repay this outstanding tax. They can choose from the following options in order

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Online sales tax proposal for Autumn Budget

The UK Treasury is considering online sales tax for retailers such as Amazon, Asos and Ocado, after a drastic increase in online shopping and the current “uneven system”, has caused many in-store retailers to be at a disadvantage.

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COVID-19 Bounce Back Loan repayment period extended

The Government has announced changes to the Bounce Back Loan Scheme (BBLS) available to small businesses in the UK that will give companies longer to repay what they have borrowed.  Around 1.4 million small and medium-sized businesses have taken out

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