Government

Bounce Back Loan Scheme could lose taxpayers £26b

The government faces a potential loss of £15 billion to £26 billion through businesses not being able to repay the loans made through the Bounce Back Loan Scheme and fraud. That’s the conclusion of a National Audit Office (NAO) report into the Bounce Back Loan Scheme, launched in April to provide loans of up to £50,000 to small businesses to

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Post-18 education set for big expansion

The government has set out plans to transform training and skills education to help the country recover from the economic damage caused by Covid-19. Adults without an A-Level or equivalent qualification will be offered a free, fully-funded college course, providing them with new skills and the opportunity to study at a time and location that suits them. Courses will be

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More adjustments to the furlough scheme

Further changes to the Coronavirus Job Retention Scheme (CJRS) come into force from 1 October. From that date, HMRC will pay 60% of usual wages up to a cap of £1,875 per month for the hours furloughed employees do not work. Employers must continue to pay furloughed employees at least 80% of their usual wages for the hours they do

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Eat Out to Help Out deadline looms

Businesses who registered for the Eat Out to Help Out initiative have until Wednesday 30 September to claim for the days they operated the scheme. The Treasury has pledged that the money claimed will be paid out within five working days. To make a claim go to https://tinyurl.com/y599cead

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VAT cuts and deferrals announced by government

As part of a package of new measures to deal with the coronavirus pandemic, the government is to extend the temporary 15% VAT cut for the tourism and hospitality sectors to the end of March 2021. This will give businesses in the sector, which has been severely impacted by the pandemic, the confidence to maintain staff as they adapt to

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Janet Jack’s blog on support scheme announcement

Pressure had been growing on the Chancellor Rishi Sunak for some time to announce what he would do after the furlough scheme, which has supported almost 10 million jobs during the Covid-19 pandemic, finishes at the end of October. Today Mr Sunak appeared in the House of Commons to unveil a new – more targeted – Job Support Scheme.  It

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Kickstart jobs scheme launched

The government has launched its Kickstart Scheme, a £2 billion fund to create thousands of six-month work placements for those aged 16 to 24. Funding available for each job will cover 100% of the relevant National Minimum Wage for 25 hours a week, plus the associated employer National Insurance contributions and employer minimum automatic enrolment contributions. To be eligible candidates

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New business support website launched

The government has launched a new business support campaign. It brings a range of business advice and support into one place, from help with finance and business planning to export advice. For more information, visit www.businesssupport.gov.uk

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Why bookkeepers should see recession as an opportunity

Why bookkeepers should see recession as an opportunity Despite government loans and furlough schemes, the UK has officially entered recession for the first time in 11 years. Between April and June 2020, as coronavirus lockdown measures hit, the economy shrank by 20.4% compared with the first three months of the year. It’s a worrying time for small business owners and

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