More than 400,000 employers supported by furlough scheme in last month of operation, figures reveal
More than one million workers and over 400,000 employers were still supported by the Coronavirus Job Retention Scheme (CJRS) in its last month of operation, the latest figures reveal.
The report, published by HM Treasury, suggests that businesses need continued support as they enter into the recovery phase of the pandemic.
Cautious welcome for Chancellor’s cut in business rates
The hospitality and retail industries have welcomed the business rates cut announced by Chancellor Rishi Sunak in his recent Autumn Budget.
Restaurants, bars, shops and gyms will benefit from a temporary 50 percent cut in their business rates, offering welcome relief to those that have been badly hit by the COVID-19 pandemic.
But any hope of a move to keep VAT at 12.5 per cent for the hospitality and leisure sector were dashed however, and the rate will revert to 20 per cent in April.
Controversial basis period reforms delayed by one year, Government announces
Controversial changes to the basis period rules will be pushed back to 2024, the Government has announced.
How will the National Minimum Wage increase impact my business?
The National Minimum Wage (NMW) will increase across all age groups from next year, the Chancellor has announced.
If you are an employer, here’s what you need to know.
What’s changing?
Autumn Budget 2021
With the Speaker of the House of Commons by tradition not presiding over the Budget, the Chancellor might have hoped he would escape a rebuke over the number of important announcements disclosed to the media in advance.
That was not to be, with the Chancellor instead receiving a ticking-off from Dame Eleanor Laing, the Chairman of Ways and Means, who takes charge on Budget day.
Pay bounces back strongly as economy recovers
The labour shortage appears to be proving beneficial to many workers as pay increased significantly in 2021, according to figures from the Office for National Statistics (ONS).
Increases this year were most marked for the groups worst affected in 2020, such as younger people, men and those in lowest-paid jobs, but this also produced a widening of the gender pay gap.
The median weekly pay for full-time employees across the UK was £611 per week, which was a 4.3 per cent increase on the same period in the previous year.
International Trade Week: when is it and how can it benefit my business?
A new, week-long event will be launched next month to help businesses to export their goods and services, it has been announced.
International Trade Week, scheduled to run from 15 to 19 November, will feature international trade experts from Government departments, the UK’s biggest companies, and leading trade federations.
Updated requirements for submitting Corporation Tax CT600 Return
With the winding up of the Coronavirus Job Retention Scheme (CJRS) or furlough, at the end of September, it is vitally important that all employers are up to date with their Corporation Tax Form CT600, particularly over grants received from the scheme.
HM Revenue & Customs (HMRC) is looking to close any loopholes and ‘claw back’ any overpayments, such as claims for an employee who left the business while the scheme was in operation.
Scams: the heavy financial and health burden
According to recent research, the total amount of money it costs a fraudster’s victim to get help with their wellbeing after being scammed is £9.3 billion a year.
