Monthly Archive August 27, 2021

New guidance for partnerships claiming fifth SEISS grant

HM Revenue & Customs (HMRC) has clarified its guidance for members of partnerships claiming the fifth Self Employment Income Support Scheme (SEISS) grant.

The changes follows the introduction of the new ‘turnover test’, requiring claimants to compare the revenue of two tax years.

What is the ‘turnover test’?

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Economic boost as record borrowing levels slashed

There was more good news on the economy as we emerged from lockdown, with official figures showing UK borrowing had been slashed in July, compared with the same period last year.

The news comes as all Covid restrictions are now lifted, with more people returning to near normal lives.

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Staff shortages leave food manufacturers looking for inmates to cover work

Food manufacturers in desperate need of workers are pleading for the UK Government to enable the companies to use prisoners to solve the staff shortage disaster – a fault of Brexit and COVID-19.

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Tax-relief schemes may help start-ups raise outside investment – ICAEW

Tax-relief schemes may help start-ups and established businesses attract outside investment when traditional investment is not viable, a major regulator has said.

The Institute of Chartered Accountants in England and Wales (ICAEW) said initiatives, such as the seed enterprise investment scheme (SEIS) and the enterprise investment scheme (EIS), may help even the smallest of firms raise capital.

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Good news on jobs and growth a boost for business

The UK economy has had two major boosts this week with growth in the economy and in the jobs market, according to figures from the Office for National Statistics (ONS).

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Staff shortages: increased wages to entice workers could mean higher prices for customers

Due to the ongoing staff shortages caused by the pandemic, UK restaurants have had to increase employee wages to entice chefs and waiters – which could mean higher prices for customers.

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Digital platforms to report sellers’ income from as early as 2023

Digital marketplaces will be required to report the income of sellers from as early as 2023, it has been announced.

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Help to Grow: Digital is now open

Is your business in the digital or Information Technology industry? The Government’s Help to Grow: Digital is now open for applications!

This initiative is part of two complementary programmes (one digital-based, one management-based) designed to help you learn new skills, reach new customers and boost your profits.

Help to Grow: Digital

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Labour shortages could impact UK’s economic recovery, says experts

A recent report on the latest business trends suggests that despite the surge of hiring among UK firms in July, the lack of working employees could still threaten the UK’s economic recovery.

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Government launches £750 million Live Events Reinsurance Scheme in wake of coronavirus pandemic

A Government-backed insurance scheme will support the events and hospitality sector recover in the wake of the coronavirus pandemic, it has been revealed.

The report comes after the announcement of the £750 million Live Events Reinsurance Scheme developed in collaboration with financial services provider Lloyds.

Launching in September 2021, the uncapped cost indemnification scheme will cover a “wide array of live events” at risk of disruption due to Covid-19.

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