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Commercial property: Retail rental arrears could rise to £2 billion after third-quarter payment deadline

According to research, retail rent arrears could total over £2 billion following the third-quarter payment deadline this week.   Currently, this year has seen £1.5 billion in unpaid retail rent bills. Due to the ongoing effect of coronavirus on the high street, it is estimated that...

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National Minimum Wage investigations have drastically increased

National Minimum Wage (NMW) problems throughout the UK are frequently the subjects of investigations by HM Revenue and Customs (HMRC). According to research that focuses on HMRC's data, the department has increased investigations into employment practices and pay recently.  These inspections rose due to modern slavery...

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Government launches £2 billion Kickstart employment scheme to create hundreds of thousands of new jobs

The Government has launched the landmark £2 billion Kickstart employment scheme, which is set to create hundreds of thousands of new jobs for young people. The initiative aims to create “hundreds of thousands” of “fully subsidised jobs for young people across the country”, according to the...

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One in ten businesses at moderate risk of insolvency

According to the latest statistics published by the Office for National Statistics (ONS), around one in ten businesses claim their risk of insolvency to be moderate or severe, with the majority of those seeing their turnover fall by more than half. The data forms part of...

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More than 10,000 SMEs apply for business recovery grants

More than 10,000 small and medium-sized enterprise (SME) owners have applied for a £10,000 Business Boost grant, as firms look to rebuild and recover from the coronavirus pandemic. The grant was launched by Simply Business at the beginning of the year to provide a boost to...

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More businesses invited to apply for Covid-19 support after EU State Aid changes

Even more struggling businesses affected by Covid-19 can now access finance under the Coronavirus Business Interruption Loan Scheme (CBILS), it has been announced. It comes after changes to EU State Aid rules, meaning businesses classed as “undertakings in difficulty” now have greater access to Government-backed finance. Under...

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Legacy Income – Key Points for Charities to Know

Legacy income can be a vital source of income for charities. As well as providing charities with funds that enable them to achieve their aims, leaving a legacy donation to a charity can be a heart-warming way of saying thank you to a charity that...

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Accountants will play a ‘key role’ in supporting businesses post COVID-19

The Covid-19 pandemic has caused major disruption to economies and financial systems worldwide. Accountants work with all businesses and sectors so are able to obtain a full view of the different scenarios that businesses throughout the UK will be facing as we start to work...

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Self-assessment taxpayers can “automatically defer payments on account”, HMRC confirms

Self-employed taxpayers due to make a payment on account can automatically defer the payment until 31 January 2021, it has been confirmed. The second Self-Assessment payment on account for the tax year 2019/20 is usually due at the end of July. But due to Covid-19 disruption, HM...

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Chancellor orders review into Capital Gains Tax system

The Chancellor, Rishi Sunak, has commissioned a report into the UK’s Capital Gains Tax (CGT) system, it has been announced. The review will be conducted by the Office of Tax Simplification, with a survey being launched, asking for evidence to seek views about CGT. Some experts believe...

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The Flexible Furlough Scheme – The Key Points Every Employer Needs to Know

On Friday 29 May 2020, the Chancellor, Rishi Sunak announced further changes to the furlough scheme. These changes are slowly being phased in to reduce the impact on business and get employees slowly back to work. The government’s main aim with the changes is to...

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Helpful steps to improve credit control

An important element of healthy cash flow is the credit control process. Smaller businesses in the UK have historically struggled to recover payments, especially from larger clients. To help, the Government has tried to introduce new legislation. However, in many cases, it has lacked the bite...

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The Importance of a Cash Flow Forecast – Top Tips during COVID-19

With so much uncertainty surrounding COVID-19, it is essential that businesses are prepared for the future. One of the things you could be doing right now to evaluate and secure the future of your business is putting together a cash flow forecast, highlighting any areas for potential problems. You...

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The Coronavirus Business Interruption Loan Scheme

What is the “Coronavirus Business Interruption Loan Scheme”? The Coronavirus Business Interruption Loan Scheme (CBILS) is a state aid provided by the UK government to assist small and medium sized businesses (SMEs) during the coronavirus pandemic. This will allow businesses affected by the Coronavirus pandemic to access...

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The interaction between Research and Development and State Aid

What is state Aid State Aid is “any advantage granted by public authorities through state resources on a selective basis to any organisations that could potentially distort competition and trade in the European Union (EU)”. An “advantage” is defined as “anything which an undertaking (an organisation engaged...

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