Home » Small business news roundup-20th November 2020

Small business news roundup-20th November 2020

Shift to electric cars will need ‘Herculean’ effort, says industry

Electric car sales are surging year on year. With the upcoming ban on sales of new diesel and petrol cars by 2030, the increase in electrical charging points are needed more than ever.

The initial date for this ban was set to be 2040 but has now been brought forward to 2030, leaving less time to install more charging points everywhere.

Announcements from the government this week have promised:

  • £1.3bn to accelerate the rollout of charge points for electric vehicles in homes, streets and on motorways across England
  • £582m in grants for those buying zero or ultra-low emission vehicles to make them cheaper to buy and incentivise more people to make the transition.
  • Nearly £500m to be spent in the next four years for the development and mass-scale production of electric vehicle batteries.

We have put together a factsheet on company electric cars, have a read of this before you buy an electric car.

For the full story, click here. 

How Brexit is going to affect your business – #1 imports

From the 1st of January businesses that import and export goods from the EU will be hit with increased complications and more paperwork. Businesses will need to declare all imports arriving from within the EU.

We urge businesses to get a head start before January, as there are a lot of changes that need to be implemented in time.

One important change is the need for an EORI number, if you already import to non-EU countries then you will already have this. If you do not have this number, then you will incur increased costs and delays.

Different rules will apply for certain types of goods to find out more click here.

National debt hits record £2.08 trillion as Chancellor Rishi Sunak warns of cuts to come

The UK’s debt has hit a new record high, Rishi Sunak today (20th November) states there are cuts to come. It Is thought that Rishi Sunak will outline these cuts in his speech next week.

Up to 5 million public sector workers will now face a pay freeze or cap in 2021/2022. This will include teachers, police officers, soldiers, and civil servants. But nurses, doctors, and other NHS workers will however be exempt.

Reports suggest borrowing could be even higher with the November lockdown in progress and the furlough scheme being extended till the end of March.

For the full story, click here.

Covid: One in three UK hospitality firms fear collapse

With the new national lockdown that began at the beginning of November and the threat of another lockdown in January the hospitality sector has little hope in surviving the next three months. The trade body for UK Hospitality have stated that the hospitality sector has lost 660,000 jobs so far this year!

It has been a tough time for the hospitality sector with some businesses not reaching the criteria set by the government. Many hospitality businesses feel more help is needed to get them through this tough time.

For the full story, click here. 

More than two thirds of firms not ready for IR35 tax reform, survey finds

Reports suggest around 70% of medium and large construction business are not prepared for the upcoming changes to the IR35 tax changes. Of these 26% were unaware of the upcoming changes.

The changes to the IR35 was meant to be implemented in April 2020 due to COVID this has now been pushed back until the 6th of April 2021.

If construction firms do not take the time to implement this properly this will cause penalties for the business.

We have a factsheet which outlines upcoming IR35 changes.

For the full story, click here.