The Chancellor’s VAT cut for businesses in the hospitality and leisure sectors will be extended until the end of March next year, it has been announced.
The current climate is challenging for businesses, with various measures meaning that your volume of work may have reduced, or you may have had to change your working practices.
Around two in five hospitality and leisure businesses say they’ve been “kept afloat” by the industry VAT cut, a study has revealed.
Making Tax Digital (MTD) will be extended to all VAT-registered businesses from April 2022, it has been confirmed.
The Government has announced that it will resume ‘naming and shaming’ employers that fail to pay the national minimum wage (NMW), as part of an overhaul aimed at reducing the burden of the legislation on businesses.
Under new rules unveiled by Home Secretary Priti Patel last month, free movement will end on 1 January 2021 and a new points-based system will be introduced, which will require at least 70 points for a working visa.
It is believed that Chancellor Sajid Javid is set to scale back a tax break for entrepreneurs in next month’s Budget, amid concerns that entrepreneurs’ relief is overly generous to the ‘already wealthy’.
The latest figures from the Insolvency Service show that corporate insolvency is at the highest level since 2013, while separate research suggests that young businesses, meaning those formed after 2014, are more likely to have financial problems.
Recent research suggests the majority of start-ups find it relatively easy to secure funding, but when it comes to deciding what to spend the money on, many firms struggle with the decisions.
A recent study has found that venture capital (VC) funding for tech firms reached £10.1 billion in 2019, a 44 per cent increase year-on-year and an all-time record.