Not just for unicorns – Fintech services all June 29, 2020 Fintech is commonly associated with unicorn companies. But it is there to service a far wider part of the economic community as the recovery begins. As the country emerges from lockdown and turns its attention to rebuilding the economy, one resource that is of crucial importance is Fintech. A complex and diverse industry that is [...]
Taxation post COVID19 June 15, 2020 Following global lockdown the UK went into defensive and offensive mode with the furlough scheme, loans and other government support for almost every business and sole trader. But that has seen a reasonably strong economic outlook disappear almost entirely for some businesses in the short space of 3 months. In turn this has resulted in [...]
Funding the Covid-19 recovery: Seize the opportunity to build a better tax system June 2, 2020 The suspension of huge parts of the economy coupled with an unprecedented package of government support measures mean that tax revenues are falling while public spending is surging. A leaked Treasury assessment estimated a £337bn budget deficit this year, nearly seven times the forecast in March’s budget. Analysts expect the debt-to-GDP ratio to be near [...]
Britain’s self-employed deserve more from their government June 1, 2020 Hastily written notes grimly announcing temporary closures have hung in the windows of small businesses across the country since lockdown begin. Since the shutters went down on our high streets, the self-employed have faced mounting worry. Those who strike out on their own – to start a business or work freelance – take a brave [...]
Sunak: Employers to contribute to furlough scheme from August May 29, 2020 Chancellor Rishi Sunak this afternoon announced that firms will have to begin contributing towards the government’s furlough scheme from August. Speaking at today’s coronavirus press conference, Sunak laid out a raft of changes to the Treasury’s job retention programme, the cornerstone of the government’s economic response to the crisis. In August, firms will only be [...]
Matalan founder sues PwC over tax haven advice May 20, 2020 The founder of budget fashion retailer Matalan is suing PwC, claiming the accounting giant gave him bad advice on how to avoid paying taxes in the UK when he moved to Monaco. Multimillionare John Hargreaves said PwC had been negligent in its advice on his relocation from England to Monaco, which would have enabled him [...]
UK jobless claims soar by a record 856,000 to 2.1m in April May 19, 2020 UK jobless claims soared 69.1 per cent – or by 856,000 – to 2.1m in April, unemployment data showed today to illustrate the staggering impact of coronavirus on the economy. And the UK unemployment number increased by 50,000 to 1.35m as lockdown started in March, according to the Office for National Statistics (ONS). The ONS [...]
Scrapping the furlough scheme would have been a disaster May 13, 2020 Businesses can breathe a little easier today. Fears that the Chancellor would cut back on the furlough scheme that is subsidising wages for a million businesses were put to rest as he confirmed that it would run into the Autumn. After days of mixed messages, Rishi Sunak’s reassurances that the withdrawal of support would not [...]
Furlough: When will the job retention scheme end? May 12, 2020 Chancellor Rishi Sunak’s job retention scheme has won wide plaudits for helping workers stay employed via furlough during the coronavirus crisis. Furlough has been one of the fundamental pillars in the chancellor’s economic response to the crisis and it has effectively amounted to temporary state socialism. The historic policy has seen the government – a [...]
Universal credit claims hit 1.8m during coronavirus crisis May 4, 2020 The British government received 1.8m Universal Credit benefits claims between 16 March and the end of April, work and pensions minister Therese Coffey said today. Universal Credit is paid to people in work as well as those who have lost their jobs. Coffey said the volume of claims was six times the normal rate and [...]