Government

Government has late paying firms in its sights

An overhaul of the Prompt Payment Code (PPC) to crack down on late payment of invoices to small businesses has been announced by the government. Under new reforms, companies that have signed up to the Prompt Payment Code will be obliged to pay small businesses within 30 days – half the time outlined in the current Code. Despite almost 3,000

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25,000 taxpayers set up monthly payment plans

Almost 25,000 self assessment taxpayers have set up an online payment plan to manage their tax liabilities in monthly instalments, totalling £69.1 million, HMRC has revealed today. In October, HMRC increased the threshold for self-serve Time to Pay arrangements from £10,000 to £30,000 for self assessment taxpayers. Once they have completed their 2019-20 tax return and know how much tax

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EY launches free Brexit App

EY has launched a free Brexit App, designed to help businesses access government notices, regulatory updates and guidance, as well as providing updates with key developments. Designed to help businesses prepare for the end of the transition period and beyond, the app provides access to: The latest UK Government and EU guidance. Direct links to the Brexit webpages of key

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Commercial tenant eviction ban extended to March

The UK’s ban on commercial property eviction has been extended to March 2021, the government has confirmed. It also said that this will be the final extension of the initiative, which was originally supposed to end in September. A government statement said the move “will give landlords and tenants three months to come to an agreement on unpaid rent”. Robert

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New lockdown grants of £4.6 billion unveiled

Businesses in retail, hospitality and leisure impacted by the new lockdown will be able to access additional grants of up to £9,000 per premises – with £4.6 billion being made available across the UK. This support comes in addition to business rate relief and the furlough scheme, which has been extended until the end of April. Local authorities have also

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‘Wave of business insolvencies’ to hit Britain

Britain will be engulfed by a wave of insolvencies once government furlough schemes come to an end, business rescue specialists Begbies Traynor is warning. “There is very significant distress out there, there is a bow wave of problems,” Begbies Traynor chairman Ric Traynor told the London Evening Standard. He said that once Chancellor Rishi Sunak pulls back on support, wave

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Janet Jack’s Blog – Spending Review

The Chancellor Rishi Sunak delivered his Spending Review to the House of Commons this lunchtime. The Spending Review is a more low key event than the budget and the things that really interest us – like who will end up paying more tax and how much – aren’t part of the Spending Review. What we do know is that we

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Spending Review 2020: a summary

The UK economy will shrink 11.3% this year, the biggest decline for more than 300 years, Chancellor of the Exchequer Rishi Sunak said in his Spending Review. He said that the total spend on Covid-19 so far has been £280 billion, stressing the health emergency is not yet over and the economic emergency had “only just begun”. He has put

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Janet Jacks Blog – Furlough Scheme Extended

As England entered a second lockdown, the Chancellor Rishi Sunak again appeared in the House of Commons to announce he would be extending the furlough scheme until March 2021 – which is well after the current lockdown is due to end at the start of December. He told the Commons that the government will review the policy in January. The scheme

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