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HMRC have announced a temporary extension of loss relief carry-back for both companies, sole traders and partnerships, as many businesses across the UK are likely to make losses in the 2020-21 tax year due to the havoc resulting from COVID disruption. The recent Budget announced that losses can be carried back for an extended period...
More has been disclosed or leaked, of the 2021 Budget announcements than in previous years. But we now have the details and there is a lot to consider. The following 2021 Budget summary is split into four sections:COVID-19 related support measures for UK businesses
Support for the UK housing market
The Treasury has advised banks that provide Bounce Back Loans to offer a more flexible approach regarding repayments, called Pay as You Grow, which is good news for small businesses.Pay As You Grow (PAYG)The new Pay As You Grow rules offer the following concessions:To extend the length of bounce back loans from six years...