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Recovery Loan Scheme – the detail!

The Recovery Loan Scheme (RLS) was announced by Rishi Sunak as part of the recent Budget. Set to run until 31st December 2021, this replaces Coronavirus Business Interruption Loans (CBILS) and Bounce Back Loans (BBLS) which both ended on the 31st March. Key features of the scheme include: Facilities starting from £1,000 for invoice finance […]

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Inheritance Tax Reforms Announced

Reforms to the inheritance tax system are due to come into place from 1st January 2022, which HMRC expects to “cut red tape for more than 200,000 estates every year”. As part of these changes, more than 90% of non-taxpaying estates will no longer have to complete inheritance tax forms when probate or confirmation is […]

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New ‘Cryptoassets Guidance’ from HMRC

Investors in cryptoassets have received further clarity on the tax treatment of their unregulated investments, as HMRC published new and updated guidance on the topic. Cryptoassets, as defined by the tax authority, are “cryptographically secured digital representations of value or contractual rights” that can be transferred, stored, or traded electronically. The guidance confirmed, as previously […]

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IMF upgrades UK forecasts

The International Monetary Fund (IMF) has upgraded its UK economic forecasts for 2021 and 2022. The IMF predicts economic growth of 5.3% this year and growth of 5.1% in 2022. However, the UK economy is still only predicted to return to its pre-pandemic size by late 2022. Had governments failed to intervene to prop up […]

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IOD reveals confidence boost

A survey carried out by the Institute of Directors (IoD) has revealed that plans to re-open the UK economy have boosted confidence amongst UK businesses. The IoD’s latest confidence tracker found that business leaders’ net optimism in the outlook for their organisations rose from +36 to +41. From 12th April, non-essential businesses, personal care businesses, […]

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Furlough Scheme Overclaim Penalties

HMRC has issued new guidance around the Coronavirus Job Retention Scheme, or Furlough Scheme, that deals with the recovery of amounts claimed incorrectly, and the penalties that can be charged. The new factsheet defines an overclaimed grant under the scheme as follows: ‘An overclaimed CJRS grant includes any amount of a grant which: you were […]

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