Latest Business Support

6th July 2021 30-Sep-21: End of most COVID support measures for SME’s

When COVID directly impacted upon the UK in Spring 2020, the Government introduced a range of measures specifically targeted to help businesses survive the expected period of financial strain. Such businesses, that are still here, should now be planning ahead for when this support is gradually unwound: 21-Jun-21 Deadline for arranging with HMRC when to…

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14th June 2021 Deferred tax rate to increase

Deferred tax is a provision on the balance sheet for timing differences in tax and accounting treatment of certain items, and is measured at the rate of tax that the differences are expected to reverse in the future.   In recent years, deferred tax has been measured at the current corporation tax rate of 19%,…

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4th June 2021 Delivering Rural Investment for Vital Employment

  There is a new support programme, DRIVE, that can result in grants of up to 40% of total project costs for businesses in Norfolk and Suffolk that wish to undertake projects that primarily create new employment within the rural economy. Grants can be up to 40% of total project costs with a minimum grant…

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3rd June 2021 National Insurance holiday for employers hiring veterans

Following an announcement by the government in 2020, from April 2021 employers hiring former members of the UK armed forces will be exempted from any NI contributions liability on the veteran’s salary up to the Upper Secondary Threshold (UST) in the first twelve months of their employment. However, under current guidelines relief for the 2021-22…

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28th May 2021 Xero – Multi-factor Authentication

  Do you use Xero?   If you do, then multi-factor authentication when logging in will become compulsory after 2 July 2021.  From 1 June you will be prompted to set this up but can defer up until 2 July 2021.   Having a second layer of security is designed to prevent anyone but you…

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20th May 2021 VAT deferral payment scheme deadline 21 June 2021

One of the ways government helped businesses in 2020 was to allow them to defer paying VAT liabilities due between March and June that year. Those taking advantage of this had until 31 March 2021 to pay. In September 2020, the Chancellor announced the VAT deferral payment scheme. Instead of paying in full by 31…

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4th May 2021 Sage 50 VAT ‘T’ codes

With the changes to the reverse charge on VAT returns due to the UK leaving the EU from 1 January 2021, I thought I would share a reminder of the default tax codes within Sage from v27.1 onwards:   T0 – Zero rated transactions T1 – Standard rated transactions – Currently 20% T2 – Exempt…

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15th April 2021 2021 SME Growth: Revenge Spending?

As we pass the Covid-19’s first anniversary of its impact on our area’s economy, accounts of local SME’s are now starting to show part of the damage they have experienced through the lock-downs and associated restrictive measures. Thankfully, through Government financial help and the nimble footwork of businesses adapting to survive, the overall effect upon…

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15th April 2021 Life after CBILS: The Recovery Loan Scheme

The government-backed Coronavirus Business Interruption Loan Scheme closed on 31st March to new applicants. Thankfully, the government has put in place further support for businesses, to follow this.   The Recovery Loan Scheme – Government backed loans, 3 months – up to 6 years depending on the product – Up to £10m, no cap on…

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18th March 2021 Changes to Coronavirus Job Retention Scheme (Furlough) from July 2021

As you will know by now, in the budget speech of 3rd March 2021, the government announced the extension of the current furlough scheme until September 2021. Further guidance has now been issued as to how the scheme will operate.   Firstly, for periods starting after 1st May, you can claim furlough for any employee,…

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