Home » Small business news roundup-13th November 2020

Small business news roundup-13th November 2020

Capital gains tax: Rate should double, says government review

Rishi Sunak is looking for ways to cover the costs of the coronavirus pandemic. New reports suggest “the amount of tax levied on capital gains could be raised by billions of pounds, according to a new report.

People who own a second home however will be the people who lose out the most. If this were to go ahead thousands of taxpayers may face higher rates on their profits they make from selling capital items.

For the full story, click here.

Covid vaccine: First ‘milestone’ vaccine offers 90% protection

The 9th of November has been a great day for scientists. “With the first effective coronavirus vaccine preventing more than 90% of people from getting COVID -19.”

Reports suggest this vaccine has been tested on 43,500 people in six countries which has highlighted no safety concerns.

There is some time before a Vaccine is rolled out however, this is a significant step in the right direction.

For the full story, click here. 

UK unemployment rate continues to surge

The unemployment rate has continued to rise, it is now at 4.8%. Reports suggest the extension of Furlough was too late to save some jobs.

There has also been a big rise in 16-24-year olds out of work at a percentage of 14.6%.

For the full story, click here. 

Kickstart jobs scheme creates 19,000 work placements

With the pandemic impacting many businesses, the kickstart scheme was introduced in July. Young people are the hardest hit with unemployment due to the closing of hospitality and retail businesses.

The Kickstart scheme, however, aims to create 250,000 work placements. This scheme will run until December 2021 with the option of being extended.

The scheme includes the government covering 100% of the age-relevant national minimum wage for 25 hours per week, plus pension and National insurance contributions.

For the full story, click here. 

If you are interested in taking on a young person with the help of the government then your best port of call is the Kent Invicta Chamber of Commerce: https://www.kentinvictachamber.co.uk/kickstart-scheme/

 UK economy bounces back from recession

The economy is showing signs of bouncing back from the recession with a growth of 15.5% between July to September. Although this is a step in the right direction it still isn’t enough to reverse the damage caused by the pandemic.

With lockdown two, the figure above is likely to reduce again in the last three months of the year.

Reports suggest that the economy may not show signs of recovering until spring 2021

For the full story, click here.