Brexit issues continue to impact British exporters, new figures reveal
Export sales to EU customers have fallen by “record” levels in the wake of the coronavirus pandemic, a major study has revealed.
But the report, published by the British Chambers of Commerce (BCC), suggest that export sales as a whole are rising as the nation edges towards recovery.
The figures – based on the responses of 2,800 businesses – are among the first to highlight the challenges British exporters are facing six months after the UK officially cut ties with the European Union.
Taxman targets cryptoassets for Capital Gains Tax
As the old saying goes, in this world, nothing is certain except death and taxes.
So, it was inevitable that HM Revenue & Customs (HMRC) would turn its attention to cryptocurrencies.
This is an area of which we hear plenty about, but few know much about, except they are a digital currency with no bank or Government backing.
‘Pingdemic’ – an increase in self-isolating threatens supermarket sales
The NHS app has told so many supermarket workers to self-isolate that some stores are now considering reducing opening hours or closing altogether.
SMEs can benefit from Covid sick pay rebates
As Covid cases continue to rise again, small businesses in particular are faced with the extra cost of sick pay as employees fall victim to the virus.
Businesses can still access the Recovery Loan Scheme
Businesses affected by the Coronavirus pandemic and its related economic impact can still access the Recovery Loan Scheme (RLS).
Launched in April, the new scheme follows on from the closure of applications for other Government loan schemes, including the Coronavirus Business Interruption Loan Scheme (CBILS).
Finance worth up to £10 million, backed by a Government guarantee is available in the form of:
- Term loans
- Overdrafts
- Invoice finance
- Asset finance
The finance facilities and loans available under the scheme range from three months up to six years, while overdrafts and invoice finance are available up to three years. The annual effective rate of interest, upfront fee and other fees cannot be more than 14.99 per cent.
The scheme provides lenders with a Government-backed guarantee against the outstanding balance of the facility.
However, the borrower always remains 100 per cent liable for the debt and must meet the costs of interest payments and any fees.
Minimum facility sizes vary, starting at £1,000 for asset and invoice finance, and £25,001 for term loans and overdrafts.
Personal guarantees are not required for loans of less than £250,000 but can be for loans above this level at the lender’s discretion, although not over Principal Private Residences.
Unlike the previous COVID loan schemes, the RLS does not provide a 12-month ‘Business Interruption Payment’ from the Government.
Interest payments and capital repayments will commonly start a month after taking out a facility. However, it can vary from one accredited lender to another.
Crucially, businesses that have already accessed CBILS, the Coronavirus Large Business Interruption Loan Scheme (CLBILS) or the Bounce Back Loan Scheme (BBLS) can still access the RLS, although, amounts borrowed under previous schemes could affect the amount they can borrow under the new scheme.
The RLS will close on 31 December 2021.
Business plan for industry confidence when lockdown ends
One of the UK’s leading business organisations has launched a six-point plan, aimed at instilling confidence, ahead of the country opening up after months of lockdown.
CJRS – changes to payments and the furlough scheme
The Coronavirus Job Retention Scheme (CJRS) continues to support many businesses, who are reliant on the financial support it offers to cover the costs of staff on furlough.
Corporate Insolvency and Governance Act 2020 – the changes in 2021
Some temporary relief measures introduced under the Corporate Insolvency and Governance Act 2020 (CIGA) are extending, the Government announced on 16 June 2021.
Businesses told to prepare for “full customs control”
Businesses should use the next six months to prepare for “full customs control”, the Government has warned.
Pension savers hit hard by lifetime allowance taxation
Pension savers have been hit hard by tax charges, according to the latest Government figures.
