Month: December 2020

Furlough, CBILS and BBLS extended!

Just as we head into Christmas, Rushi Sunak has done it again! The Chancellor has announced today that the Treasury is extending the Furlough scheme and government backed loans. The Furlough scheme is now extended to the end of April 2021. CBILS and Bounce Back loans have been extended to the end of March 2021. […]

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Transition and Data Protection…

GDPR was a significant headache for businesses when it launched in the UK in 2018. The end of the Brexit transition period on the 31st December brings some major considerations, whether you trade with the EU or not. At the time of writing this post, negotiations are ongoing between the UK and the EU, but […]

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Bounce Back Loan Scheme Fraud risk estimated up to £26bn

The Public Accounts Committee (PAC) is warning that UK taxpayers stand to foot a bill of between £15bn and £26bn, to cover potential losses from Bounce Back Loans (BBLS). They’ve estimated this enormous figure, saying the scheme was rushed out too quickly and with insufficient checks. The Government maintains that the majority of losses will […]

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Don’t become a statistic in 2021…

Recent research, as well as common sense, shows that business insolvencies are set to increase dramatically in the next few months. Yet many businesses are still trading on the same basis now as before the pandemic. In many cases they’re unconsciously supporting customers at the risk of their own financial future. Spending some time now […]

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HMRC penalty payments increase

HMRC penalties for taxpayers’ compliance failings are on the rise again, following a sharp drop at the start of lockdown, according to research by UHY Hacker Young. The firm says HMRC collected £34m in September, an increase of 62% from a low of £21m collected in May. HMRC suspended tax investigations at the start of […]

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Small Business Saturday spend breaks records!

After the eighth Small Business Saturday in the UK on the 5th December, the total spent on the day broke the billion-pound mark for the first time. The total spend was £1.1 billion, according to American Express, the founder and principal supporter of the annual event. Footfall on our High Streets was understandably lower than […]

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