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FSB proposes move to turn Covid emergency debt into shared ownership schemes

The Federation of Small Businesses (FSB) is calling on the Government to introduce new measures to help companies struggling with COVID-related debt, including employee shared ownership. The FSB has said that businesses are facing “unmanageable” levels of Coronavirus debt – with four out of 10 small businesses describing their indebtedness in this way. Already nearly…

Could the Government be about to launch a new permanent state-backed small business loan scheme?

According to reports in the Financial Times, the Government is considering launching a new loan scheme, where businesses could borrow anything up to £10 million through an 80 per cent state-guaranteed bank loan. The new scheme, which could be a successor to the existing Coronavirus Business Interruption Loan Scheme (CBILS), would provide a permanent state-backed…

HM Revenue & Customs increases the threshold for Self-Assessment online payment plan service to £30,000

HM Revenue & Customs (HMRC) has increased the threshold for Self-Assessment taxpayers to use its online self-service Time to Pay payment plan service from £10,000 in tax liabilities to £30,000. The move means that more taxpayers will be able to spread the cost of their tax bills by paying in monthly instalments, without having to…

Grandparents set to increase gifting following pandemic and families set to inherit more than expected

A pair of studies have revealed that UK grandparents are reconsidering their plans following the Coronavirus pandemic, which may mean that many families are set to inherit more than they expected to. A survey of 2,006 grandparents, carried out by an investment firm, found one in seven are reassessing how they will pass on their…

HM Revenue & Customs issues Capital Gains Tax reminder

HM Revenue & Customs (HMRC) has issued a reminder of recent changes to Capital Gains Tax (CGT) to taxpayers and the impending deadline for reporting profits from sales of residential property in the 2019-20 tax year. Various changes to how CGT is reported and paid came into effect at the start of the current tax…

Businesses face legal action over unpaid business rates

Local authorities have begun to take legal action against businesses that fail to pay their business rates bills. A new report from property consultancy Colliers has shown that an increasing number of businesses have begun to receive letters demanding payment and/or a court summons. In response, many businesses have started to appeal their business rates…