Home » Small business news roundup- 26th March 2021

Small business news roundup- 26th March 2021

Payroll numbers rise but under-25s hit hardest

Reports suggest that numbers of workers on company payrolls have increased in the last three months, which could suggest a nod to stabilising the job crisis.

Although the numbers are increasing, “people under the age of 25 are bearing the brunt of the job losses.”

With the retail sector impacted the most during the pandemic, 123,000 payroll jobs were lost.

For the full story, click here.

Demand for business stress counselling nearly doubles since Covid

“There has been a huge increase in counselling for business owners that are suffering stress due to the pandemic”.

With work and home life merging into one, mental health has impacted many people, with business owners not sure about the future. Many are now needing help to overcome the impact it’s having on their companies.

For the full story, click here. 

If you need help, you are not alone. Visit Mind today.

Woolmer and Kennedy are here to help you find a way through this tough time, if you need any help with your business, give us a call today on 01634 406 166.

Where to find your £2,000 Brexit Support Fund grant

News reports confirm that the Government “are now giving small businesses who only trade with the EU the opportunity to apply for a £2,000 grant through the SME Brexit Support Fund to help with importing and exporting.”

With ever-changing regulations for businesses importing and exporting to the EU, the added costs impact small businesses. From January 2022, full import border control will be implemented.

To apply today, click here.

What can I use the SME Brexit Support Fund for?

Recipients can use the grant for training on:

  • How to complete customs declarations
  • How to manage customs processes and use customs software
  • Specific import and export-related aspects including excise, VAT and rules of origin

This grant closes on June 30th 2021. To apply for the grant, click here.

For the full story, click here. 

Covid fraud: £34.5m stolen in pandemic scams

With the increase in business loans and information from the Government / NHS sent through emails and text messages, many of us are constantly on edge whether what we are receiving is reliable or a scam.

Many of these scams have targeted internet shoppers as a way of getting their bank details. Another major scam is through emails which allows the scammer to go through your personal details by clicking a link.

We urge everyone to stay vigilant and make all staff aware that scams are still high.

For the full story, click here. 

All small businesses to go Making Tax Digital by 2024, Treasury suggests

With small businesses accounting for £13.4bn owed to HMRC by companies not paying enough tax, the Government are now urging for income and corporate tax to be paid much earlier than needed.

When looking at how the Government will enforce this, they look to Making Tax Digital rollout as a way of “bringing the calculations and payment to tax closer to the point where income or profit arises.”

With many small businesses still closed due to the COVID pandemic, the Treasury state that the Government know that this would have a significant impact on small business and therefore “has no intention to make significant changes to the timing of income tax or corporation tax payments within the present parliament.”

The Government, however, are calling for a review of a modern “pay as you go” system to tax the self – employed more like employees. It is hoped that this will reduce errors as well as bending of the rules.

For the full story, click here. 

Government mulls extending 2% online sales tax to all small businesses

Reports suggest that there will be an extension on the 2% online sales tax to all small businesses.

With the pandemic still closing bricks and mortar retailers, the Government are now trying to find ways for getting customers to go to high-street stores rather than buying online. Reports suggest this will not be enough to level the playing field, meaning the Government will need to monitor this key area of the economy closely in 2021.

For the full story, click here.