COVID-19 Updates

Fears over “zombie” companies as new statistics suggest sharp rise in financial distress

Fears over “zombie” companies as new statistics suggest sharp rise in financial distress

With the Government presently set to end its COVID-19 support schemes in the summer, worries are increasing over the health of many struggling businesses.  New figures – as reported by the Financial Times – indicate that the number of UK companies in significant financial distress has gone up at the quickest pace in more than…

Plymouth Businesses can now apply for Restart Grants

Plymouth Businesses can now apply for Restart Grants

Plymouth Businesses can now apply for their Restart Grants through the Plymouth City Council website. The scheme is designed to help rate-paying non-essential businesses to reopen safely as restrictions ease. Businesses are eligible for the grant if they are rate-paying, trading on 1 April 2021, and in the non-essential sectors (retail, hospitality, accommodation, leisure, personal…

As UK business unlocks, confidence among leaders reaches all-time high

As UK business unlocks, confidence among leaders reaches all-time high

With non-essential retailers and other businesses in England opening their doors again for the first time since January as the Government continues implementing its ‘roadmap’ out of lockdown, multiple studies have pointed to a fast economic resurgence and peak highs in business confidence. As reported by The Guardian and other outlets, small, medium and larger…

Changes to Coronavirus Job Retention Scheme (CJRS)

Changes to Coronavirus Job Retention Scheme (CJRS)

The government have extended the CJRS scheme to 30th September 2021. Under CJRS rules for the period November 2020 to April 2021 employees that have been employed by the company on or before the 30th October 2020, and were included on a RTI submission to HMRC during the period 20th March 2020 and 30th October…

Cost of COVID-19 for UK SMEs ‘more than £126.6 billion’

Cost of COVID-19 for UK SMEs ‘more than £126.6 billion’

A sobering reminder of the heavy financial cost of the coronavirus pandemic has been issued by a leading small business insurance provider, a year on from the imposition of the UK’s first national lockdown.  Specifically, research revealed that the country’s small to medium-sized enterprises (SMEs) have so far lost an average of £15,673 in earnings…

UK small businesses ‘could enjoy £16.6 billion boost’ from embracing digital

UK small businesses ‘could enjoy £16.6 billion boost’ from embracing digital

At this time of all times, it practically goes without saying that SMEs up and down the UK will be investigating all the means by which they can ‘bounce back’ after the COVID-19 pandemic. Now, the cloud accounting platform Xero has weighed in with new research indicating that such firms could reap major benefits for…

Hospitality and retail firms to get £5bn for new Restart Grants

Hospitality and retail firms to get £5bn for new Restart Grants

Chancellor Rishi Sunak has announced a £5bn Restart Grant scheme to help any small business badly impacted by Covid-19 – and support them as they get ready to reopen. The multi-billion pound package of support will replace the monthly Local Restrictions Support Grant (for open and closed businesses) due to end later this month, and…

Budget 2021: Updates

Budget 2021: Updates

This week, the Chancellor delivered the government’s Budget for 2021. Mr Sunak announced extensions to a number of the current COVID-19 schemes, as well as additional support for individuals and businesses. Below is a breakdown of some of the key measures for employers. To get the full details on all of Budget 2021 measures announced…

Notice periods and furlough: are you up-to-date on the guidance?

Notice periods and furlough: are you up-to-date on the guidance?

You might already be aware that last December saw some important updates to the furlough scheme rules. One important change concerned the payment of employees’ notice pay while on furlough, to prevent the scheme from being used for any employee that is retiring, being made redundant, or is working their notice. It was made clear…

Increasing concern about UK business debt as March Budget looms

Increasing concern about UK business debt as March Budget looms

The British economy looks set for a protracted recovery from the coronavirus pandemic, as figures reported by The Guardian raise fears about the escalating debts burdening UK businesses. The newspaper said that new statistics showed British firms had taken on debt at more than twice the normal average growth rate since the onset of the…